NPS News: NPS empowers subscribers to take control of their retirement savings and benefit from a systematic investment plan. Under the new system, customers will be able to use UPI QR code to transfer their contribution.
PFRDA has allowed subscribers investing in NPS to make their investments through Unified Payment Interface (UPI) QR code. In a statement from PFRDA, it was said that the purpose of this step is to simplify the investment process. With this, the system will be made easier and better for investors opening NPS accounts.
Investment can be done through UPI QR code
NPS has long been a reliable savings tool for people who want to secure their future. It said that this initiative of PFRDA empowers NPS subscribers to take control of their retirement savings and benefit from a systematic investment plan. Under the new system, customers will be able to use UPI QR code to transfer their contribution.
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Currently, subscribers are given the option to invest directly through their bank account using D-Remit. D-Remit ID consists of 15 digits, which has to be added as beneficiary in Internet Banking while transferring voluntary contribution from the savings bank account of the customer. According to the circular issued by PFRDA, ‘De-remit option is used by investors. Till now, about 10 lakh different D-Remit IDs have been created.
NPS subscribers can invest in NPS account through de-remit based quick response (QR) code. Customers can invest using any UPI-enabled application by scanning the QR code. The QR code will be different for every customer, which you can save offline to make payment. As per PFRDA circular, QR codes are different for Tier I and Tier II.
