Tier-2 account holders of NPS will no longer be able to deposit money in the account by credit card. This rule is applicable from August 3, 2022. Money cannot be deposited in NPS Tier-2 account by keeping the credit card in mode of payment.
There have been four major changes in the rules of National Pension Scheme i.e. NPS. These changes can affect the money of NPS subscribers and pensioners. Therefore, it is important for every pensioner to know about these changed rules. All these changes have been made by the Pension Fund Regulatory and Development Authority i.e. PFRDA and Insurance Regulatory and Development Authority of India (IRDAI). If you have also invested in NPS or you are about to retire from the job, then you must know about these changes.
1. e-Nomination Process
Changes have been made in the e-nomination process for customers of government and corporate sector in NPS. Now the nodal officer has got the right to accept or reject the application for e-nomination. If the Nodal Officer does not decide on the e-nomination within 30 days of the application, the request will be accepted through the Central Recordkeeping System. This new rule is effective from 1 October.
2. No separate form for annuity plan
At the time of NPS maturity, the subscriber will not have to fill a separate form for annuity. Earlier, NPS subscribers had to fill an exit form in PFRDA. Also, to buy an annuity plan in the life insurance company, one had to fill the detail proposal form. On this basis pension was received. Now there will be no need to fill the proposal form as the annuity plan can be applied from the exit form itself.
3. digital life certificate submission
NPS pensioners will now be able to submit Digital Life Certificate from anywhere and anytime. This certificate will be based on Aadhaar verification. Jeevan Pramaan also comes in this, in which there is a system of verification from Aadhaar. This work can be done with the FaceRD app, in which your digital life certificate can be made by downloading the app in the mobile. This certificate has to be submitted to the life insurance company giving the annuity. This work can now be completed electronically.
4.Credit card not depositing money
Tier-2 account holders of NPS will no longer be able to deposit money in the account by credit card. This rule is applicable from August 3, 2022. Money cannot be deposited in NPS Tier-2 account by keeping the credit card in mode of payment. PFRDA has directed all its Points of Presence (POP) to stop credit card payments with immediate effect. PFRDA had issued a circular on August 3, warning the customers about this. According to the circular, all PPOs have been directed to stop taking credit card payments in NPS Tier 2 account with immediate effect. However, credit cards are still allowed to be deposited in the NPS Tier-1 account.