Retirement planning just got easier for tech-savvy individuals. The NPCI BHIM Services Ltd. (NBSL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), has introduced a new feature wherein users can make National Pension System (NPS) contributions through the BHIM app directly. The new feature, intended to simplify pension contributions for millions of Indians, enables BHIM users to make NPS contributions using just their registered mobile numbers and basic account details. The process is fast, secure, and user-friendly, allowing contributions to be invested within one business day.
What is NPS?
NPS is a market-linked, government-mandated, contribution scheme that helps you save for your retirement. The scheme is voluntary, portable, and flexible. NPS allows you to plan for a financially secure retirement with systematic savings in a planned way.
The Pension Fund Regulatory and Development Authority (PFRDA) regulates and administers NPS under the PFRDA Act, 2013.
The NPS has seen significant growth, with the inclusion of over 38.25 lakh retail accounts as of
September this year. This new feature is expected to make NPS adoption easier for citizens while helping them build a reliable income stream for their post-retirement years.
Here’s how you can use this feature on the BHIM app:
- First, you go to the option of ‘View All’ under the ‘Recharges and Pay Bills’ section on your BHIM app home. Click on the view all options visible on the screen.
- Here you will see the option of ‘other categories’ under which click on the ‘NPS’ option.
- Enter the following details once a new screen opens;
1) Permanent Retirement Account Number (PRAN) or 10-digit (registered) mobile number
2) Date of Birth
3) Tier
4) Contribution Amount
Once you have filled in all these details, tick the checkbox to agree to the Terms and Conditions and click on ‘Get Bill Details’. After this, you will see an option of ‘Bill Info’ to review details of NPS investment and the amount breakup.
Select your preferred payment mode, click on ‘Pay’, and make the complete payment.
With this feature, NBSL and NPCI are setting a new benchmark for financial inclusion, combining ease of use with the critical need for long-term financial security.
