The government is working to make the National Pension System more convenient.
Following the success of QR code payments, the government plans to integrate it into the NPS system.
Investors can now deposit money into the NPS fund using Quick Response Code (QR Code).
QR codes can also be created offline
According to the Pension Fund Regulatory and Development Authority (PFRDA), people can now easily deposit money into their NPS accounts from the comfort of their homes using QR codes.
These QR codes can be generated offline for Tier-1 and 2 accounts, allowing future payments through them.
PFRDA wants to connect more and more people
PFRDA wants to help more people join NPS. The use of digital payment has been important for this program.
So, by introducing the option to pay with QR codes, it will be easier for investors.
Retirement savings can be easily controlled
Amit Sinha, who is in charge of Social Security and Welfare at Proteus eGov Technologies Limited (NSDL E Governance Infrastructure Limited), mentioned that introducing the option to make payments through QR codes is a positive move.
This will simplify the process of transferring money to NPS. Thanks to PFRDA’s initiative, individuals managing NPS accounts will have better control over their retirement savings, allowing them to grow their capital more easily.
Rs 2700 crore came into NPS through de-remit/virtual ID
Currently, NPS users can use the de-remit feature to make payments from their bank accounts.
The D-Remit ID is a 15-digit number that needs to be added to the bank account beneficiary using internet banking.
After this, funds can be transferred from the savings bank account to the NPS account.
According to PFRDA, approximately 10 lakh D-Remit IDs have been created so far, bringing around Rs 2700 crore to NPS.
If the bank receives the de-remit by 9.30 am on a working day, it is invested in the NPS account on the same day.
To avail the facility D-Remit/Virtual ID must be created
Now, you can also use QR codes to make de-remits. However, the option to invest through QR code is only accessible to those who have created a de-remit/virtual ID.
