My sister recently told me about NPS. She had previously opened an NPS account and wanted to know how to change nominee in NPS account. Since I had no idea what an NPS account is, she told me all about it. She informed me that the National Pension System (NPS) is a government-supported retirement and tax-saving programme for people who are saving for retirement. It not only delivers tax benefits but also assures that pension fund collection grows over time through compounding till retirement. So, we sat together to research the process of changing nominees in the NPS account, and this is all we found out about the process.Get the help of the legal experts of NoBroker in any property document-related query.
How to change the nominee in NPS?
When opening an NPS account, it is better to select a nominee because doing so will allow the nominee to withdraw the entire amount of the accrued pension amount. According to the guidelines published by the Pension Fund Regulatory & Development Authority, one may name up to three nominees for NPS Tier I accounts (PFRDA). The subscriber must specify the amount of savings that he or she intends to leave to every nominee on death, and the total share per cent for all nominees must be 100%. PFRDA has approved online platforms for nominations, and users can add new nominees or update the information on existing nominees from the convenience of their own homes.
After logging in, pick "Demographic Changes" from the menu and then "Update Personal Details."
Select "Add/Update Nominee information" on the "Subscriber Modification" screen and then click "Confirm" to continue.
Next, decide whether you want to announce a nomination for a Tier 1 or Tier 2 account.
Enter the nominee's name, choose if they are an adult or juvenile, date of birth, relationship, the name of the nominee's guardian, address, PIN code, city, state, and country.
If you would like to add well over one nomination, click "Add," otherwise click "Save."
If you need to modify the nomination form, select "Modify," otherwise select "Submit" to continue.
Enter the OTP that was received to the registered mobile number you have on file now, and then click "Submit OTP."
The subscriber must now select "e-Sign & Download" in order to electronically sign the subscriber alteration form.
After clicking "Proceed," you will be taken to a page for the NSDL Electronic Signature Service where you must approve all of the statements.
After entering your VID or Aadhaar number, click "Send OTP."
Click "Verify OTP" after entering the OTP that was issued to your Aadhaar-linked cellphone number.
After clicking "Download e-Sign file," the updated nomination information will be downloaded in PDF format to your device.
According to the rules established by NPS Trust, "There would be no purchase of an annuity or monthly pension and the full accrued pension asset (100%) will be transferred to the nominee / legal heir of the subscriber. In the event of an exit caused by the subscriber, the nominee has the opportunity, if they so want, to purchase an annuity of the entire corpus. Now you too know how to change nominee in NPS account.Read More:How to Download NPS Payment Receipt?How To Download NPS Statement?How To Download NPS Tax Certificate?How To Unfreeze NPS Account?
This answer will be very beneficial for anyone wishing to learn about NPS nominee change. Just in case, one can proceed to make changes in the nomination digitally rather than manually submitting it if they forget to register their nominee at the beginning or decide to modify their nominee under their NPS account. The nominee is entitled to all capital that is still owed in the event of the subscriber's demise.In a circular published by the PFRDA, subscribers were given permission to modify their nominations online by using their login information. Prior to then, NPS members who wanted to modify their PRAN (Permanent Retirement Account Number) nomination had to physically submit an S2 form.According to the PFRDA, a nominee change in NPS can be done at any time. To do so, follow the instructions below:
How to update nominee in NPS?
Previously, National Pension Scheme subscribers who wanted to modify their PRAN nomination had to complete Form S2. The procedure for changing a nominee is now done online. The procedure for the same is as follows:
A specific subscriber must use their login information to access their own Central Record Keeping Agencies system or CRA system.
Then they would have to select the menu item labelled "Demographic Changes" and click the "Update Personal Details" tab.
At this point, a modification screen with several options would emerge, and a subscriber would need to select the option to "Add/Update Nominee Details." They would next need to choose the Tier type for which the nomination information needed to be amended.
The user then needs to enter the OTP that was sent to their registered mobile number.
The changes must be authenticated by an e-sign after the OTP has been submitted by selecting the "e-sign and Download" option.
Subscribers will have to e-sign on the page for an e-signature by entering a virtual or Aadhaar ID. Then, on the cellphone number registered with UIDAI, they would receive an OTP. Use this code and choose "Verify OTP."
Following authentication, the National Pension Scheme records would be updated with the nomination information. Before updating, the linked Nodal Office or corporate for subscribers of the government or designated corporate sector would have to approve the request.
There is no documentation involved in the nomination change procedure, which is purely digital. A failure of the e-sign, however, would prevent the updating of modifications. Subscribers would then need to update the nomination using the physical format in accordance with the preceding procedure. I hope this helps you understand how to change nomination in NPS.Read More:What is the difference between NPS CRA and NPS SwavalambanHow to download NPS tax certificate
As you know, the National Pension System (NPS) not only delivers tax benefits but also assures that pension fund accumulation rises over time through compounding until retirement. However, it is better to update a nominee because doing so will allow them to cash out the entire pension amount. But the main question here is how to change nominee in NPS online. Let’s check out the steps to update the nomination in NPS account below.
NPS Nomination Change Online Process
PFRDA has provided an online platform for users to add new nominees or update the information on existing nominees from the comfort of their homes. To modify the nominee name in NPS account, my father went to https://cra-nsdl.com/CRA/ and has followed Step 2 to Step 11 as mentioned by Mayank Vardhan above. I also wish to mention who can submit a nomination for the NPS. Check out the eligibility criteria below:
Relying parents would be the main nominees for those who are not married. The subscriber may choose any other individual to represent them if they do not have any parents who are financially reliant on them.
Nominees for married users must be selected in the priority order listed below:
Male User
Female User
Wife
Husband
Children
Children
Dependent parents
Dependent parents of self and husband
Deceased son’s widow and children
Deceased son’s widow and children
If the nominee is a minor, the user must designate the legal guardian as the nominee.
Hi there. If you wish to learn how to change nomination in NPS online, I can help you. You will have to visit the NSDL website and log in to make the changes. I helped my mother with this method a few weeks ago. It involves several steps, but the process is easy. Let me share the details with you.
How to Change NPS Nominee Online?
Just follow these steps and you’ll be able to change NPS nominee easily:
After logging in, click the ‘Demographic Changes’ section from the menu. Select ‘Update Personal Details’ from the section.
You will see the ‘Subscriber Modification’ page on your screen, where you need to select the ‘Add/Update Nominee details’ and click on ‘Confirm’ to proceed further.
Select between Tier 1 and Tier 2 to choose the account for which, you want to declare nomination.
Click on ‘Modify’ in the nomination form to make changes. After you’ve made all the changes, click the ‘Submit’ button.
You will receive an OTP on your registered mobile number. Fill it in the space and click on ‘Submit OTP’.
Click on ‘eSign and Download’ to e-sign the subscriber modification form.
Click the ‘Proceed’ button, and you will be taken to the ‘NSDL Electronic Signature Service’ page, where you will have to accept all the declarations.
Next, fill in your VID or Aadhar number and press the ‘Send OTP’ button.
Fill in the OTP sent to your number and click the ‘Verify OTP’ button.
If you want to download the modified nomination details, click on ‘Download e-Sign file’ to receive a PDF format of the same.
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How to Change Nominee in NPS?
Kamala
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September 19, 2022
2022-09-19T11:29:15+00:00 2023-08-30T14:22:42+00:00Comment
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