The hassle of depositing money in NPS is over, the work will be done quickly with UPI QR code.
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National Pension System: Pension fund regulator PFRDA on Wednesday launched a unified payment interface (UPI) for National Pension System (NPS) subscribers.UPI) Allowed to deposit one’s contribution directly through QR code.
The Pension Fund Regulatory and Development Authority (PFRDA) said in a statement that the move is aimed at simplifying the contribution process to make it easier and better for NPS participants.
According to the statement, NPS has long been a reliable savings instrument for those who want to secure their financial future. It said that this initiative of PFRDA empowers NPS subscribers to take control of their retirement savings and benefit from systematic investment planning.
Under this new system, customers will use UPI QR code to transfer their contributions.
On one hand, you can manage a better fund through the National Pension System. At the same time, you can also avail tax exemption. There is a misconception about NPS that it is for government people. But, it is not so. Anyone can invest in this for their old age.
If you are wondering which is better between PPF and NPS, then let us tell you that in NPS, apart from tax exemption under 80C, you get a rebate of Rs 50 thousand.
There has been a slight change in the rules for exiting the NPS scheme or withdrawing money. Instant bank account verification has been made mandatory for crediting NPS funds into the customer’s bank account at the time of withdrawal. Also, now the verification of bank account will be done through penny drop method.
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