How to Change Your NPS Default Bank Account: A Step-by-Step Guide2 min read

How to Change Your NPS Default Bank Account: A Step-by-Step Guide2 min read

Due to RBI’s recent directive, Paytm Payments Bank users will no longer be able to make deposits into their accounts after March 15, 2024. Given that your current default Bank account is with this bank, we request you to add another Bank Account and then change your default Bank Account to the newly added account.

Updating your Default Bank Account in NPS takes just a few minutes. Here’s how you can do it in two steps:

Step 1

Click on the button below to add and change your NPS default bank 👇

Update Default Bank A/c

Step 2

Once the Default bank is updated on Paytm Money, please update the Default Bank in PRAN at CRA as well.

How to change Default Bank Account in PRAN?

Option 1: Via eNPS portal

1. Please visit https://nps.kfintech.com/Login/Login  
2. Log in with your PRAN number & Password.
3. Navigate to: Service Request => Update Bank details.
4. Select Account Type => Tier 1 or Tier 2 or Both (if Tier 2 is available.)
5. Enter the new bank account details (Account Number, IFSC, Type of account.)
6. Verify the captured details & accept the T&C.
7. Authenticate the request with either OTP or eSign through Aadhaar.

Note: Subscriber’s name as per PRAN Name and Bank name must match. Charges for each Bank verification is ₹1.90 plus applicable taxes.

Option 2: Via Paytm Money

1. Once the default bank is updated for Mutual Fund & NPS at Paytm Money, the user can share the soft copy of duly signed & filled Annexure S2 along with the latest bank proof from the registered email to NPS support email id nps.support@paytmmoney.com or npscompliance@paytmmoney.com 
2. Alternatively, the user can upload the scanned modification images by raising a Customer Service ticket from Paytm Money app or website.
3. Once the request is received, the details in PRAN records are expected to be updated within T+1 working days, post-verification.

Note: The latest bank proof should contain the user name, Account Number, IFSC, Type of account and User Signature. PRAN Name and Bank proof name must match with PRAN records.

Updating your Default Bank Account will ensure that your withdrawals remain unaffected, and you continue to enjoy a seamless investment experience with Paytm Money. If you need any further assistance in updating your default bank account, please reach out to us at feedback@paytmoney.com