Changes in NPS rules 2022

Pension Fund Regulatory and Development Authority (PFRDA) has made some changes in NPS i.e. National Pension Scheme. PFRDA has now changed the National Pension Scheme rules.Now the time taken for processing withdrawal requests under NPS account has been reduced from T+2 basis to T+4 basis. This means that it currently takes four days from the day of authorization of the withdrawal request and settlement of the transaction. Now it has been reduced to 2. Now NPS account holder will save time. What are the rules

Let us tell you that from 1st September commission is being given at point of presence on opening NPS account. Through this POP, registration and other facilities in NPS are provided to people. Now from this month these people are being given commission ranging from 10 rupees to 15 thousand rupees.

can contribute in this way

Employees can contribute in several ways under the NPS model. Often employers choose the contribution path for employees on their behalf. These are of 3 types.

Equal contribution from employer and employee

Unequal contributions by employer and employee, in which the employer contributes more or the employee contributes more.

Contribution on behalf of employer only or employee only.

Apart from this, these four changes will be effective from 1st October

1 - NPS e-nomination process will change

The pension regulator has recently changed the e-nomination process for both government and corporate sector customers. As per the new process, now the nodal office will have the option to accept or reject the one-time e-nomination request. If the nodal officer does not take a decision on e-nomination within 30 days from the date of application, the request will be accepted through the central record keeping system. This new rule will be applicable from October 1.

2 - There is no separate form for annuity plan

At the time of NPS maturity, the subscriber will not have to fill a separate form for the annuity. Now there is no need to fill the proposal form as the annuity plan can be applied from the exit form itself. Earlier NPS subscribers had to fill exit form in PFRDA. Also, to buy an annuity plan with a life insurance company, one had to fill a detailed proposal form. Pension was received on that basis.

3 - Submit a digital life certificate anytime

NPS pensioners can now submit digital life certificate from anywhere and anytime. This certificate will be based on Aadhaar verification. This also includes life proof, which has a system of verification from Aadhaar. This can be done with the FaceRD app, in which you can create your digital life certificate by downloading the app on your mobile. This certificate has to be submitted to the life insurance company issuing the annuity. This work can now be done electronically.

4 - Credit card money cannot be deposited

Tier-2 account holders of NPS will no longer be able to deposit money into the account through credit cards. This rule will be applicable from August 3, 2022. Credit card cannot be deposited in NPS Tier-2 account by keeping it in payment mode. PFRDA has directed all its Points of Presence (POP) to stop credit card payments with immediate effect. As per the circular, all PPOs have been directed to stop accepting credit card payments into NPS Tier 2 accounts with immediate effect. However, credit card deposits are allowed in NPS Tier-1 accounts.