PhonePe on Tuesday (November 5) announced the launch of contributions to NPS (National Pension System) as a new savings category under Bharat Connect (earlier known as BBPS), on its platform. With this launch, PhonePe enables users to make contributions to their NPS account through the PhonePe app.

NPS is a highly effective tax saving instrument for personal retirement planning. This scheme not only provides significant tax savings but also comes in handy as a retirement corpus.

Previously, users could only make contributions towards their NPS accounts through the websites of PFRDA, NSDL, CAMs, KFintech and banks.

However, the launch of this feature will allow users to contribute using the PhonePe app.

Commenting on the launch, Noopur Chaturvedi, CEO, NPCI Bharat BillPay Limited, said, “Integrating NPS category on the Bharat Connect platform is a significant step towards enabling individuals to manage their investments for retirement planning seamlessly. With this advancement, PhonePe users can now contribute to their NPS accounts directly through the app.”

Sonika Chandra, Chief Business Officer – Consumer Payments at PhonePe, added, “This partnership between PhonePe and Bharat Connect enhances the utility and convenience of making NPS contributions by offering a secure and user-friendly payment solution to users.”

Here’s how users can avail this feature on the PhonePe app:

Click on ‘View All’ under the ‘Recharges and Pay Bills’ section on your PhonePe app home screen.

Click on ‘National Pension System’ under the ‘Financial Services and Taxes’ section and enter the following details:

• Your 12-digit PRAN or 10-digit mobile number
• Date of Birth
• Tier
• Contribution Amount

Tick the checkbox to agree to the Terms and Conditions and tap ‘Confirm’

Review the NPS investment details and the breakup of the amount

Tap ‘Proceed to Pay’, select your preferred payment mode, and complete the payment.