Same Day Investment of NPS contributions (T+0) received by Trustee Bank effective from 1st July 2024: PFRDA Circular dt. 26.06.2024 regarding.
Same Day Investment of NPS contributions (T+0) received by Trustee Bank effective from 1st July 2024: PFRDA Circular dt. 26.06.2024
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIRCULAR
Circular No. PFRDA/2024/13/SUP-CRA/07
Date: 26 June 2024
To,
i. Trustee Bank (‘TB’)
ii. Central Recordkeeping Agency (CRA’)
iii. National Pension System Trust (‘NPS Trust’)
iv. Government Nodal Offices (i.e. CG, SGs, CABs & SABs)
v. Point of Presence (‘PoP’)
vi. All other NPS Stake Holders
Madam / Sir,
Same Day Investment of NPS contributions (T+0) received by Trustee Bank effective from 1st July 2024
1. National Pension System (NPS) subscribers have multiple modes for contribution deposit including through Points of Presence (PoPs), eNPS, D-Remit, UPI, UP] QR Code and their employers. These contributions are deposited into the designated account of the Trustee Bank (TB) following the sharing of contribution information with the Central Recordkeeping Agencies (CRAs). Currently, contributions received by the Trustee Bank are invested on the next settlement day (T+1), meaning contributions received until the previous day (T) are invested the following day (T+1).
2. With advancements in technology and a robust system-level interface between TB and CRAs, contributions received by TB till 11 AM (T) on any settlement day will now be considered for same-day investment. This new timeline for same-day investment will be effective from 1st July 2024. Contributions received by TB after 11 AM will be invested on the next day (T+1).
3. The extended timeline for accepting contributions will apply to all types of contributions received by TB from/through Government Nodal Offices, PoPs, eNPS, D-Remit, UPI, etc. D-Remit contributions received by 9:30 AM on any settlement day which are already considered for same-day investment, will also be extended according to the revised timelines of 11 am.
4. PoPs, Government Nodal Offices and NPS Trust for eNPS are advised to align their information-sharing systems with CRA and the contribution remittance framework to TB according to the revised timelines in a time-bound manner. This alignment ensures that the benefits of same-day investments are passed on to the subscribers as applicable.
5. The circular is issued under Section 14 of the PFRDA Act, 2013 and is made available on the PFRDA website (www.pfrda.org.in) in the Circular section under the regulatory framework.
Yours faithfully,
Digitally signed by
K MOHAN GANDHI
Chief General Manager
Source : PFRDA
