InvestorQ : Does the National Pension Scheme allow a subscriber to change his/her nominee details?
divya Sing made post

Does the National Pension Scheme allow a subscriber to change his/her nominee details?

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1 year ago
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A nominee is a person who receives the benefit in case of death of the insured person. Wherever there is any money involved, say in banks, mutual fund investments, insurance, etc, there has to be the mention of a nominee.

Similarly, the National Pension Scheme (NPS) allows a person to nominate nominees for his/her NPS account. This can be done by providing the details of your nominees in the designated area in the application form. A subscriber can appoint up to three nominees and along with it, the subscriber also has to mention the percentage he/she wants to allocate to each nominee. The share percentage across all nominees should collectively aggregate to 100%.

However, if a person wishes to change his/her nominees, then that too can be done. One can change the nominees in your NPS Tier I account at any time after the subscriber has received his/her PRAN.

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