NPS Contribution – How to contribute using UPI and Mobile App? Easy step to do 2023

You can now pay your National Pension System (NPS) contribution using the Unified Payments Interface (UPI), the country’s instant real-time payment system. For the benefit of the subscribers, Pension Fund Regulatory and Development Authority (PFRDA) has a UPI handle for depositing contributions through D-Remit. Here’s how to use UPI to contribute to your NPS account.

What is UPI?

What is UPI?

Unified Payments Interface (UPI) is a system that integrates multiple bank accounts into a single mobile app (of any participating bank), with multiple banking features, seamless fund routing and merchant payments under one hood. It also handles “peer to peer” collect requests, which can be scheduled and paid for based on need and convenience.

What is NPS?

Payment through UPI

To make contribution, the customer has to select the payment mode as UPI and enter the UPI ID. A notification will be sent to the UPI application to make the payment. The payment will be authorized once the MPIN is entered for the second time for authorization of the transaction.

UPI Activation

To be able to contribute using UPI, the main requirement is to have a UPI ID. The customer needs to download the UPI application of the bank, if it is not already available. A UPI ID of the customer’s choice should be registered on the application. Subscriber’s bank account needs to be linked with UPI ID and MPIN needs to be set up for authorization of UPI transactions.

What is NPS?

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme that allows subscribers to plan for their future by saving systematically throughout their working lives. The objective of NPS is to inculcate the habit of saving for retirement among the citizens. Individual savings are pooled in a pension fund and invested in a diversified portfolio of government bonds, bills, corporate debentures and shares as per approved investment guidelines by PFRDA-regulated professional fund managers. These contributions will grow and accumulate over time, depending on the investment returns.

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Steps for Activating UPI

Steps for Activating UPI

  • Download the UPI app from the App Store or from the bank’s website.
  • Register a UPI ID (VPA) of your choice, eg abc@upi.com.
  • Set an MPIN for transaction authentication.
  • Link the bank and account number to the VPA.

Contribution in NPS using UPI

Contribution in NPS using UPI

  • User has to select UPI as the mode of payment. Payment through UPI Rs. 2000/- (including fees).
  • Enter Virtual Payment Address (VPA)
  • Payment confirmation will be received through the UPI application.
  • The user has to login to the UPI application and confirm the transaction within the specified time frame.
  • To authenticate the transaction, the user needs to enter the MPIN.
Steps to Contribute using Mobile App:

Steps to Contribute using Mobile App:

  • Download NPS Mobile App from Google Play Store by following the given link.
  • You can complete the subscription transaction even if you are not logged into the app.
  • Enter your PRAN, date of birth and captcha, then click on ‘Verify PRAN’ button.
  • An OTP will be sent to the registered mobile phone number or email address.
  • After entering the OTP and verifying the PRAN, select the account to which the contribution will be made (Tier I or Tier II) and enter the contribution amount.
  • The system will calculate the total amount payable after adding the applicable charges after you have entered the contribution details.
  • Select the payment gateway, read and accept the declarations, and then click ‘Make Payment’.

How to contribute to NPS using UPI

Here’s how to contribute to the NPS account, as per the website of the NPS Trust.

  • Step 1: User needs to select UPI as a payment option. Payment through your UPI only Rs. 2000/- (including fees).
  • Step 2: Provide Virtual Payment Address (VPA)
  • Step 3: Payment information will be received on UPI application
  • Step 4: User has to login to the UPI application and confirm the transaction within the stipulated time frame
  • Step 5: User needs to enter the MPIN to authenticate the transaction

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