The authority said on Friday that members of two pension schemes of the Pension Fund Regulatory and Development Authority will also be able to contribute through UPI.
National Pension System (NPS) and Atal Pension Yojana (APY) subscribers are required to deposit their Voluntary Contribution to Tier I/II under Direct Remittance (De-remit) through Net Banking Account using IMPS/NEFT/RTGS. is allowed.
“Now, the contribution through UPI is now able to further ease the process of contribution submission. The UPI handle for de remit is pfrda.15digitVirtualAccount@axisbank,” the Pension Fund Regulatory and Development Authority (PFRDA) said in a release.
PFRDA said that contributions received before 9:30 am will be considered for investment on the same day, while thereafter will be counted for next day’s investment.
The two schemes administered by PFRDA, NPS and APY, are targeted at organized and unorganized sector employees respectively.
Introduced in December 2003, it is mandatory for central government employees (except the armed forces), who joined the service from 1 January 2004, to subscribe to the NPS. In May 2009, it was extended to the private and unorganized sector on a voluntary basis.
The corporate sector provides NPS to its employees on a compulsory or voluntary basis.
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