D-remit-based Quick Response
NPS subscribers can now use the D-remit-based Quick Response (QR) code to invest to their NPS accounts. Subscribers can use any UPI-enabled application to scan the QR code and make contributions, PFRDA said in a circular dated December 6, 2023. The QR code is unique to each subscriber and may be kept offline for payments; the QR codes for Tier I and Tier II are different.
SIP in NPS: How to set up SIP for same-day NAV for your investment
Note that only subscribers who have enabled D-remit Id can make the QR code-based contributions into NPS. The subscribers can create the D-remit Id/Virtual Id on the websites of CRAs.
How to make NPS contributions through QR code
How CAMS CRA customers can make NPS contributions through QR codeStep 1: Subscriber can login to NPS account, click on contribution
Step 2: initiate contribution and select virtual account status and QR code will be displayed.
Step 3: Scan the QR code through any payment UPI App .
How KFin-CRA customers can make NPS contributions through QR code
Step 1: Subscriber need to visit eNPS login page
Step 2: Click on transaction menu Step 3: Upon selecting Payment Mode as “UPI”, QR code as per Account type will be displayed.
Step 4: Scan the QR code through any payment UPI App.
How Protean CRA customers can make NPS contributions through QR code
Step 1: Subscribers can visit the e-NPS contributions page and authenticate themselves.
Alternatively, subscribers can login to their NPS account.
Step 2: Choose contribute online under transact online tab.
Step 3: Choose same day investment option. Unique QR codes will be displayed to the subscriber.
Step 4: Scan the QR code through any payment UPI App.
According to a PFRDA circular dated December 6, 2023, “Currently, the subscribers are provided with the option of contributing directly from their Bank Account using D-Remit. The D-remit Id contains 15 digits which has to be added as a beneficiary in Internet banking while transferring voluntary contribution from the subscribers’ Savings Bank Account. The option of D-remit is widely used by subscribers and till now nearly 10 Lac D-remit IDs have been created across sectors and subscribers from various sectors have collectively deposited approx. Rs 2700 crores of contributions since the launch of this feature. It may be noted that contributions received by Trustee Bank till 9.30 AM in its working day and on settlement days are invested on the same day and eligible for same day NAV.”
The Direct Remittance (D-Remit) option enables you to acquire the same-day NAV on your investments by enrolling for a Virtual Account Number and making smooth deposits straight through your bank account. For both Tier I and Tier II accounts, you may “Generate Virtual ID” for the D-Remit procedure.
How to activate NPS D-Remit account?
Step 1: Choose your CRA to activate / contribute through D-Remit Enter your credentials as requested.
Step 2: Create a virtual account.
Step 3: The next step is to add the virtual account as a beneficiary. Log in to your bank’s internet banking service and add the virtual account ID generated as the ‘Beneficiary Account’.
Step 4: Enter the IFSC code of the Trustee Bank and enter the account type as ‘Current’, if required.
You can now get same day NAV if you invest before the cut-off time of 9:30 AM on any working day. Beyond the cut-off time of 9:30 AM, you will get the subsequent day NAV.
Virtual Account Number will remain same for all the subsequent contribution transactions for your PRAN and Tier Type.
