D-Remit: Additional Option/Mode Of Depositing Voluntary NPS Contributions

D-Remit: Additional option/mode of depositing Voluntary NPS Contributions by creating a Virtual ID linked to their Permanent Retirement Account Number (PRAN) – PFRDA Circular dated 01.10.2020

(K. Mohan Gandhi)

General Manager20/44/SUP-CRA/17

October 1, 2020

To,

All stakeholders under NPS

Subject: Launch of D-Remit

Vide Circular no. PFRDA/ 2020/ 15/ SUP-CRA/5 dated 12th May 2020, PFRDA had informed about the proposed launch of an additional option/mode of contribution namely Direct Remittance (D-Remit) wherein the existing NPS Subscribers under Government /Non Government/All Citizens Model would be able to deposit their voluntary contributions by creating a Virtual ID linked to their Permanent Retirement Account Number( PRAN).

2) D-Remit not only eases the mode of deposit of voluntary contributions by the Subscribers, but would also optimize the investment returns by providing the same day NAV on the investments, if the contribution is received at Trustee Bank by 8.30 AM on any bank working day except Saturday, Sunday and public holidays. Further, D-Remit enables a Subscriber to set up Systematic Investment through Auto Debit/Standing instructions in net banking by which periodical and regular contributions can be made viz daily, monthly quarterly etc. The minimum value of D Remit is Rs. 500 per transaction in both Tier I and Tier II accounts. The virtual IDs are unique for Tier I and Tier II.

3) NPS Subscribers who are desirous of availing D-Remit facility would be required to access the respective CRA System and generate Virtual ID linked to their PRAN. Post authorization of Virtual ID, Subscribers can log-in to their Net Banking and add Virtual ID generated as above, as a beneficiary, with IFSC UTIBOCCH274, to transfer their voluntary contributions.

Source - Gconnet