Introduction of NPS Contributions through Bharat Bill Payment System · PFRDA/2024/15/SUP-CRA/08
PFRDA circular PFRDA/2024/15/SUP-CRA/08 · 28 Aug 2024
Official title
Introduction of NPS Contributions through Bharat Bill Payment System (BBPS)
PFRDA circular PFRDA/2024/15/SUP-CRA/08 · 28 Aug 2024
Official title
Introduction of NPS Contributions through Bharat Bill Payment System (BBPS)
Summary
Check the official recordThe Pension Fund Regulatory and Development Authority has introduced the Bharat Bill Payment System (BBPS) as an additional channel for National Pension System (NPS) contributions. This platform allows subscribers to make payments via various UPI-enabled applications and banking platforms. Initially, the system supports lumpsum contributions, which are settled on a T+1 basis. Subscribers are required to pay transaction charges and applicable GST upfront during the payment process. Trail commissions for Points of Presence (POPs) under the All Citizen Model will also be collected. Failed transactions will be refunded within five working days. The facility for Systematic Investment Plan (SIP) mandate registration through BBPS will be implemented at a later date.
What you must do
Who is affected
Thresholds
If you do not comply
Circular
Circular No: PFRDA/2024/15/SUP-CRA/08
Date: 28 Aug 2024
To All stakeholders under NPS
Subject: Introduction of NPS Contributions through Bharat Bill Payment System (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.
BBPS enhances the visibility and accessibility of services / billers across various platforms, including BHIM, UMANG, Mobile Apps of Banks and major UPI-enabled payment apps like PhonePe, GooglePay etc.
To facilitate easier contributions, 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.
Charges: The following charges will apply for making NPS contributions through BBPS.
| Activity | Amount (Rs)* |
|---|---|
| Transaction (Lumpsum) | Rs. 0.50 per transaction |
| Transaction (SIP) | Rs. 0.50 per transaction |
| Registration of SIP Mandate | Rs. 4.00 (One time) |
plus GST as applicable
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.
Yours sincerely,
(Signature)
(Akhilesh Kumar) Chief General Manager
ई-500, टॉवर-ई, पांचवां तल, वर्ल्ड ट्रेड सेंटर, नौरोजी नगर, नई दिल्ली-110029 दूरभाष: 91-11-40717900, वेबसाइट: www.pfrda.org.in E-500, Tower-E, Fifth Floor, World Trade Center, Nauroji Nagar, New Delhi-110029 Phone: 91-11-40717900, Website: www.pfrda.org.in