PFRDA introduces personalised scan and pay QR codes: Now make effortless contributions to NPS using UPI-enabled apps

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Investors in the National Pension System (NPS) can add funds to their accounts through a D-remit-based Quick Response (QR) code. By scanning their unique QR code, subscribers can contribute using any UPI-enabled app. These personalised QR codes, distinct for Tier I and II accounts, can be stored offline for convenient future payments. 

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In line with the Pension Fund Regulatory & Development Authority’s (PFRDA) dedication to enhancing NPS subscribers’ journey, an additional digital contribution method has been activated to elevate their experience. 

Currently, the subscribers are provided with the option of contributing directly from their Bank Account using D-Remit. The D-remit ID contains 15 digits, which have to be added as a beneficiary in Internet banking while transferring voluntary contributions from the subscribers’ Savings Bank Account. 

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According to the PFRDA circular, “The option of D-remit is widely used by subscribers and till now nearly 10 Lac D-remit IDs have been created across sectors and subscribers from various sectors have collectively deposited approximately Rs 2700 crores of contributions since the launch of this feature. It may be noted that contributions received by Trustee Bank till 9.30 AM in its working day and on settlement days are invested on the same day and eligible for same day NAV.” 

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“NPS subscribers can now contribute to their NPS accounts using the D-remit-based Quick Response (QR) code. The subscribers can scan the QR code and make contributions using any UPI-enabled application. The QR code is unique to each subscriber, which can be saved offline for making payments, and the QR codes are different for Tier I and Tier II,” per the PFRDA circular. 

Point to note: Only subscribers who have enabled D-remit ID can make the QR code-based contributions into NPS. Subscribers can create a D-remit ID/Virtual ID on the CRAs’ websites.