The most common problem that everyone has with NPS is
- delay in processing of credits
- no SIP facility
Finally last week NPS has launched D-Remit facility which solves both the issues. When you activate this facility a virtual bank account is created on your behalf and the account number and IFSC code is shared with you. You can transfer money via NEFT at any time once this is activated.
Now the question is how does it attempt to solve the above two problems
Firstly: Amount credited to this account before 8:30 AM is allotted units based on that day’s NAV. Yes, it has to be a working day and not a market holiday. Hence there is no delay. Currently, it takes anywhere between 3-8 days.
Secondly: You can mimic the SIP facility by placing a standing instruction to transfer money to this account every month.
There are no additional costs involved in the same. The virtual account is created with AXIS Bank having IFSC Code of UTIB0CCH274. You can use NEFT, RTGS or IMPS for transferring money. I tried UPI payment to the bank account but it failed.
Registration URL:
NSDL: https://cra-nsdl.com/CRAOnline/VirtualIdCreation.html
Karvy:https://enps.kfintech.com/dremit/prelogindremit/
You need to wait for 1-2 days for account creation. Only after that, you can use this facility.
I have transferred money through NEFT using D-remit facility to the beneficiary account(virtual id). But did not get any message from the NPS. How long would it take to get the notification?
You can login and check your transaction history. I tried one day night. the very next day it was processed and was available in transaction history the day after.
thanks for your quick reply. I have transferred yesterday around 4PM(cut off time is 8:30AM). it will reflect today by EOD in the transaction history?
yes. you may check again tomorrow morning after logging into your NSDL/Karvy account. it should be there. SMS and Email probably will get delayed 1-2 days. Should be there in history tomorrow/day after.