NPS Nomination: As of now, to change your nominee in the NPS account, Today we will discuses How to Change Nominee in NPS online?, and NPS Nomination Rules So, read this whole article. If you want to Change NPS Nomination so every steps given below, never forget any steps to change NPS Nomination Online. you have to submit the S2 form physically to the associated Nodal Offices or POPs. To avoid such hindrance, PFRDA launched the facility to change nominee in NPS online. Let us see the process of changing the nominee in NPS online.
Know About NPS
The Central Government has introduced the National Pension System (NPS) with effect from January 01, 2004 (except for armed forces). NPS was made available to All Citizens of India from May 01, 2009. Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body for NPS, has appointed NSDL as Central Record keeping Agency (CRA) for National Pension System. CRA is the first of its kind venture in India which will carry out the functions of Record Keeping, Administration and Customer Service for all subscribers under NPS. CRA shall issue a Permanent Retirement Account Number (PRAN) to each subscriber and maintain data base of each Permanent Retirement account along with recording transactions relating to each PRAN.
National Pension System (NPS), Regulated By PFRDA, is an important milestone in the development of a sustainable and efficient voluntary defined contribution pension system in India. It has the following broad objectives:
- Provide old age income
- Reasonable market based returns over the long term
- Extending old age security coverage to all citizens
NPS Nomination Rules
- On the death of the subscriber, the nominee or nominees under NPS will be eligible to claim the corpus from the NPS account of the subscriber
- If at the time of rendering a nomination, if a subscriber has a family, the nominee shall be in favour of one or more individuals related to his family. Any nomination made in favour of a person not relating to his family will be considered as illegitimate.
- The subscriber must make a fresh nomination on his marriage, and any nomination made before the marriage will be considered unlawful.
- In case the subscriber has no family at the time of making a nomination, the nomination can be done in favour of any individual. But if the subscriber later acquires a family, the nomination will automatically be considered illegitimate and the subscriber needs to make a fresh nomination in favour of one or more individuals belonging to his / her family member.
- Family members of a male subscriber include his lawfully married wife, his married or unmarried children, parents or widow.
- Family members of a female subscriber include her lawfully married husband, her married or unmarried children, her parents, parents of her husband, or any.
- In case the child of a subscriber [or, as the case may be, the child of the subscriber’s deceased son] has been adopted by another individual, and if adoption is lawfully recognized under the adopter’s personal stance, that child shall be considered as exempted from the subscriber’s family, applicable for both male and female subscriber.
- Family members of a male subscriber include his lawfully married wife, his married or unmarried children, parents or widow.
- Family members of a female subscriber include her lawfully married husband, her married or unmarried children, her parents, parents of her husband, or any.
- In case the child of a subscriber [or, as the case may be, the child of the subscriber’s deceased son] has been adopted by another individual, and if adoption is lawfully recognized under the adopter’s personal stance, that child shall be considered as exempted from the subscriber’s family, applicable for both male and female subscriber.
- In case the nomination is in favour of a minor in whole or in half, the subscriber may nominate a different person from his family to be the guardian of the minor nominee in the event that the subscriber predeceases the nominee. The subscriber can nominate some other person to be the guardian of the minor candidate at his or her sole discretion, in case there is no major individual in the family. A subscriber can change the nominee of his / her account anytime. If a subscriber declares her intention to dislodge her husband from the family by a note in writing to the approved representative for the intention, the husband and his respective parents shall no longer be considered as a part of the subscriber’s family for the sake of this System, unless the subscriber expressly cancels any such declaration in case there is no major individual in the family.
- A subscriber can change the nominee of his / her account anytime. If a subscriber declares her intention to dislodge her husband from the family by a note in writing to the approved representative for the intention, the husband and his respective parents shall no longer be considered as a part of the subscriber’s family for the sake of this System, unless the subscriber expressly cancels any such declaration in written form.
How to Change Nominee in NPS online?
