The Pension Fund Regulator PFRDA has introduced e-sign based online facility to NPS subscribers for change of nomination. Therefore, now you can do NPS nominee change online. In this post, let us take a look at how to change nomination in NPS online.
In its circular dated 3 November 2020, PFRDA has allowed the “e sign based online facility” to change of nomination through the Subscribers’ login credentials. Click here to read the circular.
In this circular, PFRDA asked CRAs (Central Record Keeping Agencies) to introduce this feature in their system at the earliest.
Table of Contents
National Pension System
NPS is an easily accessible, low-cost, tax-efficient pension and investment scheme launched by the Government of India to provide old age security to Indian citizens. It seeks to inculcate the habit of saving for old age amongst the people. The returns are market-connected as the contributions are invested in a mix of assets.
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NPS Nominee Change Online
Earlier it was not possible to change your nominee online in your NPS account. The subscriber was required to submit Form S2 physically to the associated POP or Nodal Office to change the nominee in NPS.
With the introduction of the NPS nominee change online facility, now you can do the same online at any time. You can change nomination in NPS online with a click of a button. The entire process is easy and OTP based.
In case you have not added a nominee in your NPS account or you want to modify the nominee, you should follow the steps given below to change the nominee in NPS.
Here are the steps to be followed by you for e Nomination in NPS.
How to change nomination in NPS online?
The entire process of change of nomination is paperless. You need to follow the steps given below to change NPS nomination online.
1. First of all, access your CRA system with your login credentials. After login, select the option “Update Personal details” under the “Demographic changes” menu.
2. On selection, you will see the “Subscriber Modification” screen with multiple options. Here you are required to select the option “Add/Update Nominee details”. And then select “Tier type” for which you want to update the nomination details.
3. You need to submit the details online such as the name of the nominee, relationship with the nominee, percentage share, etc. Click on the “Save” tab to save the details.
4. Once the details are saved and confirmed, you have to submit the OTP (One Time Password) which you received on your registered mobile number.
5. Once OTP is submitted, you need to e-Sign to authenticate the changes by selecting the option “e-sign and download”.
6. It will take you to the “e signature service provider’s” page for e-sign. Here you have to enter Aadhaar number/ Virtual ID and click on the “Send OTP”. You will receive the OTP on the mobile number registered with UlDAl.
7. Submit OTP in the space provided and click on the “Verify OTP” tab.
8. On successful authentication, your nomination details updated in the records.
9. Note that for Government/Identified Corporate sector subscribers, the request needs to be authorized by the associated Nodal Office/Corporate before its updation.
10. Note that if your e-sign fails, the changes will not be updated. And you have to update the nomination through the physical form as per the existing process.
Final Thoughts
I hope now you can change nomination in NPS online. The entire process of NPS nominee change online is very easy and paperless. It does not require you visit to the Nodal Office or POP. You can do it online with a click of a button at any time.
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