Contributing to the National Pension System (NPS) has just become simpler for everyone, as the BHIM app now offers a quick and convenient way to make NPS contributions. National Payments Corporation of India (NPCI) subsidiary NPCI BHIM Services Limited (NBSL) has launched this new feature through the BHIM app, allowing users to pay directly into their NPS accounts. This new facility aims to encourage more people to save for retirement by making it more accessible and convenient to invest in their future.
With payments processed on the same working day, the BHIM app promises a seamless, secure experience for contributors, ensuring that their funds are invested without delays. Here’s a step-by-step guide to making NPS contributions through the BHIM app, along with a look at how this new feature promotes financial inclusion and the importance of retirement planning.
How to Make NPS Contributions with the BHIM App: Quick Steps
To begin contributing to your NPS account through the BHIM app, follow these easy steps:
- Open the BHIM App: Launch the BHIM app on your smartphone and head to the “Recharge and Bill Pay” section on the home screen. Tap on “View All” to see more options.
- Select the NPS Option: Scroll to “Other Categories” and choose the “NPS” option.
- Provide Required Details: You’ll need to enter essential details, including:
- PRAN or Mobile Number: Either enter your Permanent Retirement Account Number (PRAN) or your 10-digit mobile number registered with your NPS account.
- Date of Birth: This is required to verify your account.
- NPS Tier: Choose your account type – either Tier 1 (for primary NPS accounts) or Tier 2 (optional, for additional contributions).
- Contribution Amount: Enter the amount you wish to contribute.
- Check Terms & Conditions: Tick the box to agree with the Terms and Conditions, then tap on “Get Bill Details.”
- Review NPS Details: A summary of your NPS investment, including the amount, will appear in “Bill Info.” Verify these details.
- Complete the Payment: Choose your preferred payment mode, such as UPI or bank transfer, and tap “Pay” to finalize the transaction.
With these simple steps, you can contribute to your NPS account directly through BHIM, making retirement savings accessible and hassle-free.
A Boost for Financial Inclusion and Retirement Planning
This new feature from BHIM is seen as a major step towards financial inclusion in India. Rahul Handa, Chief Business Officer at NPCI BHIM Services Limited, noted that this new NPS payment option reflects their commitment to financial inclusion and aims to inspire more people to prioritize retirement planning. This initiative is especially significant for reaching citizens in remote areas, making retirement savings a simple and accessible goal for everyone with a smartphone.
Nupur Chaturvedi, CEO of NPCI Bharat Billpay Limited, also emphasized the organization’s goal to make the payment process easier for all citizens by adding NPS contributions to the BHIM app. With more Indians becoming familiar with the ease and security of digital payments, this new feature is expected to motivate more people to plan for their retirement by investing in NPS.
Growing Popularity of NPS in India
The National Pension System (NPS) continues to gain popularity across the country. According to recent data, over 38.25 lakh (3.8 million) new retail accounts were added by September 2024, highlighting the growing awareness and interest in secure retirement options. The introduction of the BHIM app’s NPS payment feature is expected to drive these numbers further by simplifying the contribution process, allowing individuals from various backgrounds to start saving for their future.
Launched in 2024, NPCI BHIM Services Limited is a fully-owned subsidiary of NPCI, dedicated to promoting digital payments through the BHIM app. By providing a reliable and easy-to-use payment experience, NPCI hopes to encourage more Indians to embrace digital transactions for their everyday needs, including retirement planning.
Why This Matters: Encouraging Financial Security
The addition of NPS contributions to the BHIM app represents a significant step towards encouraging financial security in India. With this simple process, more individuals can regularly invest in their retirement savings, helping them build a secure source of income for the future. As more citizens become aware of the benefits of the NPS and the ease of making contributions through the BHIM app, retirement planning is expected to become more mainstream, allowing more people to enjoy a financially secure future.
