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
CIR no. PFRDA/2020/44/SUP-CRA/17
October 1, 2020
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.
4) The detailed process of D-Remit is given in the Annexure for ready reference. It is important to note that the generation of Virtual Id is one time exercise and the virtual id remains static and can be used to deposit voluntary contributions in future also. The respective CRA links for generating virtual IDs are as under:
5) D Remit is already made available for the benefit of NPS Subscribers. The cut off time for same day investment shall be restored to 9.30 AM post revision of time lines for investment in liquid mutual funds by SEBI.
6) This circular is issued in exercise of powers conferred under Section 14 of PFRDA Act, 2013 to protect the interests of the Subscribers and is available on PFRDA’s website (www.pfrda.org.in) under Regulatory Framework and in Circular Section of CRA and Trustee Bank.
(K. Mohan Gandhi)