365Telugu.com online news, Mumbai, 13 November 2024: NPCI BHIM Services Ltd. (NBSL), a fully owned subsidiary of the National Payments Corporation of India (NPCI), has rolled out a feature allowing users to contribute to the National Pension System (NPS) through the BHIM app.
This new initiative simplifies the process of making pension contributions, offering a secure, efficient, and accessible solution for retirement savings.
With this update, BHIM users can seamlessly contribute to their existing NPS accounts without the hassle of remembering complex account details. Instead, they can make contributions using just their registered mobile number and a few simple customer parameters, streamlining the retirement planning process. Contributions made through the BHIM app are processed and invested within one business day, ensuring timely investments.
Rahul Handa, Chief Business Officer at NBSL, expressed, “The launch of NPS contributions via BHIM marks a significant milestone in enhancing financial accessibility for millions across India. By making NPS contributions directly through the BHIM app, we are promoting proactive retirement planning and long-term financial security. This move aligns with our goal of strengthening financial inclusion and transforming BHIM into a comprehensive financial platform.”
Noopur Chaturvedi, CEO of NPCI Bharat BillPay Limited (NBBL), added, “We are excited to bring NPS investments to BHIM, powered by Bharat Connect. This feature allows BHIM users to effortlessly contribute to their NPS accounts directly through the app. Our aim is to improve financial accessibility and inclusivity for all citizens of India, and this initiative is a step forward in that direction.”
As of September 2024, NPS has seen impressive growth, with more than 38.25 lakh retail accounts. This new BHIM feature is expected to further boost NPS adoption, providing individuals with a reliable means of building a secure income for their retirement years.
Steps to Contribute to NPS via BHIM:
- Open the BHIM app and tap on ‘View All’ under the ‘Recharges and Pay Bills’ section on the home screen.
- Select ‘NPS’ under the ‘Other Categories’ section.
- Enter the following details:
- Permanent Retirement Account Number (PRAN) or your 10-digit mobile number
- Date of Birth
- Tier
- Contribution Amount
- Agree to the Terms and Conditions by ticking the checkbox and then tap on ‘Get Bill Details’.
- Review the NPS investment details and contribution amount breakdown by tapping ‘Bill Info’.
- Choose your preferred payment mode, then hit/tap ‘Pay’ to complete the transaction.