NPS Contribution 2023: Online & Offline | Contribution by Employer
Introduction
To contribute to Tier 1 & 2 accounts, the Subscriber needs to deposit the contribution amount along with a duly filled NPS Contribution Instruction Slip to any POP-SP or can visit the eNPS website to make a contribution to NPS.
NPS Contribution online is credited to your NPS Account on a T+2 basis. Subject to receipt of clear funds from Payment Gateway Service Provider.
You can contribute a maximum of Rs. 2,000 at a time using a debit card.
Minimum contribution amount is Rs. 500 for Tier 1 accounts and Rs. 250 for Tier 2 accounts. Here, We will discuss the option of NPS Contribution.
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NPS Contribution limit
An NPS Subscriber is required to make an initial contribution (minimum of Rs.500 for Tier 1 account and a minimum of Rs.1000 for Tier 2 account) at the time of registration of NPS.
Subsequently, a NPS Subscriber can make a contribution subject to the below conditions.
Tier 1 Account
Minimum amount per contribution – Rs. 500/-.
Minimum contribution per Financial Year – Rs. 1,000/-.
A minimum number of contributions in a Financial Year – one only.
Over and above the mandated limit of a minimum of one contribution in Tier 1 account, a Subscriber may decide on the frequency of the contributions across the financial year as per Subscriber convenience.
Tier 2 Account
Minimum amount per contribution – Rs. 250/-
No minimum balance is required.
NPS contribution online and offline
eNPS Portal
- Visit eNPS website – https://enps.nsdl.com.
- Click on the ‘Contribution’ option.
If you are contributing through account Log-in, select ‘Contribute Online’ under the ‘Transact Online’ Tab, you will be redirected to eNPS portal. - You will be required to enter PRAN, and Date of Birth.
- Select the option (SMS or email) on which you wish to receive OTP (One time password) in order to Verify PRAN.
- Add and enter captcha as displayed and click on ‘Verify PRAN’. An OTP will be sent to the registered mobile number/email address (whichever is selected).
- Once the OTP is entered and PRAN is verified, Select the account to which the contribution will be made (Tier I or Tier II) and mention the contribution amount.
- After entering the contribution details, the system will calculate the total amount payable along with applicable charges.
You can select the payment gateway option, read and accept the declarations and click on the “Make Payment” option From thereon you can contribute through net banking/debit card/credit card.
Mobile App
- Download the NPS Mobile App from Play Store using the given link – NPS App
- You can do the contribution transaction even without using the log in to the App.
- Enter PRAN, date of birth, captcha, and click on ‘Verify PRAN’. An OTP will be sent to the registered mobile number or email id address.
select the account (Tier 1 and Tier 1) to which the contribution will be made and mention the contribution amount after verification by OTP. - After entering the contribution details, the system will calculate the total amount payable along with applicable charges.
- Select the payment gateway option, read and accept the declarations and click on ‘Make Payment’ and be redirected to the payment site.
- From thereon you can contribute through net banking /debit card/credit card.
Offline
- Download the NPS Contribution from.
- Fill all the mandatory details given in the form and submit to the POP-SP along with Cheque / DD.
- Once the form is submitted, the POP-SP will give you an acknowledgment receipt for the same, which can be used for tracking of NPS contribution.
NPS contribution by employer
| All your employer has to do is register and contribute to your NPS-tier 1 investments. |
| It must already be doing so by contributing to the EPF Employee Provident Fund, a necessary retirement savings option that companies have to offer their employees. |
| Employer’s Contribution towards tier 1 account up to 10% of salary (Basic Dearness Allowance) can be deducted as ‘Business Expense’ from their Profit & Loss Account. |
Central Government of India employees
| The Government of india increased the employer’s contribution in case of Central Government employees to 14% from April 2020. |
| The limit on the tax deduction for the contribution was also increased to 14% from FY 2019-20. |
| But, this is only applicable to the Central Government of india employees. |
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NPS contribution charges
- For contributions made via eNPS POP Service Charges will be applicable on the contribution amount @ 0.10% (subject to minimum of ₹ 10 and a maximum of ₹ 10,000 per transaction).
- For Subscriber using the following mode of payment the charges are below.
- Credit Card 0.90% of Transaction Amount + Service Tax.
- Debit Card 0.80% of Transaction Amount + Service Tax.
- Net Banking of Banks 60 Paisa per Transaction + Service Tax.
Source – NPS
Statement and Receipt download
You can login into your account by using the login id and password provided by CRA(Credit Rating Agency) along with your PRAN Kit.
To login please click on your respective CRA:
NSDL Login
ENPS
The subscribers can Email their Statement online using the below link.
Annual Transaction Statement on Email
NSDL Branch Address
Kolkata
Address: 5th Floor, The Millenium, Flat No. 5W, 235/2A, Acharya Jagdish Chandra Bose Road, Kolkata – 700 020 Tel. (033) 2281 4461 / 2290 1396, Fax (033) 2289 1945
Chennai
Address: 6A, 6th Floor, Kences Towers, #1 Ramkrishna Street, North Usman Road, T. Nagar, Chennai – 600 017 Tel.(044) 2814 3917/18, Fax(044) 2814 4593
New Delhi
Address: 409/410, Ashoka Estate Building, 4th floor, Barakhamba Road, Connaught Place, New Delhi – 110 001, Tel. (011) 23705418 / 2335 3817, Fax (011) 2335 3756
Ahmadabad
Address: Unit No. 407, 4th floor, 3rd Eye One Commercial Complex Co-op. Soc. Ltd., Above Vijay Sales Stores C. G. Road, Near Panchvati Circle, Ahmedabad – 380 006. Tel. (079) 2646 1376, Fax (079) 2646 1375.
Source- NSDL