Let us now see the process to Change Nominee in NPS online. This is also called as E-Nomination process. Every steps discribe given below to change NPS Nomination Online. Follow this steps given below never forget any steps to change nps nomination online.
Step 1. Subscribers access their respective CRA systems with login credentials and select the option ‘Update Personal Details’ under the ‘Demographic changes’ menu.
Step 2. On selection, the subscriber modification screen will appear with multiple options, Subscriber is required to select the option ‘Add/Update Nominee details’ and then ‘Tier type’ for which nomination details have to be updated.
Step 3. The subscriber is required to submit the details online such as the name of the nominee, relationship with the nominee, percentage share etc. and save the details by clicking on the ‘Save’ menu.
Step 4. Once the details are saved and confirmed, the subscriber is required to submit the ’One Time Password (OTP)’ received on Registered Mobile Number of NPS.
Step 5. On submission of OTP, subscriber is required to e-Sign to authenticate the changes by selecting option ’e-sign and download’.
Step 6. The subscriber will be taken on to ’e signature service provider’s’ page for e-sign where he is required to enter Aadhaar/ Virtual ID and click on ’send OTP’. OTP will be received on the mobile number registered with UlDAl.
Step 7. Subscriber needs to submit OTP and click on ‘Verify OTP.
Step 8. Upon authentication, the nomination details will be updated in the NPS records. For Government/Identified Corporate sector subscribers, the request needs to be authorized by the associated Nodal Office/Corporate before its updation.
Step 9. The process of change of nomination is paperless. In case e-sign fails, the changes shall not be updated and the subscriber shall have to update the nomination through the physical form as per the existing process.
I hope after this article, every body know about how to change NPS Nominee online?, as well as NPS Nominee Rules, if any confusion to change nps nominee you can comment below.
NPS costumer can access their CRA system with login credentials and select the option “update personal details” under “demographic changes” menu.
The subscriber then needs to select the option add/update nominee details.
After that the NPS costumer needs to submit details of the nominee such as name, relationship with nominee and percentage share
Once the details are saved and confirmed, subscriber is required to submit the one-time password (OTP) received registered mobile number.
On submission of OTP, costumer is required to e-sign to authenticate the changes by selecting the E-sign option
The costumer will be taken to e-signature service providers page for e-sign where he or she is required to enter Aadhaar/Virtual ID and click on send OTP. OTP will be sent to the mobile number registered with UIDAI. Subscriber needs to submit the OTP and click on verify OTP.
After authentication, the nomination details will be updated in NPS records
If he e-sign fails, the subscriber has to option to update the nomination as per the existing physical process.
Bringing a change in nomination in the NPS account will become much easier now. Instead of submitting the nomination form physically to make a change in the nomination, now one may do the same online. Through a circular issued on September 3, 2020, PFRDA has allowed the ‘e sign based online facility’ to change of nomination through the Subscribers’ login credentials. Currently, the existing subscribers of NPS, who wish to change their nomination in their Permanent Retirement Account Number (PRAN), are required to submit S2 form (Request for change of Subscriber Master details) physically to the associated Nodal officers, corporates or Points of Presence (POPs) for updation. Central Record Keeping Agencies (CRAs) have been advised to introduce this feature in their system at the earliest.
The nominee or nominees under NPS shall be entitled, on the death of the subscriber, to receive, to the exclusion of all other persons, all such money which have so remained unpaid.
a. If a subscriber has a family at the time of making a nomination, the nomination shall be in favor of one or more persons belonging to his family. Any nomination made by such subscriber in favor of a person not belonging to his family shall be invalid.
