Currently, NPS subscribers could deposit their voluntary contributions under D Remit using the Net banking facility directly by using NEFT or RTGS. “Now, the contributions through IMPS are also accepted w.e.f. 01 March 2021, for the benefit of subscribers,” the PFRDA circular stated.
IMPS provides real-time fund transfer service on multiple channels such as mobile, Internet, ATM and SMS.
“The minimum value of contribution under D Remit should be equal to or above Rs 500. Those contributions received through NEFT/RTGS which are below Rs 500 are returned by the trustee bank on the same day of receipt of fund as per prevailing guidelines. Those transactions which are equal to or above Rs 500 but which need to be returned due to specified reasons are effected on the same day by the trustee bank post receipt of return confirmation from the respective Central Record Keeping Agency as the case may be,” PFRA said.
Using the IMPS facility, the returns effected on T+1 through the credit adjustment process, T being the date of receipt by the trustee bank for contributions below Rs 500, as per PFRDA. It added, in case the value of contribution returned equal to or above Rs 500, T would be date of receipt confirmation from the respective CRA. “The credit of such returned funds received through IMPS into the source account of the subscriber is subject to the acceptance of funds by the destination bank under IMPS activity,” stated the PFRDA circular.
Under D Remit, the contributions by the trustee bank before 9.30 am on a working day (post contribution made by the subscriber), shall be considered for investment on the same day. While those received after 9.30 am will be considered for investment on the next working day as per existing guidelines, stated PFRDA.
Last month PFRDA started allowing NRI subscribers to use the D-Remit, facility that will facilitate automated contributions to NPS from their bank accounts.
