When it comes to planning the golden years of life, many people want to start planning as early as possible. They take the time to explore different options and choose a plan that will help them enjoy a comfortable retirement. One of the most popular ways to save for retirement in India is through the National Pension System (NPS).
The NPS is an initiative by the Government of India designed to encourage people to save money for their retirement. It provides individuals with a systematic way to build a financial nest egg for their later years. To enroll in the NPS, you need to complete several forms. However, while filling out these forms, there is always a chance of making mistakes, especially when entering personal information. To address this, the NPS has a specific form called Form S2. This form allows subscribers to correct their details if they have made any errors.
Without further ado, in this post, we’ll discuss the steps to change your name in your NPS account.
What is the S2 Form in NPS?
To put it simply, the S2 Form is a correction form used in the National Pension System (NPS). If you are already a subscriber and need to update your personal information—like your name, contact details, or bank account information—you can use this form to make those changes. Additionally, you can also change your nomination details, which means you can update who will receive your benefits in the future.
Suppose you’ve lost your IPIN (Internet Personal Identification Number), TPIN (Transaction Personal Identification Number), or PRAN (Permanent Retirement Account Number) card. In that case, you can request new ones using the S2 Form as well. The form provides different options for why you are filling it out, and you will need to attach the necessary documents to support your request.
The S2 Form has several sections:
Section A – Change in Personal Details:
This section allows you to update your name, parent’s name, address, mobile number, email ID, and bank account information.
Section B – Subscriber’s Nominee Details:
Here, you can add up to three nominees to your NPS account, indicating who you would like to benefit from your account in the future.
Section C – Request for Reissue of I-PIN and T-PIN:
In this part, you can ask for a new I-PIN and T-PIN if you need them.
Section D – Request for Reissue of PRAN Card:
This section is for requesting a new PRAN Card. You’ll need to explain why you need a replacement.
Steps to Change Name in the NPS Account
If you want to change your name in your National Pension Scheme (NPS) account, here is a list of the steps you will need to follow.
- In the first step, you will need to visit the bank branch, post office, or educational institute where you opened your NPS account.
- After that, go to the customer care representative and ask them for Form S2 to change your name in your NPS account.
- Then, you will need to fill out Form S2, which is used to change personal or nomination details or request a reissue of your I-PIN, T-PIN, or PRAN card.
- In the next step, you will need to provide proof of the name change, such as a marriage certificate or Gazette copy.
- Once you are done attaching documents, simply submit the form and wait for the changes to be updated.
Frequently Asked Questions
Listed below are the frequently asked questions related to the NPS account.
Yes, you can change the nominee in your NPS account. To do this, you need to fill out the NPS S2 Form, which allows you to update or change the nominee details.
No, you cannot have more than one NPS account. However, the good news is that your NPS account is easily transferable if you change jobs or move to a different location, so you don’t need multiple accounts.
For the Tier 1 account, you get tax benefits on both the money you invest and the amount you withdraw at retirement. However, there are no tax benefits for the Tier 2 account.
Yes, you can make partial withdrawals from your Tier 1 account before it matures. You are allowed to withdraw up to 25% of your contributions on three different occasions during the tenure of the NPS, but you must meet specific conditions to do this.
When your NPS account matures, you can withdraw 60% of your savings as a lump sum, tax-free. The remaining 40% must be used to purchase an annuity, which will provide you with a regular pension after retirement.
