PFRDA has reduced the time limit for taking final payment from NPS. The Custodian of Pension Funds on behalf of PFRDA has made changes in the system interface of NPS. Under this, it has enhanced its information technology capabilities to reduce the time limit of various transactions.

Under this change, the withdrawal requests of the subscribers will be made on T+2 days instead of T+4. Here T means the day the shareholder requested. That is, after the request, it will take two days and that is, a total of 3 days. Earlier this work was done in five days.

Under the new system, the requests related to CRA will be settled on T+2 basis till 10:30 am. At the same time, the requests received from the stakeholders of Keffin Technologies Limited and CAMS CRA till 11 am will be settled on T+2 basis. Even before this, many changes have been made in the rules related to NPS.

Changes have been made in the e-nomination process of NPS. The new rule will come into effect from October 1. Under this, the nodal officer can accept or reject the application for e-nomination. If the Nodal Officer does not decide on the e-nomination within 30 days from the date of application, the request will be accepted through the Central Record Keeping System.

Earlier, the subscribers of NPS were required to fill an exit form on completion of the deadline. Along with this, it was also necessary to fill the form to buy an annuity plan in the life insurance company. But now the annuity plan can be applied for only through the exit form. So now there will be no need to fill the form.

NPS pensioners will now be able to submit a digital life certificate as well. It will depend on Aadhaar verification. This work can be done with FaceRD app, in which digital life certificate can be made by downloading the app in mobile.

Account holders of Tier-2 cities will no longer be able to deposit money in the NPS account by credit card. This rule has been implemented only last month. However, account holders of Tier-1 city can deposit money in the account by credit card.

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PFRDA says that existing NPS account holders can now make necessary changes in PRAN by logging in with their ID password to complete the e-nomination process. Apart from this, the subscriber can also submit the application for change in his nomination physically, which will have to be given to the concerned Nodal Officer or Point of Presence (POPs).

PFRDA has said in the circular issued on August 25 that if the nodal office does not work on the application of nomination within 30 days, then it will be approved for the CRA system. The revised process of e-nomination will come into effect from October 1, 2022.

PFRDA has said that the e-nomination service for NPS subscribers is available only after the notification issued on 3rd September, 2020. To change the nomination in the PRAN of such account holders of government or corporate sector, it is necessary to get approval from the concerned nodal officer or corporate. It is seen that till now a large number of e-nomination requests are pending. These requests are awaiting approval from the nodal office and corporate.

If not a decision in 30 days… The Pension Fund Regulator has clearly said that a major change is being made in the rules of the nomination process keeping in view the interests of the subscriber. Under this, once the subscriber has started the nomination request, the nodal office should either accept it or reject it within 30 days. If no action is taken by the Nodal Office within this period, the application will be accepted in the CRA system. The new rule will also work for existing account holders, whose application is currently pending at the nodal office.

How many nominees can be made According to the guidelines of PFRDA, at the time of opening the NPS account, you are asked for the information of the nominee, which is mandatory to be filled. A maximum of 3 nominees can be added for Tier 1 and Tier 2 accounts of NPS. After the death of the account holder, the amount is allotted to the nominee only. The account holder also decides which nominee will get what percentage of the amount, which should not exceed 100% in the aggregate.

PFRDA says in the nomination that if you have made the nomination at the time of opening the NPS account and at the time of PRAN registration, then you will not have to pay any fee. But if you have submitted nomination request later, it will be treated as service and you will be charged Rs 20 along with service tax.

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