PFRDA extends direct remittance facility for non-resident subscribers of NPS

D-Remit offers a convenient mode of depositing voluntary contributions into NPS and also optimises the long-term retirement wealth creation by offering same-day NAV (net asset value), it added. Through this, periodic NPS contributions can be automated for any defined amount and for any defined date from the subscribers bank account.

PFRDA extends direct remittance facility for non-resident subscribers of NPS

New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) on Thursday said NRI subscribers are allowed to use the direct remittance, or D-Remit, facility that will facilitate automated contributions to NPS from their bank accounts.

PFRDA has now decided to extend the option of contribution into NPS (National Pension System) through D-Remit to NRI-NPS subscribers, who can contribute to their NPS accounts from funds in their Non-Resident Ordinary (NRO) or Non-Resident External Account (NRE) accounts, it said in a release.

Also, at the time of withdrawal, the proceeds of NPS shall be credited into NRO/NRE account of NRI subscribers, and repatriation would be done as per applicable FEMA guidelines, PFRDA said.

D-Remit offers a convenient mode of depositing voluntary contributions into NPS and also optimises the long-term retirement wealth creation by offering same-day NAV (net asset value), it added. Through this, periodic NPS contributions can be automated for any defined amount and for any defined date from the subscribers bank account.

Under D-Remit, the contributions received at trustee bank before 9.30 am on any bank working day are considered for same-day investment.

PFRDA had rolled out the D-Remit feature for automatic contributions in October 2020.

Till date, 1.23 lakh D-Remit IDs have been created by NPS subscribers to avail the benefit of D Remit and same-day investment, said the regulator.

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PFRDA said more than Rs 130 crore of NPS voluntary contributions have been deposited into NPS by using D-Remit in the past four months.

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