How to Add or Change Nominee in NPS Account Online

Planning for retirement is not just about saving money, it's also about securing your loved ones’ future. The National Pension System (NPS) gives subscribers the option to nominate up to three people who can receive the accumulated corpus in case of the subscriber’s unfortunate demise. The Pension Fund Regulatory and Development Authority (PFRDA) has streamlined the nomination process, making it easier to add, update, or change nominee details online in just a few steps. Continue Reading to learn about nps nomination in detail.

NPS Nomination Rules

The Pension Fund Regulatory and Development Authority (PFDRA) permits NPS members to designate up to three nominees for their accounts. Please keep in mind that the overall share percentage for all nominations should be 100%, and the subscriber must input the amount of savings that he or she wishes to leave to each nominee following his or her death.

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Prerequisites for NPS Nomination-

An NPS account can have up to three candidates.

• Each nominee must specify their percentage allocation.
• If the nominee is a minor, guardianship information must be submitted.
• Nomination is required for Tier 1 accounts but optional for Tier 2 accounts.

How to Change NPS Nominee Details?

Here is how you can change nominee details in your national pension scheme account-

• Go to cra-nsdl.com and log in with your User ID and password.
• After signing in, select 'Demographic Changes' from the menu, then 'Update Personal Details'.
• On the 'Subscriber Modification' box, select 'Add/Update Nominee Details' and click 'Confirm' to proceed.
• Choose an account from NPS Tier 1 or Tier 2 for which to make a nomination.
• Please enter the nominee's name, major or minor status, date of birth, relationship, guardian's name, address, PIN code, city, state, and country.
• To add several nominees, click 'Add'; otherwise, click 'Save'. If you want to make changes to the nomination form, select 'Modify'; otherwise, click 'Submit' to proceed.
• Enter the OTP received at your registered mobile number and click 'Submit OTP'.
• The subscriber is now required to e-sign the subscriber modification form by clicking 'eSign & Download'.
• Click 'Proceed' to be taken to the 'NSDL Electronic Signature Service' page, where you must approve all disclosures.
• Enter your VID/Aadhaar number, then click 'Send OTP'.
• Enter the OTP sent to your Aadhaar-linked mobile number, and then click 'Verify OTP'.
• When you click the 'Download e-Sign file' button, the amended nomination data will be downloaded to your device in PDF format.

Charges for Making a Nomination

If you make the nomination while registering for PRAN, you will not be charged. However, a future request for nomination update will be treated as a service request, and you will be charged Rs. 20/- + applicable service tax for each request.

Conclusion

Having the right nomination details in your NPS account ensures that your retirement savings are passed on smoothly to your loved ones, without legal or administrative hurdles. With the PFRDA simplifying the process, subscribers can now easily add or update nominees online in just a few clicks. It’s a small but crucial step in your retirement planning journey, one that provides long-term peace of mind for you and your family. So, take a few minutes to review your NPS account and make sure your nomination details are accurate and up to date.