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How To Make NPS Contributions Through Credit Card?

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The Pension Fund Regulatory and Development Authority (PFRDA) and the Central Government administer the National Pension System (NPS), which is a long-term investment option for retirement. Subscribing to the National Pension System and receiving a permanent retirement account number (PRAN) are the key requirements for contributing. Although existing government employees are automatically registered and given a PRAN, the All-Citizens model of the pension system enables private sector employees and self-employed persons to register individually. Individuals can contribute to the NPS either online or offline. But if you want to make contributions towards your NPS account via credit card follow the steps covered below.

 

Steps to contribute online via eNPS website using credit card

Steps to contribute online via eNPS website using credit card

  • Visit https://enps.nsdl.com and click on 'Contribution'.
  • If you are contributing by signing in to your NPS account, go to the 'Transact Online' tab and select 'Contribute Online.' You will be redirected to the eNPS portal.
  • Now enter your Permanent Retirement Account Number (PRAN), and Date of Birth.
  • To Verify PRAN, select the option (SMS / email) on which you want to get OTP.
  • Now enter the CAPTCHA code and click on 'Verify PRAN'.
  • An OTP will be delivered to the registered mobile number or email address, based on which option is chosen.
  • Select the account to which the contribution will be placed (Tier I or Tier II) and specify the contribution amount once the OTP has been entered and PRAN has been verified.
  • The portal will determine the total amount payable after adding appropriate charges once you submit the contribution specifics.
  • Choose a payment gateway, accept the terms and conditions, and then click on "Make Payment."
  • Now you will be redirected to the payment gateway portal where you can select 'Credit Card' as your payment option.
Steps to contribute online via NPS Mobile App using credit card
 

Steps to contribute online via NPS Mobile App using credit card

  • Download NPS Mobile App and sign in to the app using the required credentials.
  • Now enter your Permanent Retirement Account Number (PRAN), date of birth, captcha and click on 'Verify PRAN'
  • You will now get an OTP on your registered mobile number or email address.
  • Select the account to which the contribution will be placed (Tier I or Tier II) and specify the contribution amount once the OTP has been entered and PRAN has been verified.
  • The portal will determine the total amount payable after adding appropriate charges once you submit the contribution specifics.
  • Choose a payment gateway, accept the terms and conditions, and then click on "Make Payment."
  • Now you will be redirected to the payment gateway portal where you can select 'Credit Card' as your payment option.
NPS Tier-1 and Tier-2 contribution limit

NPS Tier-1 and Tier-2 contribution limit

Tier 1 NPS contributions must be at least Rs. 500 per year to keep your account active. You can contribute at any time during a financial year, and there is presently no restriction on the number of contributions you can make. There is no maximum contribution limit for an NPS (National Pension System) Tier 1 account under current NPS guidelines. For the NPS Tier-2 account, a minimum contribution of Rs 250 is required, with no upper limit.

NPS contribution charges

NPS contribution charges

When making online NPS contributions, there are several payment gateway charges which are as follows:

  • The charges for online NPS contributions made through Internet Banking are Rs.0.60 per transaction including GST.
  • The applicable gateway charges are 0.80% including GST for making NPS contributions through debit card. Also, according to the eNPS website, debit card payments are limited to Rs 2,000.
  • Transaction fees for online contributions made with a credit card are 0.90 per cent of the total transaction amount, including GST.
  • Currently, the National Pension System's online portal accepts contributions through two payment gateways: SBIePay and BillDesk.
Additional NPS contribution charges

Additional NPS contribution charges

Online NPS contributions (i.e. contributions made via enps.nsdl.com or enps.karvy.com) include some additional fees regarding the payment gateway charges. All NPS contributions are subject to a contribution charge of 0.10 per cent of the contribution amount, with a minimum fee of Rs 10 and a maximum fee of Rs 10,000 per payment. According to the eNPS website, this charge will not apply to subscribers who have registered for eNPS using their Aadhaar number. The National Pension System also allows offline contributions through cash, demand draft, or cheque at an authorized POP-SP (Point of Presence - Service Provider). The charge for offline contributions made using a POP-SP is 0.25 per cent of the amount contributed, with a minimum of Rs. 20 and a limit of Rs. 25,000 per payment.

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