After authorization by Trustee Bank (by next working day), Virtual Account shall be active.
A confirmation on activation shall be sent from the CRA system. In case, you are using D-Remit facility for both the Tiers, two separate Virtual Accounts are created. The sixth digit of your Virtual Account with ‘1’ or ‘2’ is the identifier for Tier I and Tier II accounts respectively. It is required to create separate Virtual Account Number for both the account of NPS i.e. Tier I and Tier II. After creation of Virtual Account, the next step is to add it as Beneficiary.
Addition of Virtual Account (Virtual ID) as Beneficiary:
- Subscriber has to login to Net Banking facility of his bank and add the Virtual Account (as created above) as Beneficiary Account along with his/her name (as per CRA records) as Beneficiary Name.
- Subscriber needs to add ‘UTIB0CCH274’ as IFS Code of Axis Bank (Trustee Bank) for transfer of funds and account type as ‘Current Account’, if required.
- After addition of beneficiary details, Subscriber can invest in NPS (minimum of Rs. 500) as per his/her convenience and get benefit of the same day NAV. To get same day NAV, the cut-off time for funds transfer is 9.30 AM. In case of receipt of funds after 9:30 AM, NAV of the next working day will be applicable.
- Subscriber can also set standing instructions for his/her NPS Account (Subject to the provision given by your bank).
- Please use RTGS/NEFT/IMPS as the mode of remittance.
| Particulars | Details |
|---|---|
| Beneficiary Name | Name as per PRAN Card |
| Beneficiary Account Number | Virtual Account Number received through SMS / Email |
| Beneficiary Account Type | Current |
| Beneficiary Bank | Axis Bank |
| IFSC Code | UTIB0CCH274 (where '0' indicates 'zero') |