New Delhi: In yet another step to make National Pension System (NPS) contributions more easy, the Pension Fund Regulatory and Development Authority (PFRDA) has introduced a new additional channel for making NPS contributions via the Bharat Bill Payment System (BBPS). The regulatory body in an official circular stated that the contributions can be made via payment apps, like PhonePe, BHIM, and others.
Charges for making NPS contributions through BBPS:
Transaction (Lumpsum): Rs 0.50 per transaction
Transaction (SIP): Rs 0.50 per transaction
Registration of SIP Mandate: Rs 4.00 (One time)
GST will be applicable on the above–mentioned charges
PFRDA said it introduced the new feature to facilitate easier process for the National Pension System (NPS) contributions. Subscribers can make contributions using multiple payment applications such as BHIM, PhonePe etc.
Similar to eNPS and D-Remit, trail commissions to Points of Presence (POPS) will be applicable for contributions made through BBPS for subscribers associated with POPS under the All Citizen Model. BBPS and POP charges (trail Commission), as applicable, will be displayed and collected upfront during the payment process. The charges are to be borne by the subscribers upfront while making contributions.
The Bharat Bill Payment System (BBPS) was introduced by the Reserve Bank of India (RBI) and driven by the National Payments Corporation of India (NPCI). The platforms offers a unified, accessible, and interoperable platform for recurring payments. The BBPS is meant to simplify digital payments, ensuring ease of use for consumers.
BBPS enhances the visibility and accessibility of services / billers across various platforms, including BHIM, UMANG, Mobile Apps of Banks and major UPI-enabled payment apps like Phonepe, GooglePay etc.
The National Pension System has been a preferred savings avenue for those looking to secure their financial futures. Under the NPS, subscribers make voluntary contributions to their NPS Tier I and II accounts.
Now, make National Pension System (NPS) contributions via Bharat Bill Payment System (BBPS). Know what will be the charges and transaction limits. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
