NPS Contributions Now Possible Through Bharat Bill Payment System: PFRDA
BBPS is an integrated online platform that connects the utility and payment service providers.
BBPS is an integrated online platform that connects the utility and payment service providers.
National Pension System (NPS)
The National Pension System (NPS) members can now contribute to the scheme through the Bharat Bill Payment System (BBPS), the Pension Fund Regulatory and Development Authority (PFRDA) said in a circular. It is expected to enhance access and ease of members. NPS subscribers can also contribute via the eNPS portal, NPS mobile App, or through the service provider by physically submitting a cheque or demand draft. Now, they have one more option.
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Developed by the National Payment Corporation of India (NPCI), BBPS is an integrated online platform that connects the utility and payment service providers. It aims to make utility and other payments easier users.
BBPS enhances access to different billers. “To facilitate easier contribution, a new additional channel for the National Pension System (NPS) contributions are now being introduced on BBPS. Subscribers can make contributions using multiple payment applications such as BHIM, PhonePe, etc.,” PFRDA’s August 28 circular reads.
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EPFO will allow eligible employees to apply for a higher pension without the earlier mandated proof of joint request from the employer and the employee for enhanced PF contribution.
Given the superior returns NPS provides, more and more people, including corporate and government employees, have recently joined the savings scheme.
Here’s how to set up a systematic investment plan (SIP) for an NPS account (Tier I and Tier II) online (D-Remit) or offline (NPS POP) and the cost applicable for both the process.
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