NPS Nomination: If you want to update the names of nominees in your National Pension Scheme account, then you can do this without any hassle in just a few steps.
National Pension System Nominee Update: National Pension System has been started so that people can get social security after retirement. By investing in this scheme you can create a strong retirement fund. Along with this, you can get the benefit of pension through this scheme. If an account holder dies, then in such a situation the money deposited in the account goes to the nominee.
Must enter nominee’s name in NPS account
According to the rules of Pension Fund Regulatory and Development Authority (PEDRA), an NPS account holder can add at least three nominees to his account at a time. At the same time, out of the entire 100 percent share of the fund, the account holder can distribute the fund among the three nominees as per his need. This money will go to the nominee in case of death of the account holder. Keep in mind that while adding nominee, enter everyone’s name correctly, otherwise you may face difficulty in claiming the money later.
These people can be made nominee in NPS account-
According to PEDRA rules, a male NPS account holder can name his wife, children, partner, parents or his deceased son’s wife as a nominee. Whereas a woman can nominate her husband, children, parents, in-laws and her son’s widow and children as nominees in the account. The thing to note is that the NPS account holder can update the name of the nominee whenever he wants. No limit has been set for this. Once the name of the new nominee is updated, the old name will automatically get cancelled.
How to update nominee in NPS account-
- To update the nominee in NPS account, first visit its official website https://cra-nsdl.com/CRA/.
- Next here you will see the option of Demographic changes, click on it.
- After this you select the option to change personal details.
- Here go to Add/Update Nomination option and select the confirm option.
- Then select your NPS tier option here and complete your nomination process.
- After this you will have to update the nominee’s name, relationship, date of birth and other remaining information.
- Next, you will also have to enter how much share of the fund the registered nominee will get.
- Then OTP will come on the number linked to your NPS account, enter it.
- Then you will have to digitally sign further and then OTP will come on the number linked to your Aadhaar, enter it once again.
- After completion of OTP verification, your NPS nomination will be completed.
