NPS Scheme: PFRDA empowers National Pension System subscribers by offering this facility - Check benefits

NPS Scheme: The National Pension System (NPS) subscribers have been given Immediate Payment System (IMPS) facility enabling them with an instant money transfer from their bank account to their NPS account. This will help them avail of the benefit of the same day investment provided by the NPS contributions.

The functionality of accepting IMPS has been released with effect from 1st March 2021. However, unlike the contributions received through NEFT/RTGS which are returned on the same day in case of return, the IMPS contributions in case of return, shall be effected on T + 1 through 'credit adjustment process' as per the guidelines of NPCI and based on D Remit process guidelines issued by Pension Fund Regulatory & Development Authority (PFRDA). The PFRDA has already issued a Circular dated 10th Mar 2021 on the subject.

D Remit or Direct Remittance empowers NPS Subscribers to contribute directly from the Subscribers' Savings Bank Account. It also benefits them with the benefit of the same day investment provided the contributions are received at Trustee Bank before 9.30 AM on any bank working day other than Saturdays/Holidays. D Remit also enables the Subscribers to automate their recurring contributions as per their convenience by way of Standing Instruction so as to reap the benefit of rupee cost averaging.

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At present, the subscribers can deposit their contributions under D Remit only by using NEFT and RTGS.  Now, the contributions through Immediate Payment System (IMPS), the instant payment facility offered by National Payment Corporation of India (NPCI) are also accepted.

Till date, 1.48 lacs D Remit IDs are created by NPS subscribers across the various sectors of NPS and 180 crore of contributions are deposited using D Remit since the launch of the new feature on 1st October 2020.

As on 20th February 2021, the total number of subscribers under NPS and Atal Pension Yojana has crossed 4.12 crores and the Asset under Management (AUM) has grown to Rs 5,64,942 crores.