D – Remit for NRI-NPS Subscribers
D Remit or Direct Remittance offers the most convenient mode of depositing voluntary contributions into NPS which also optimizes the long term retirement wealth creation by offering same day NAV. Through D Remit, not only one time contributions can be made but also periodic NPS contributions can be automated for any defined amount and for any defined date, from the Subscribers bank account .
2. PFRDA, has now decided to extend the option of contribution into NPS through D Remit to NRI-NPS Subscribers who can contribute to their NPS accounts from funds in their NRO/NRE accounts . Also at the time of withdrawal/Exit, the proceeds of NPS shall be credited into NRO /NRE account of NRI subscribers and repatriation would be as per applicable FEMA guidelines .
3. Under D Remit, the contributions received at Trustee Bank before 9.30 AM on any bank working day (other than Saturday, Sunday, Bank Holidays etc) shall be considered for same day investment. The amount received post 9.30 AM shall be considered for investment on the next bank working day.
4. D Remit feature was rolled out w e f 1st October 2020. Till date, 1.23 lacs D Remit IDs have been created by NPS Subscribers to avail the benefit of D Remit and same day investment. More than Rs. 130.00 cr of NPS voluntary contributions have been deposited into NPS by using D Remit in last four months . The copy of the Circular issued by PFRDA dt 3rd Feb 2021 enclosed for ready reference.
Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.