NPS Voluntary Contributions via D Remit Can Now be Done via UPI

National Pension Scheme (NPS) subscribers currently deposit their voluntary contributions under D-Remit into their NPS Tier I/II accounts from their bank savings account's net banking channel by using IMPS/NEFT/RTGS. The Pension Fund Regulatory and Development Authority (PFRDA) has now enabled deposit of such contributions through UPI to further ease the deposit process, according to a circular issued on 12 August 2022. 
 
The UPI handle for the D Remit is [email protected] Subscribers should note that D Remit virtual Account is different from the associated Permanent Account Number (PRAN) and it starts from either 6001 or 6002. D remit Virtual Account no is also different for Tier I & II NPS accounts. 
 
Under D-Remit, the contributions received by the Trustee Bank (TB) before 09:30 AM shall be considered for investment on the same day. The contributions received after 09:30 AM shall be considered for investment on the next investment day as per the guidelines. UPI contributions will be refunded into the Source Bank Account number of the subscriber as per NPCI norms. 
 
A. Since the minimum value of contribution under D-Remit is required to be equal to or above Rs500, those UPI based contributions which are below Rs500 shall be returned by the Trustee Bank. 
 
B. Those contributions received for PRANs which are frozen/inactive would be returned by TB post receipt of confirmation from the respective Central Record Keeping Agency (CRA). 
 
C. The contributions transferred by entering any wrong virtual account number by the subscribers shall be returned as per banking norms issued by RBI. 
 
The D Remit contribution process as the following benefits: Same Day Investment/NAV; Facility of setting up periodical auto debit viz monthly, quarterly, half yearly etc; Option for one time or regular contribution;Ease of modifying the amount/periodicity auto debit; Enable/pause Auto debit as per convenience; Optimizing the investment benefit though Standing Instructions and rupee cost averaging; long term retirement wealth creation etc.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder