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Contribution from credit card stopped in tier-2 accounts: NPS rule change

PFRDA has chosen to stop the facility of payment of memberships/commitments utilizing credit card as a method of payment in the Tier-II account of NPS

NPS rule change: The Pension Fund Regulatory and Development Authority (PFRDA) has chosen to stop the facility of payment of membership of commitment in tier 2 accounts of National Pension System (NPS). The PFRDA disclosed its choice through an authority notice dated third August 2022.

Illuminating about ending the credit card payment in tier 2 NPS account, PFRDA circular said, “The Authority has chosen to stop the facility of payment of memberships/commitments utilizing credit card as a method of payment in the Tier-II account of NPS. As needs be, all PoPs are informed to stop the acknowledgment concerning Visa as a method of payment for the Tier-II account of NPS with quick impact.”

The PFRDA gave the circular practicing its powers presented under the Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 to safeguard the interest of endorsers and to direct, advance and guarantee methodical development of the National Pension System and benefits plans to which the demonstration applies.

Source

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