NPS Allows ECS Mandate

Can an investor give an ECS mandate to the NPS so that a fixed amount is debited from the bank account every month, as we do for SIPs in mutual funds?
- A. Kumar

Yes. NPS provides an ECS mandate facility to its subscribers to let them invest electronically by giving an auto debit mandate to their banks. Download the ECS Mandate form from the Point of Presence (PoP) website or collect the mandate form from the PoP with which you wish to register for making ECS payment. Units will be allotted at NAV based purchase price declared on the fourth day of ECS debit made on the subscriber's bank account. In case the date falls on a non-business day, the immediate next business day will be taken into account for the purpose of determining the NAV.

Follow this link to find your nearest PoP.
https://www.npscra.nsdl.co.in/pop-sp.php

This article was originally published on July 25, 2014.