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The Nationwide Pension System (NPS) has lengthy been a dependable financial savings avenue for these trying to safe their monetary futures, it stated.
“Underneath the NPS, subscribers make voluntary contributions to their NPS Tier I and II accounts. Nonetheless, the method of immediately depositing these contributions, often known as D-Remit or Direct Remittance, has simply turn into extra user-friendly,” it stated.
The introduction of QR code – UPI for D-Remit is a constructive and revolutionary step in direction of making NPS contributions extra accessible, environment friendly, and versatile, it stated.
This initiative by PFRDA empowers NPS subscribers to take management of their retirement financial savings and profit from the benefits of systematic funding planning, it stated.
Underneath this new mechanism, subscribers will utilise the UPI QR Code to switch their contributions. You will need to word that the D-Remit digital account is distinct from the Everlasting Retirement Account Quantity (PRAN), it stated. Moreover, it stated, the digital account numbers differ for Tier I and Tier II NPS accounts and so do the QR codes. Highlighting advantages of D-Remit, it stated, same-day funding could be completed, periodic auto debit or One-Time or Common Contribution could be completed.
The D-Remit course of leverages standing directions and rupee value averaging for long-term retirement wealth creation, it stated.
“For NPS account holders with a PRAN, the D-Remit course of opens up the opportunity of beginning a scientific funding plan (SIP). This may be completed on-line (D-Remit), permitting subscribers to arrange standing directions for SIP funds to their NPS accounts,” it stated.
To utilise D-Remit, subscribers should possess a digital D-Remit ID with the trustee financial institution, it stated, including, this digital account can solely be used for remitting NPS contributions.