b. A fresh nomination shall be made by the subscriber on his marriage and any nomination made before such marriage shall be deemed to be invalid
c. If at the time of making a nomination the subscriber has no family, the nomination may be in favor of any person or persons but if the subscriber subsequently acquires a family, such nomination shall forthwith be deemed to be invalid and the subscriber shall make a fresh nomination in favor of one or more persons belonging to his family;
d. Family in relation to a male subscriber, means his legally wedded wife, his children, whether married or unmarried, his dependent parents and his deceased son’s widow and children
e. Family in relation to a female subscriber, means her legally wedded husband, her children, whether married or unmarried, her dependent parents, her husband’s dependent parents and her deceased son’s widow and children
f. In either of the above two cases (d & e), if the child of a subscriber [or as the case may be, the child of a deceased son of the subscriber] has been adopted by another person and if, under the personal law of the adopter, adoption is legally recognized, such a child shall be considered as excluded from the family of the subscriber.
g. If the nomination is wholly or partly in favor of a minor, the subscriber may appoint a major person of his family, to be the guardian of the minor nominee in the event of the subscriber predeceasing the nominee. If there is no major person in the family, the subscriber may, at his discretion, appoint any other person to be a guardian of the minor nominee.
h. A nomination made under the NPS may at any time be modified by a subscriber. If a subscriber by notice in writing to the designated intermediary for the purpose expresses her desire to exclude her husband from the family, the husband and his dependent parents shall no longer be deemed to be a part of the subscriber’s family for the purpose of this Scheme, unless the subscriber subsequently cancels in writing any such notice.
A Subscriber can request for change / correction in personal details, nomination details, bank details, reissue of I-PIN/T-PIN/PRAN Card to the POP-SP. A Subscriber can also update his / her photograph and signature by submitting written request to the POP-SP.
Subscriber needs to submit the following forms for change request:
A)Form UOSS2 – for change in personal or nomination details or request for re-issue of T-PIN/I-PIN or Reprint of PRAN card.
B)Form S3- Request for change in Scheme Preference or Switch or change of employment.
C)Form S7 – Request for change in Photograph and/or Signature
Subscribers can also update certain details through online or NPS Mobile APP. Please refer question no. 8 and 9 of this section for the same.
Apart from submission of S3 form to associated POP-SP, Subscriber can also change Scheme preference through their NPS account log-in. You can follow the simple steps as given below to change the scheme preference online:
1. Go to your NPS account log-in
2. Click on sub menu ” Scheme preference Change” under main menu “Transaction”
3. Select Tier type and change the Scheme preference as you intended to do
Subscribers can also update certain details through online or NPS Mobile APP. Please refer question no. 8 and 9 of this section for the same.
Subscriber is allowed to register up to three nominees in NPS. Yes, minor can be a nominee. In such case, Subscriber will be required to provide guardian’s details and date of birth of the minor.
Yes, certain services related to NPS can be availed online. These are as follows:
1.Change of address (correspondence and permanent): using Aadhaar based authentication through OTP
2.Change of scheme preference: UoS as well as Govt. Subscribers (for Tier II only) can change their Scheme Preference in CRA system.
3.Change of mobile number and email: Subscriber can also change mobile number and email directly in CRA system using I-PIN
4.I-PIN Generation: No physical I-PIN is issued to eNPS subscribers. The eNPS Subscribers can access the CRA system immediately after registering without waiting for physical I-PIN. Subscriber can also reset I-PIN instantly in case I-PIN locked/ forgotten.
5.Online view of Statement of Holding (SOH) /Transaction (SOT): Subscriber can view SOH as well as SOT online in CRA system, anytime anywhere by using the password (I-PIN) and need not wait for physical SOT sent on yearly basis. Year wise SOT can also be obtained through IVR.
6.ePRAN card view: Subscriber can view, download and print ePRAN card from CRA system, in case of loss of PRAN card issued by CRA.
7.Aadhaar Seeding: Subscriber can add/update Aadhaar using Aadhaar based authentication through OTP.
8.Reprint of PRAN card: Reprint PRAN card using mobile based authentication through OTP.
>> Official Website of NPS : https://www.npscra.nsdl.co.in/
Read : How to register NPS Online?
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