NPS – Circular on Trail Commission to PoPs under D-Remit Transactions
Direct Remittance – D-Remit
पेंशन निधि विनियामक और विकास प्राधिकरण
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Circular no.: PFRDA/2022/22/SUP- CRA/7
22nd Aug, 2022
All the NPS stakeholders
Subject: Trail commission to POPs on voluntary contributions through D-Remit by Subscribers associated to POPs under the All Citizen Model
PFRDA had introduced the D-Remit (Direct Remittance) facility for the subscribers wherein they could deposit their voluntary contributions with greater ease by creating a static Virtual ID linked to their PRAN and remit the amount from their Bank Account.
2. D-Remit envisaged as a ‘subscriber centric measure’ to enable one to deposit contributions into PRANs from their savings bank account through Net banking/ IMPS/ UPI. The feature intends to optimize investment return by offering same day NAV, if Trustee Bank receives the contributions before 9.30 AM. It has become very popular because of its ease of use, operational convenience, the unique facility of setting up SI/auto debit, changing the auto debit amount, pause auto debit etc.
3. In order to support the Points of Presence (POPs) for their significant efforts and resources deployed by them for sourcing NPS Accounts and make them sustain their NPS outreach efforts, it has been decided that the trail commission shall be payable to POPs w.e,f. 01.09.2022. The trail commission on contributions made through D-Remit will be similar to eNPS (other mode of Online contribution) by those subscribers who were on-boarded by the respective PoPs. The charge structure for POPs were provided by PFRDA vide its circular dt. 31.01.2022.
4. The trail commission to PoPs for D-Remit Contributions of the associated Subscribers shall be @ 0.20% of the contribution amount (Minimum Rs. 15 and Maximum Rs. 10,000) similar to eNPS. The applicable charges would be recovered by unit deduction on periodical basis.
5. All CRAs, NPST and POPs are advised to inform the Subscribers & Stake holders about the proposed charges through all means of communication including SMS, email, Social Media and by placing the circular in their websites.
Digitally signed by
K MOHAN GANDHI
Chief General Manager