“The Authority has decided to stop the facility of payment of subscriptions/contributions using credit card as a mode of payment in the Tier-II account of NPS. Accordingly, all PoPs are advised to stop the acceptance of credit card as a mode of payment for the Tier-II account of NPS with immediate effect,” the circular said.
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NPS new rule, NPS rule change: The Pension Fund Regulatory and Development Authority (PFRDA) has announced that it will no longer accept credit card payments for subscriptions and contributions in the National Pension System (NPS) Tier-II accounts.
The pension regulator has advised all Points of Presence (PoPs) to stop accepting credit cards for payments to NPS Tier II accounts immediately, according to a circular issued on Wednesday.
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“The Authority has decided to stop the facility of payment of subscriptions/contributions using credit card as a mode of payment in the Tier-II account of NPS. Accordingly, all PoPs are advised to stop the acceptance of credit card as a mode of payment for the Tier-II account of NPS with immediate effect,” the circular said.
According to the regulator, it decided to ban credit card use in NPS Tier-II accounts as part of its authority under Section 14 of the Pension Fund Regulatory and Development Authority Act 2013 (PFRDA Act), “to protect the interests of subscribers and to regulate, promote, and ensure orderly growth of the national Pension System and pension schemes to which the Act applies.”
