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How to add or update nominee details in NPS account online?

For individuals planning to save for retirement, the National Pension System (NPS) is a government-backed retirement and tax-saving plan that not only offers tax advantages but also ensures that pension capital accumulation increases over time through compounding until retirement. It is preferable to choose a nominee when creating an NPS account since doing so will enable the nominee to withdraw the whole amount of the accumulated pension amount. One can designate up to three nominees for NPS Tier I account in accordance with the rules established by the Pension Fund Regulatory & Development Authority (PFRDA). The overall share percentage for all nominees should be 100 per cent and the subscriber must define the portion of savings that he or she wants to provide to each nominee upon death. For making nominations, PFRDA has allowed online mediums and subscribers can either add a new one or update the existing nominee details from the comfort of home.

How to change NPS nominee details?

1. Visit cra-nsdl.com and login to your account using User ID and password.

2. Upon signing in, click on ‘Demographic Changes’ from the menu option and then select the ‘Update Personal Details’ option.

3. Now on the ‘Subscriber Modification’ page, select ‘Add/Update Nominee details’ and then click on ‘Confirm’ to proceed further.

4. Now select the account from Tier 1 or Tier 2, for which you want to declare nomination.

5. To add the nominee details, enter name, select whether a major or minor, date of birth, relationship, guardian name, address, PIN code, city, state and country.

6. Click on ‘Add’ if you want to add more than 1 nominee, or else click on ‘Save’.

7. In case you want to make changes to the nomination form, click on ‘Modify’ or else click on ‘Submit’ to proceed further.

8. Now enter the OTP sent to your registered mobile number, and then click on ‘Submit OTP’.

9. Now the subscriber has to e-sign the subscriber modification form and for this, he or she needs to click on ‘eSign & ’.

10. Click on ‘Proceed’ and then you will be redirected to the ‘NSDL Electronic Signature Service’ page under which you need to accept all the declarations.

11. Now enter your VID/Aadhaar number and then click on ‘Send OTP’.

12. Now enter the OTP sent to your Aadhaar-linked mobile number, and click on ‘Verify OTP’.

13. Click on ‘ e-Sign file’ and the modified nomination details will be downloaded on your device in PDF format.

As per the guidelines set by NPS Trust, “The entire accumulated pension wealth (100%) would be paid to the nominee / legal heir of the subscriber and there would not be any purchase of annuity/monthly pension. The nominee, if so wishes, has the option to purchase annuity of the total corpus,” in case of exit due to the subscriber.

If you didn’t nominate someone for your NPS account when you enrolled for the scheme, you can do so after receiving your PRAN by following the online steps discussed above. You can also update the nominations in your NPS Tier I account at any time after receiving your PRAN. By highlighting the charges required for nomination, NPS Trust has stated that “If you are making the nomination at the time of registering for PRAN, no charges will be levied to you. However, a subsequent request for nomination updation would be considered as a service request and you will be charged an amount of Rs. 20/- plus applicable service tax for each request.”

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