How to contribute to your NPS account using BHIM app
What's the story
The National Payments Corporation of India (NPCI) has launched a new feature on its BHIM app, enabling users to contribute to their National Pension System (NPS) accounts.
The move comes as part of NPCI's larger plan to make retirement savings more secure for millions of Indians.
The new service leverages Bharat Connect, a platform aimed at offering seamless and secure access to retirement savings, NPCI BHIM Services said in an official press release.
User convenience
Simplified contributions through BHIM app
The new feature on the BHIM app makes NPS contributions easier than ever.
You don't have to remember complex details anymore, but can contribute using just your registered mobile number and a few customer parameters. This makes retirement planning as easy as a few clicks.
Contributions made through BHIM are fully processed and invested within one business day, ensuring timely investment.
Process breakdown
Step-by-step guide to contribute to NPS
To make an NPS contribution via BHIM app, users first have to tap on 'View All' under 'Recharges and Pay Bills' section on their home screen.
They then select 'NPS' under 'Other Categories' and fill in details such as Permanent Retirement Account Number (PRAN) or 10-digit mobile number, Date of Birth, Tier, and Contribution Amount.
After accepting Terms and Conditions by ticking a checkbox, they tap on 'Get Bill Details.'
Final steps
Review and complete NPS contribution on BHIM
The last steps in the NPS contribution process include reviewing investment details and amount breakup by tapping on 'Bill Info.' Then, users choose their preferred payment mode, hit 'Pay,' and complete the transaction.