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D-Remit Facility For Non-Resident Subscribers Under NPS Extended By PFRDA


On Thursday, the Pension Fund Regulatory and Development Authority (PFRDA) confirmed that NRI subscribers are authorized to use the direct remittance service, or D-Remit, to make automated contributions from their bank accounts towards NPS. PFRDA has now proposed to enhance the NPS (National Pension System) contribution alternative by D-Remit to NRI-NPS participants, who can make deposits from their Non-Resident Ordinary (NRO) or Non-Resident External Account (NRE) accounts towards NPS. As per PFRDA the proceeds of NPS will also be allocated to the NRO/NRE account of NRI subscribers at the end of the tenure or at the time of withdrawal and resettlement will be conducted as per the relevant FEMA regulations. D-Remit provides a simple way to make voluntary deposits towards NPS and also enhances the formation of long-term pension capital by providing NAV (net asset value) on the same day.

D-Remit Facility For Non-Resident Subscribers Under NPS Extended By PFRDA

Via this, regular NPS contributions from the subscribers' bank account can be automated for any given amount and for any specified date. Under D-Remit, for the same-day investment, deposits provided at the trustee bank until 9.30 a.m. on every bank operating day are regarded. The D-Remit function for automated contributions was rolled out in October 2020 by PFRDA. To date, NPS subscribers have developed 1.23 lakh D-Remit IDs to take advantage of D Remit's benefit and contribution on the same day. PFRDA stated that in the past four months, more than Rs 130 crore of NPS voluntary contributions have been accumulated into NPS through D-Remit facility.

Read more about: nps
Story first published: Friday, February 5, 2021, 11:20 [IST]
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