What is virtual id in NPS ?

The NPS virtual ID is a unique identification number that is assigned to every subscriber of the NPS virtual account. In order to transfer funds using the D-Remit facility, you must have to create a Virtual ID linked with your PRAN.

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What is NPS virtual account?

The virtual account in NPS is an account that helps money to get transferred from the pension account to the account of the subscriber. 

After understanding what virtual ID in NPS means, I’d like to highlight the;

NPS virtual account benefits:

With the help of a virtual account, you can transfer money from the pension account to the account of the subscriber. Also, it can be used to directly transfer money from your bank account to the Trustee Bank. 

Virtual IDs can be created by current NPS customers through the

portal. The subscriber will receive the virtual ids through SMS and email after approval.

According to a circular issued by the Pension Fund Regulatory and Development Authority, all NPS subscribers (government, non-government, and all citizens) who wish to make voluntary contributions using D-Remit should visit the CRA system and generate a Virtual ID linked to their PRAN. 

After the Virtual ID has been authorised, subscribers can access their net banking accounts and add the Virtual ID created as a beneficiary with the NPS virtual account IFSC code, UTIB0CCH274 to transfer funds via NEFT, RTGS, or IMPS for their voluntarily made contributions.

I’d like to end my discussion here about the NPS virtual account. I hope this helps:)

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Hey,

There are many retirement savings schemes in India. NPS is one of the most popular ones. I will share with you what is virtual ID in NPS in the paragraphs below. 

The full form of the acronym is National Pension Scheme. 

It falls under the jurisdiction of the Ministry of Finance of the Government of India. 

You can use the NPS funds for renovation, children's education, marriage etc. 

In NPS, the subscribers can contribute the amount of their choice every month. NPS aims to create a culture of ‘saving for retirement' in India. 

All citizens that register themselves under the NPS scheme are assigned a unique identity number or virtual account. This ID is used in all virtual transfers ( switching over from one investment option to another or from one fund manager to another) done by the subscribers.

• Through this virtual account, money is transferred from the pension account to the account of the subscriber. 

• This number facilitates easy logging in and out from the NPS website. 

• The virtual account and ID are used to directly transfer money from your bank account to the Trustee Bank. (for remitting your NPS contributions).

• You will even get to know the net Asset Value (NAV) for your investment in NPS on the same day. 

This is all from my end on what is virtual ID in NPS.