NPS Subscribers Can Now Make NPS Contribution Through Personalized QR Code of DRemit, Here's How

National Pension System (NPS) subscribers can invest in their NPS accounts by using the D-remit-based Quick Response (QR) code. This has become possible after the Pension Fund Regulatory and Development Authority (PFRDA) introduced another digital mode of contribution to the NPS. In a circular dated December 6, 2023, the PFRDA said that NPS subscribers can use any UPI-enabled application to scan the QR code and make contributions. The QR code is unique to each subscriber which can be saved offline for making payments and the QR codes are different for Tier I and Tier II.

It is worth mentioning that Note that only those subscribers who have enabled the D-remit Id are allowed to make QR code-based contributions to NPS. The subscribers can create the D-remit Id/Virtual Id on the websites of CRAs.

Steps You Should Follow To Make Your NPS Contributions Using QR Code

Step 1: Subscriber should log in to the NPS account and click on the contribution
Step 2: Start contribution and choose virtual account status and QR code will appear.
Step 3: Scan the QR code via any payment UPI App .

The PFRDA said, "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 contributions 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 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.

What is the National Pension System?

NPS is an easily accessible, low-cost, tax-efficient, flexible, and portable retirement savings account. Under the NPS, the individual contributes to his retirement account and also his employer can also co-contribute to the social security/welfare of the individual. NPS is designed on a Defined contribution basis wherein the subscriber contributes to his account, there is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from investment of such wealth.

Process flow to make NPS contributions through QR codeCAMS CRA:

• Subscriber can log in to their NPS account, click on contribution
• Scan the QR code through any payment UPI App.

KFin-CRA:

• Subscribers need to visit the eNPS login page, and click on the transaction menu
• Upon selecting Payment Mode as "UPI", QR code as per Account type will be displayed.
• Scan the QR code through any payment UPI App.

Protean CRA:

• Subscribers can visit the e-NPS contributions page and authenticate themselves. Alternatively, subscribers can log in to their NPS account and choose contribute online under transact online tab.
• Choose the same-day investment option. Unique QR codes will be displayed to the subscriber.
• Scan the QR code through any payment UPI App.