Circular of Nomination Facility For NPS Subscribers

  Circular of Nomination Facility For NPS Subscribers

As per the PFRDA Circular (Ref. No. PFRDA/2020/37/SUP-CRA/15) dated September 3, 2020, regarding the captioned subject, Pension Fund Regulatory and Development Authority (PFRDA) has been established inter-alia is to protect the interests of Subscribers of NPS and other pension schemes regulated by it. 

PFRDA has allowed comprehensive and digitally-enabled solutions for Subscribers’ varied needs from onboarding until the process of exit.

 

Circular of Nomination Facility For NPS Subscribers

In order to enable NPS Subscribers with ease of changing the nomination in their Permanent Retirement Account Number (PRAN), PFRDA has allowed the ‘e Sign based online facility’ to change the nomination through the Subscribers’ login credentials.

 

In this regard, PFRDA has issued a Circular pertaining to ‘e-Nomination facility for NPS Subscribers’ in order to help and guide the Subscribers of NPS in understanding detailed provisions regarding ‘Nominations’ under NPS and process flow of the e-Nomination facility.

How to change online nomination in NPS

NPS subscribers can access their CRA system with login credentials for online changes to the nominee.

After that select the ‘Update Personal Details’ option under the ‘Demographic Changes’ menu.

Subscribers will then need to select the choice to feature/update the nominee details.

After that, the NPS subscriber will need to submit details like nominee’s name, relationship with the nominee, and percentage share.

Once the detail is saved and confirmed, subscribers will receive an OTP on the registered mobile number.

Submit this one-time password (OTP).

Subsequently, the subscriber will be got to authenticate the changes by selecting the e-sign option.

The customer is going to be taken to the e-signature service provider for e-sign where he has got to enter the Aadhaar / Virtual ID and click on Send OTP.

OTP is going to be sent to the mobile number registered with UIDAI.

Subscribers will need to submit OTP and click on verified OTP.

After verification, the nominee details are going to be updated within the NPS record.

If that e-sign fails, the subscriber will have the choice to update the nomination consistent with the prevailing physical process.

2-way account opening facility

 Important Link 

Click Here To Read Circular 

Login To NPS Website: Click Here

Click here to download Circular available at the CRA website (www.npscra.nsdl.co.in). The Circular and details related to the e-Nominations facility are also available at the PFRDA website.