NPS contributions using UPI-enabled QR code: Five benefits, how to use the facility, and other details explained here

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NPS contributions more accessible, efficient, and flexible. This initiative by PFRDA will empower NPS subscribers to take control of their retirement savings and benefit from the advantages of systematic investment planning. Under this new mechanism, subscribers can utilise the UPI QR Code to transfer their contributions.

To enable the same the subscriber must set up his virtual D-Remit account with the Trustee bank of the NPS architecture," said Kurian Jose, CEO, of Tata Pension Management. 1)Contributions received by the Trustee Bank (TB) before 9:30 am will be invested on the same day. 2)Subscribers can set up periodical auto-debit payments, such as monthly, quarterly, or half-yearly.

3)The flexibility to choose between one-time or regular contributions 4)The D-Remit process leverages standing instructions and rupee cost averaging for long-term retirement wealth creation. 5)For NPS account holders with a PRAN, the D-Remit process opens up the possibility of starting a systematic investment plan (SIP). According to Kurian Jose, PFRDA’s decision to introduce QR codes to make contributions to NPS using UPI-enabled apps is a step in the right direction.

Making payments using QR codes offers several conveniences like simplicity, speed, and versatility of the process which will boost the overall experience of subscribers in NPS, he added. “The introduction of QR codes may draw in the younger subscribers who are extremely pro-technology and are always looking for technology-based conveniences like mobile payment apps, ride-sharing services, food delivery apps, social media platforms, streaming services, and smart home devices, among others," said Kurian Jose. The D-Remit virtual account is distinct from the Permanent