9911796707
TMI BlogPFRDA now allows National Pension System (NPS) subscribers to deposit contributions through Unified Payments Interface (UPI) QR code for D-RemitX X X X Extracts X X X X X X X X Extracts X X X X ..... PFRDA now allows National Pension System (NPS) subscribers to deposit contributions through Unified Payments Interface (UPI) QR code for D-Remit - News and Press Release Dated:- 21-12-2023 - News - PFRDA now allows National Pension System (NPS) subscribers to deposit contributions through Unified Payments Interface (UPI) QR code for D-Remit - - - Dated:- 21-12-2023 - In a significant enhancement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the D-Remit process, the Pension Fund Regulatory and Development Authority (PFRDA) has now allowed National Pension System (NPS) subscribers to deposit their contributions through the convenience of the Unified Payments Interface (UPI) QR code. This advancement aims to simplify the contribution process, making it more accessible and efficient for NPS participants. The National Pension Sys ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tem (NPS) has long been a reliable savings avenue for those looking to secure their financial futures. Under the NPS, subscribers make voluntary contributions to their NPS Tier I and II accounts. However, the process of directly depositing these contributions, known as D-Remit or Direct Remittance, has just become more user-friendly. The introduction of QR code - UPI for D-Remit is a positive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revolutionary step towards making NPS contributions more accessible, efficient, and flexible. This initiative by PFRDA empowers NPS subscribers to take control of their retirement savings and benefit from the advantages of systematic investment planning. D-Remit Virtual Account with UPI QR code Under this new mechanism, subscribers will utilise the UPI QR Code to transfer their contributi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons. It is important to note that the D-Remit virtual account is distinct from the Permanent Retirement Account Number (PRAN). Furthermore, the virtual account numbers differ for Tier I and Tier II NPS accounts and so do the QR codes. Key Benefits of D-Remit QR code The D-Remit process offers several advantages for NPS subscribers: Same-Day Investment: Contributions received by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Trustee Bank (TB) before 9:30 AM will be invested on the same day, optimizing returns. Periodical Auto Debit: Subscribers can set up periodical auto-debit payments, such as monthly, quarterly, or half-yearly, providing a convenient way to build their retirement corpus. One-Time or Regular Contribution: The flexibility to choose between one-time or regular contributions based on individu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al preferences and financial goals. Optimised Investment: The D-Remit process leverages standing instructions and rupee cost averaging for long-term retirement wealth creation. Set up SIP in NPS through D-Remit: For NPS account holders with a PRAN, the D-Remit process opens up the possibility of starting a systematic investment plan (SIP). This can be done online (D-Remit), allowing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subscribers to set up standing instructions for SIP payments to their NPS accounts. SIPs in NPS offer subscribers the convenience of making regular contributions, helping them build a disciplined and convenient approach to retirement savings without the need to time the market. Similar to mutual funds, SIPs enable NPS participants to benefit from rupee cost averaging. Adjusting existing invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments becomes a straightforward process, with the potential for higher returns. How to Use D-Remit QR Code: To utilise D-Remit, subscribers must possess a virtual D-Remit ID with the trustee bank. This virtual account can only be used for remitting NPS contributions. Setting up an SIP through net banking involves adding the virtual account as a beneficiary to the subscriber's net banki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng account and providing a standing instruction for the SIP amount. With a fund receipt cut-off time of 9:30 AM, subscribers receive the same-day Net Asset Value (NAV) in their NPS accounts. Contributions received after this time or on non-working days will reflect the NAV of the next working day. - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
