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NPS Rule Change: New rules kick in for pension contributors, check before you land in trouble

NPS Rule Change

NPS Rule Change Pension Fund Regulatory Development Authority (PFRDA) and Insurance Regulatory and Development Authority of India (IRDAI) take steps from time to time to protect the interest of people investing in the National Pension System.

PFRDA and IRDAI has introduced changes for this. In such a situation, if you also invest in NPS for your retirement, then you should know the recently changed rules by PFRDA and IRDAI.

Changed rules regarding NPS nomination

The pension regulator has changed the process of online nomination for employees of both government and private companies. According to the new rule, now the nodal officer will have the right to approve or reject your application. On the other hand, if the Nodal Officer does not take any action on your e-nomination application within 30 days, then your application will automatically go to the Central Recordkeeping Agency (CRA) and will be accepted. This rule has come into effect from October 1, 2022.

No separate form required for annuity on maturity

With an aim to make investing in NPS easier, RRDAI keeps on easing the rules on a regular basis. Recently, RRDAI has done away with the separate form filling system for taking annuity at the time of maturity.

Digital life certificate

Every pensioner has to submit a Life Certificate to the Pension Authority every year for continuation of pension. For the facility of people, digital life certificate can be submitted online using Jeevan Praman service. Along with this, the insurance regulator has asked all insurers to adopt Aadhaar-verified life certificate.

Contribution to NPS through credit card

According to the order issued by PFRDA, from August 3, 2022, National Pension System account holders in Tier 2 cities will no longer be able to contribute to NPS through their credit cards. This facility, however, is available for the account holders of Tier 1 cities only.

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