NPS Rule Change Many NPS rules have been changed by PFRDA and IRDA in the recent past. This includes the rules related to contribution to NPS through nomination annuity digital life certificate credit card.
NPS Rule Change Pension Fund Regulatory Development Authority (PFRDA) and Insurance Regulatory and Development Authority of India (IRDAI) take steps from time to time to protect the interest of people investing in the National Pension System.
For this, changes have also been made in the rules by PFRDA and IRDAI. In such a situation, if you also invest in NPS for your retirement, then you should know the recently changed rules by PFRDA and IRDAI.
Changed rules regarding NPS nomination
The process of e-nomination for employees of government and private companies has been changed by the pension regulator. According to the new rule, now the nodal officer will have the right to approve or reject your application. At the same time, if the Nodal Officer does not take any action on your e-nomination application for 30 days, then your application will automatically go to the Central Recordkeeping Agency (CRA) and will be accepted. This rule has come into effect from October 1, 2022.
No separate form will have to be taken for annuity on maturity
With an aim to make investing in NPS easier, RRDAI keeps on easing the rules on a regular basis. Recently, RRDAI has done away with the separate form filling system for taking annuity at the time of maturity.
Digital life certificate
Every pensioner has to submit a Life Certificate to the Pension Authority every year for continuation of pension. Now digital life certificate can be submitted online using Jeevan Praman service. Along with this, the insurance regulator has asked all insurers to adopt Aadhaar-verified life certificate.
Contribution to NPS through Credit Card
According to the order issued by PFRDA, from August 3, 2022, NPS account holders in Tier 2 cities will no longer be able to contribute to NPS through credit cards. However, this facility is still available for the account holders of Tier 1 cities.
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