Benefits of D Remit
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Circular no.: PFRDA /2022/ 20/SUP-TB/1
11th Aug, 2022
All the NPS stakeholders
Subject: Voluntary Contributions under D Remit enabled through UPI
In continuation of our Circular no. PFRDA/ 2020/ 44/ SUP- CRA/17 dt 01.10.2020 and Circular no. PFRDA/2021/6/SUP-CRA/5 dt 10.03.2021 vide which the features of ‘D-Remit’ and Enablement of IMPS mode of contribution under D-Remit, PFRDA is pleased to launch of UPI handle for depositing contributions through D-Remit for the benefit of Subscribers.
2. PFRDA.15 digit [email protected]: At present, the Subscribers deposit their voluntary contributions under D-Remit into Tier I/II from the net banking account of the Subscribers Bank Account by using IMPS/ NEFT/ RTGS. Now, the contributions through UPI is enabled to further ease the process of depositing contributions. The UPI handle for the D Remit is PFRDA.15digit [email protected] It is important to note that D Remit virtual Account is different from the associated Permanent Account Number (PRAN) and it starts from either 6001 or 6002. D remit Virtual Account no is also different for Tier I & II.
3. Same Day Investment: Under D-Remit, the contributions received by the Trustee Bank (TB) before 09:30 AM shall be considered for investment on the same day. The contributions received after 09:30 AM shall be considered for investment on the next investment day as per the guidelines.
4. Return of UPI contributions into Source Bank Acct no. of the Subscriber as per NPCI norms:
- A. Since the minimum value of contribution under D-Remit is equal to or above Rs.500/, those UPI based contributions which are below Rs 500/- shall be returned by TB.
- B. Those contributions received for PRANs which are frozen/inactive would be returned by TB post receipt of confirmation from the respective Central Record Keeping Agency (CRA).
5. Benefits of D Remit: Same Day Investment/ NAV, Facility of setting up periodical auto debit viz monthly, quarterly, half yearly etc, Option for one time or regular contribution, Ease of modifying the amount/ periodicity auto debit, enable/pause Auto debit as per convenience, Optimizing the investment benefit though Standing Instructions and rupee cost averaging, long term retirement wealth creation etc.
A detailed process flow in this regard is attached in the Annexure for ready reference and information of stake holders.
6. The circular is issued under Section 14 of PFRDA Act 2013 and is made available in PFRDA website (www.pfrda.org.in) under regulatory framework in the Circular section.
(K. Mohan Gandhi)
Chief General Manager
Related to Your Search:
- PFRDA had introduced the D-Remit Direct Remittance facility for the subscribers on voluntary contributions
- PFRDA – Revision in cut off time under D Remit for same day NAV
- Authority to stop APY subscribers auto-debiting savings account until 30 June 2020
- Tax benefits under NPS, the Government Subscribers can make an additional investment in their NPS Tier I account
- e-Nomination facility for NPS subscribers – PFRDA
- Remittance of NPS funds solely through electronic mode (NEFT/RTGS) from 01st April 2014
- Rs 100 crore released towards Government of India co-contribution in Atal Pension Yojana
- Tax benefit available under National Pension System (NPS)
- New Functionalities released under National Pension System (NPS)