The National Pension System (NPS) is a Government of India initiative to encourage retirement savings. To apply for NPS, one has to fill in various forms, and there might be a chance of error while filling in the subscriber’s personal details. For such purposes, NPS has Form S2, which helps change the subscriber’s details. It also helps in requesting a reissue of IPIN, TPIN, and PRAN Card. This article covers NPS Form S2, its purpose, and how to fill it in detail.
What is an NPS Account?
The National Pension System (NPS) is regulated by Pension Fund Regulatory and Development Authority (PFRDA). It is a government initiative to encourage savings and investments for retirement. Returns from NPS are market-linked. The pension amount that investors will receive will depend on the performance of the underlying asset classes.
National Pension Scheme is a long-term investment scheme and matures when the investor turns 60. Investors have an option to extend the scheme until they turn 70. One cannot fully withdraw their investments from NPS during the tenure of the investment. However, the scheme allows partial withdrawals of up to 25% of the accumulated corpus after completion of 3 years from account opening. Investors can partially withdraw up to 3 times during the NPS tenure. The gap between two consecutive withdrawals should be five years.
The investor can withdraw up to 60% of the corpus upon maturity, which is completely tax-free. And investors should use at least 40% of the retirement corpus towards buying an annuity scheme. An annuity scheme pays a pension to the investors for the rest of their lives. The annuity scheme’s income is taxable as per income tax slab rates in the year of receipt.
What is S2 Form in NPS?
NPS S2 Form is a correction or change form. Existing subscribers of NPS who want to change their master details like name, contact details, and bank account details can change or correct it using this form. They can also request for change of nomination details using this form. Moreover, one can request for a reissue of TPIN, IPIN, PRAN Card using Form S2. They can select the option from the given choices as a reason for filling the form. Along with the form, a subscriber is required to submit the necessary documents.
NPS Form S2 has the following sections:
Section A – Change in personal details
Here you can change their name, parent’s name, address, mobile number, email ID, and bank details.
Section B – Subscribers Nominee Details
In this section, the subscriber can add up to 3 nominees to their NPS account. The names, date of birth, relationship with the nominee, and percentage share for each nominee have to be filled in this section. You can also change nomination details in the existing Tier I and Tier II account.
Section C – Request for Reissue of I-PIN and T-PIN
In this section, you can request a reissue of I-PIN and T-PIN.
Section D – Request for Reissue of Permanent Retirement Account Number (PRAN Card)
In this section, you can request a reissue of PRAN Card. However, they will have to state the reason for reissue.
What is the purpose of the NPS S2 Form?
NPS S2 Form is a correction or change form. In other words, NPS subscribers can correct, edit or change their master details. The master details like name, contact details, and bank account details can change or correct it using this form. They can also request for change of nomination details using this form.
Furthermore, one can request for a reissue of TPIN, IPIN, Permanent Retirement Account Number (PRAN Card) using Form S2.
How to fill S2 Form in NPS?
Form S2 is an account maintenance form that enables correction or change in subscriber master details. You can also change nomination details in the existing Tier I and Tier II account. Furthermore, you can use this form for Reissue of I-PIN/T-PIN/PRAN Card. Before you start filling the form, you have to state a reason for filling the form. You have to select the option given there. It can either be change in the personal details or reissue of IPIN, TPIN, and PRAN Card. The subscriber has to fill in only those details that need a correction or change. You should strike off the rest of the sections.
To fill the form, you have to enter the following details:
Entering a PAN Card number is a prerequisite.
Section A – Subscriber master details
In this section, a subscriber can request a change in their master details. The subscriber should only fill in the details that require a change or correction and strike off the other sections that are not valid. Here you can change their name, parents name, address, mobile number, email ID, and bank details. You can also change your nomination details in this section.
Section B – Reissue of I-PIN and T-PIN
In this section, you can request a reissue of I-PIN and T-PIN.
Section C – Reissue of PRAN Card
In this section, you can request a reissue of PRAN Card. However, you will have to state the reason for reissue.
Additional Nomination Form
This form also includes an additional nomination form. The subscriber can add up to 3 nominees to their NPS account. The names, date of birth, relationship with the nominee, and percentage share for each nominee have to be filled in this section. You can also change their nomination details in this section.
Documents required for NPS Form S2
A subscriber is required to submit the following documents.
- Identity proof: Voter ID, Driving License, Passport, NREGA Job Card, and PAN Card.
- Proof of address: Passport, Aadhar Card Driving license, Ration card, water bill, gas bill, and electricity bill. However, if the investor is submitting utility bills, they shouldn’t be older than two months.
- Cancelled cheque
NPS Nomination Rules
A nominee will get the investment proceeds in case of the subscriber’s unfortunate demise. NPS allows the subscriber to nominate a maximum of three nominees for their NPS account. They can nominate the nominees at the time of account opening. Appointing a nominee is a prudent process, and hence one should always nominate a person for their investments. Similarly, even for NPS, it is wise to have a nominee. The nominee can be a minor or a major.
The following details have to be filled: nominee name, address, date of birth, and relationship with each nominee. In case of a minor nominee, all the required details have to be provided—details such as guardian details and the minor’s birth certificate. Also, the subscriber cannot nominate the same person more than once.
Furthermore, the subscriber can specify the share of each nominee in percentage terms. However, they have to ensure that the sum of all the nominee shares is 100%. Also, if the sum is not equal to 100%, the entire nomination will be rejected. Moreover, decimal and fraction values are not accepted in the nomination. Nominees’ registration will be complete only if all the details are filled in.
Frequently Asked Questions
Once the subscriber fills all the details in the NPS Form S2, they have to print and sign the form. Upon signing the form, you have to attach all the supporting documents and send them to the NSDL office. NSDL e-Governance Infrastructure Limited, 1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
No, a person cannot have multiple NPS accounts. Also, the NPS account is easily transferable across jobs and geographies.
Only an individual can be a nominee for the NPS account. NPS subscribers can nominate a maximum of three individuals as their nominees. Also, a minor can be a nominee. However, the subscriber has to provide the guardian’s details and date of birth certificate of the minor.
Yes, nominee details can be changed using the account maintenance form, NPS Form S2.
Existing subscribers of NPS can change their date of birth in NPS using the form CS-S2 of NPS. The subscriber has to fill in the date of birth correctly. The investors also have to attach proof of the date of birth.