Definition of family under NPS
Nomination is defined under the Regulation 32 of PFRDA (Exits & Withdrawals under NPS) Regulations, 2015 and amendments thereafter
Further, if the child of the subscriber or child of the deceased son of the subscriber has been adopted by another person and if adoption is legally recognized, such a child shall be considered as excluded from the family of the subscriber.
Curious Subscriber
Who is a Nominee?
One or more persons upon whom the subscriber has conferred the right to receive the Accumulated Pension Wealth (APW) in the event of death of the subscriber or in the event subscriber is missing and presumed dead as per the provisions of the Indian Evidence Act 1872 and amendments thereto.
How many persons can be nominated?
Maximum 3 persons can be nominated by the subscriber. The subscriber can decide the percentage share amongst the nominees in his/her APW at his/her own discretion.
Who can be a Guardian to a Minor Nominee?
Any major person from the family of the subscriber. In case there is no major person in the family of the subscriber, any other person can be appointed as guardian of the minor nominee by the subscriber at his/her own discretion.
Who can be Nominee in Tier II?
subscriber can nominate either same person as nominee(s) of both Tier-I and Tier-II account or can nominate separate person(s) of his/her family as nominee(s) of Tier-I and Tier-II account.
Nomination Hygiene
- If the subscriber has a family, the nomination shall be in favour of one or more persons of his/her family. Any other nomination made outside his/her family shall be invalid.
- If subscriber has no family, nomination can be made in favour of any person(s). If subscriber subsequently acquires a family, such nomination shall be invalid with immediate effect and a fresh nomination shall have to be made by the subscriber in favour of one or more persons of his/her family.
- If subscriber gets married, fresh nomination shall have to be made by the subscriber. Any nomination prior to the marriage of the subscriber shall be invalid.