NPS subscribers can change the Pension Fund Manager (PFM) once a year for both Tier I and Tier II accounts. However, subscribers in the government sector have this option only for Tier II accounts.

As per the Pension Fund Regulatory and Development Authority (PFRDA), the PFM and scheme preference changes will be allowed only on the Central Recordkeeping Agency (CRA) website, not on the Point of Presence (PoPs) i.e. Zerodha.

To make changes, follow these steps:

1. Log in to nps.kfintech.com/login/login using PRAN.
2. Click on Transactions and then on Scheme Preference Changes.
3. Select the required pension fund and the scheme preference.
4. Click on Generate OTP.
5. Enter the OTP and click on Submit.

An email with the requested changes is sent to the subscriber. The changes are updated within 5 working days. Once the changes are updated, all future investments will be allocated as per the latest changes.