National Pension System (NPS) Rules Changes


NPS e-NOMINATION PROCESS

Upon receiving your application, the nodal officer will now have the authority to accept or reject it. Additionally, if the Nodal Officer fails to act on your application within 30 days, it will be automatically submitted to the Central Recordkeeping Agency (CRA).

NO SEPARATE PROPOSAL FORM FOR ANNUITY ON MATURITY:

In order to buy annuity products at maturity, IRDAI no longer requires a separate proposal form.

SUBMISSION OF DIGITAL LIFE CERTIFICATE:

Now, digital life certificates can be submitted online through Jeevan Praman. Life Certificates must be submitted to the Pension Authority each year for as long as the pensioner continues to receive his or her pension.

NPS CONTRIBUTION THROUGH CREDIT CARD

The PFRDA ruling states that NPS account holders in Tier 2 cities will no longer be able to contribute to NPS using credit cards as of August 3, 2022.

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