Here are more details on how to make contributions to NPS using the BBPS channel, as per the latest PFRDA circular.
Investing in NPS through BBPS: What are the charges?
Charges: The following charges will be applicable for making contributions to NPS through BBPS.
- Transaction (lump sum): Rs. 0.50 per transaction
- Transaction (SIP): Rs. 0.50 per transaction
- SIP Mandate Registration: Rs. 4.00 (One Time)
*plus GST as applicable
According to the PFRDA press release, “Similar to eNPS and D-Remit, Point of Presence (POP) tracking fees will be applicable on contributions made through BBPS for subscribers associated with POPs under the All Citizen model. BBPS and POP charges (tracking fee), as applicable, will be displayed and collected upfront during the payment process. The charges will have to be borne by subscribers upfront while making contributions.”
Liquidation of BBPS
BBPS will accept lump sum payments, which will be settled on a T+1 basis, where {T’ represents the date on which subscribers made their contributions. Within five business days, subscribers will receive a refund for any unsettled contributions (transactions that failed for any reason). In the future, BBPS will offer the option to register for the SIP mandate, which will allow for systematic contributions.
What is BBPS?
The Bharat Bill Payment System (BBPS), conceptualized by the Reserve Bank of India (RBI) and powered by the National Payments Corporation of India (NPCI), offers a unified, accessible and interoperable platform for recurring payments. BBPS simplifies digital paymentsensuring ease of use for consumers.
Benefits of BBPS
BBPS improves the visibility and accessibility of services/billers across multiple platforms including BHIM, UMANG, mobile banking apps and major UPI-enabled payment apps like PhonePe and GooglePay.
What are the bill payment categories available under BBPS?
According to Canara Bank’s website, “Currently, the following are the bill payment categories available under BBPS. Health Insurance, Education Fees, Postpaid Landline, Postpaid Broadband, Gas, Fastag, Mobile Postpaid, LPG Gas, Clubs & Associations, Loan Repayment, Municipal Tax, DTH, Insurance, Life Insurance, Hospital & Pathology, Credit Card, Mobile Prepaid, Cable TV, Municipal Services, Recurring Deposit, Subscription, Electricity, Water, Housing Society, Hospital, etc.”
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