How to invest in NPS: Now make NPS contributions via Bharat Bill Payment System (BBPS); charges, transaction limits Users can now contribute to the National Pension System (NPS) through various payment apps like PhonePe, BHIM, and others
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). According to a PFRDA circular dated August 28, 2024, users can make National Pension System (NPS) contributions with a variety of payment apps, including PhonePe, BHIM, and others.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Here are more details about making NPS contributions using the BBPS channel, as per the latest PFRDA circular.
Invest in NPS via BBPS: What are the charges
Charges: The following charges will apply for making NPS contributions through BBPS.Transaction (Lumpsum): Rs. 0.50 per transactionTransaction (SIP): Rs. 0.50 per transactionRegistration of SIP Mandate: Rs. 4.00 (One time)*plus GST as applicable
According to the PFRDA press release, “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.”
BBPS settlement
BBPS will accept lump sum payments, which will be settled on a T+1 basis, with {T' representing the date on which the subscribers made their contributions. Within five business days, subscribers will get a reimbursement for any unresolved contributions (failed transactions for whatever reason). In due future, BBPS will offer the option to register for the SIP mandate, enabling systematic contributions.What is BBPS
The Bharat Bill Payment System (BBPS), conceptualized by the Reserve Bank of India (RBI) and driven by the National Payments Corporation of India (NPCI), offers a unified, accessible, and interoperable platform for recurring payments. BBPS simplifies digital payments, ensuring ease of use for consumers.Benefits of BBPS
BBPS enhances the visibility and accessibility of services/billers across various platforms, including BHIM, UMANG, bank Mobile Apps, and major UPI-enabled payment apps like PhonePe and GooglePay.What are the Bill payment categories available under BBPS?
According to the Canara Bank website, “Presently, following are the bill payment categories available under BBPS. Health Insurance, Education Fees, Landline Postpaid, Broadband Postpaid, Gas, Fastag, Mobile Postpaid, LPG Gas, Clubs and Associations, Loan Repayment, Municipal Taxes, DTH, Insurance, Life Insurance, Hospital and Pathology, Credit Card, Mobile Prepaid, Cable TV, Municipal Services, Recurring Deposit, Subscription, Electricity, Water, Housing Society, Hospital, etc.”#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
