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.
You need to wait for 1-2 days for account creation. Only after that, you can use this facility.