NPS Contribution- How to Make Contribution Using UPI and Mobile App?

You can now pay your National Pension System (NPS) contribution using the countrys instant real-time payment system, the Unified Payments Interface (UPI). For the benefit of subscribers, the Pension Fund Regulatory and Development Authority (PFRDA) has a UPI handle for depositing contributions via D-Remit. Heres how to use UPI to contribute to ones NPS account. The Unified Payments Interface (UPI) is a system that combines multiple bank accounts into a single mobile app (of any participating bank), combining 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 on a need-and-convenience basis.Advertisement The National Pension System (NPS) is a voluntary, defined contribution retirement savings plan that allows subscribers to plan for their future by making systematic savings throughout their working lives. The NPS aims to instil the habit of saving for retirement in citizens. Individual savings are pooled in a pension fund and invested by PFRDA-regulated professional fund managers in diversified portfolios of Government Bonds, Bills, Corporate Debentures, and Shares in accordance with approved investment guidelines. Based on the investment returns, these contributions would grow and accumulate over time. Download the UPI app from the App Store or the banks website.Register a UPI ID (VPA) of your choice, such as abc@upi.com.Set an MPIN for transaction authentication.Connect the bank and account number to the VPA. The user must select UPI as the mode of payment. Payment via UPI is limited to Rs.2000/- (Including Charges).Enter the Virtual Payment Address (VPA)Payment confirmation will be received via the UPI application.The user must log in to the UPI application and confirm the transaction within the time limit specified.To authenticate the transaction, the user must enter the MPIN. Download the NPS Mobile App from the Google Play Store by following the link provided.You can complete the contribution transaction even if you are not logged in to the App.Enter your PRAN, date of birth, and captcha, then click the Verify PRAN button.An OTP will be delivered to the registered mobile phone number or email address.After entering the OTP and verifying the PRAN, choose 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 applicable charges after you enter the contribution details.Choose the payment gateway, read and accept the declarations, and then click Make Payment.