Voluntary Contributions under D Remit enabled through UPI by PFRDA on 75 years of Independence under ‘Azaadi ka Amrit Mahotsav’ campaign

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Voluntary Contributions under D Remit enabled through UPI by PFRDA on 75 years of Independence under ‘Azaadi ka Amrit Mahotsav’ campaign.

PFRDA is pleased to launch of UPI handle for depositing contributions through D-Remit for the benefit of Subscribers on 75 years of Indian Independence under the ‘Azaadi ka Amrit Mahotsav’ campaign

2.        At present, the Subscribers deposit their voluntary contributions under D-Remit into Tier I/II from the    net    banking account of the Subscribers Bank Account by using IMPS/NEFT/RTGS. Now, the contributions through UPI is enabled to further ease the process of depositing contributions.  The UPI handle for the D Remit is PFRDA.15digitVirtualAccount@axisbank.  It is important to note that D Remit virtual Account is different from the associated Permanent Account Number (PRAN) and it starts from either 6001 or 6002. D remit Virtual Account no is also different for Tier I & II.

3.        Under   D-Remit, the contributions received   by the Trustee Bank (TB) before 09:30 AM shall be considered for investment on the same day. The   contributions received    after 09:30 AM shall be considered for   investment   on   the   next investment   day as   per   the    guidelines.

4.        Return of UPI contributions into Source Bank Acct no of the Subscriber as per NPCI norms:

A.   Since the minimum value of contribution under D-Remit is equal to or above Rs.500/­, those UPI based contributions which are below Rs 500/- shall be returned by Trustee Bank.

B.      Those contributions received for PRANs which are frozen/inactive would be returned by TB post receipt of confirmation from the respective Central Record Keeping Agency (CRA).

C.    The contributions transferred by entering any wrong virtual account number by the subscribers shall be returned as per banking norms issued by RBI.

5.        Benefits of D Remit

Same Day Investment/NAV, Facility of setting up periodical auto debit viz monthly, quarterly, half yearly etc, Option for one time or regular contribution, Ease of modifying the amount/periodicity auto debit, enable/pause Auto debit as per convenience, Optimizing the investment benefit though Standing Instructions and rupee cost averaging, long term retirement wealth creation etc.

A detailed process flow in this regard attached in the Annexure for ready reference and information of stakeholders.

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