NPS subscribers get a new facility: Change nomination online. How to do1 min read . Updated: 15 Sep 2020, 02:44 PM IST
- Nomination made under the NPS can modified by a subscriber at any time
For the benefit of NPS subscribers, pension fund regulator PFRDA has allowed e-sign based online facility for change of nomination. Currently, the existing subscribers of NPS or National Pension Scheme who want to change their nomination have to submit S2 form request for change of their master details physically to the associated nodal offices or points of presence for updation.
The nominee(s) under NPS will be entitled on the death of the subscriber to receive, to the exclusion of all other persons, all such amount which have so remained unpaid. to the subscriber.
Pension Fund Regulatory and Development Authority or PFRDA asked central record keeping agencies to introduce this feature in their system at the earliest.
Nomination made under the NPS can modified by a subscriber at any time.
How to change NPS nomination online:
NPS subscribers 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 subscriber 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, subscriber is required to e-sign to authenticate the changes by selecting the E-sign option
The subscriber 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.