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The National Pension Scheme (NPS) is a perfect solution for retirement planning. It provides old-age income with reasonable market-based returns. In the unfortunate event of a subscriber’s death before the scheme is encashed, his/her nominee/legal heir can withdraw the amount accumulated in the account. This amount can be withdrawn in its entirety, as a lump sum and there would be no option to purchase an annuity or monthly pension after the death of the subscriber.

NPS account nomination rule:

NPS accounts can only be opened in one name. In both Tier I and Tier II account of NPS, you have the opportunity to name a maximum of three nominees. A nominee can be selected at the time of opening an NPS account. It is prudent to have a nominee for all your investments, including your NPS account. The nominee can be either a major or a minor, but if the nominee is a minor, you will need to provide the name of the guardian, along with the date of the minor’s birth. You must specify the percentage shares of each nominee when nominating more than one person. Shares should not be written in fractional numbers, and all nominations should equal 100%.

Add nominee to ensure scheme benefit:

If at the time of subscribing to the NPS scheme, you missed or didn’t fill the nominee section then all the investment will be lost after your demise. So, if you have not made the nomination to your NPS account at the time of registration, you can do the same after the allotment of  Permanent Retirement Account Number (PRAN).

You will have to visit your Points of presence (PoP) and place a Service Request to update nominations details. PoPs are the first points of interaction with the NPS structure. Authorized branches of a POP will act as point of presence service provider (PoP-SP) collection points and provide a number of customer services to the NPS subscriber. 

Public Sector Banks, Private Banks, Private Financial Institutions, and Department of Posts- External website that opens in a new window 58 institutions have been authorized as PoP to open the National Pension System (NPS) of citizens.

Change in the Nominees for NPS Accounts:

Just in case anything happens to the nominee you mentioned or you change your mind to nominate someone else. Then you can change the nominees in your NPS Tier I account at any time after you have received your PRAN to ensure that they can benefit from your NPS Investment after you. You can also change the nominee online by accessing their CRA system with login credentials.

Charges for making a nomination:

If you are making the nomination at the time of registration for PRAN, no charges will be levied on 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.