How to deposit money in your National Pension Scheme account via UPI?

Do you have a national pension scheme (NPS) account? If yes, there is some good news for you. Now, you can contribute to your account via UPI method.

The Pension Fund Regulatory and Development Authority, the nodal agency for the NPS, has now launched a new UPI handle for the subscribers to deposit their contributions, Mint reported.

At present, contributions to the pension scheme account were available using net banking. With the introduction of UPI method, the contributions have become easy and flexible.

The UPI handle for the D Remit is: 'PFRDA.15digitVirtualAccount@axisbank'.

The pension fund body has also stated that the D-remit virtual account is different from the associated Permanent Retirement Account Number (PRAN) which is given to the subscriber and it starts from either 6001 or 6002, the Mint report said. The D-remit virtual account number is different from the Tier I&II accounts.

The PFRDA said that under D-Remit, the contributions received by the bank before 9:30 am will be considered for investment on the same day. While the deposits received after the mentioned time will be considered on the next day as per the norms.

Here's a stepwise process on how to create a virtual account number and pay via UPI handle.

STEP 1: Log on to the eNPS website on the central recordkeeping agency (CRA) system.

STEP 2: You need to provide details to verify your Permanent Retirement Account Number (PRAN).

STEP 3: You will get an OTP on your mobile number or email ID.

STEP 4: Select Account Tier 1 or II for which virtual account has to be created.

STEP 5: Read and provide consent.

STEP 6: Select the option ‘generate virtual account. A request will be sent to the trustee bank. An acknowledgement number will be displayed.

STEP 7: In the UPI handle, enter the 15-digit VAN in the format. Then type ‘PFRDA.15digitVirtualAccount@axisbank’ for remitting the funds.