The Finance Ministry launched the scheme that Non Resident Indians can open National Pension System Accounts online if they bear Aadhaar Card or PAN Card
Documents Required: Aadhaar Card or Permanent Account Number
Registration Process:
- Initially NRI’s could approach bank offices and get the Paper Applications and get into enrolled by filling applications with supporting documents
- To make the process simpler, eNPS has been launched wherein a subscriber able to open an NPS account with an Internet Connection and an Aadhaar or PAN Card
NPS account can be opened both on Repatriable and on Non-Repatriable basis
Repatriable Basis:
An NRI will have to remit the amount through his/her NRE/FCNR/NRO account
Non-repatriable Basis:
NRIs can join NPS through their NRE/FCNR/NRO accounts at the time of maturity or during partial withdrawal
NPS funds would be deposited only in their NRO accounts
Statements by the Finance Ministry:
- Both the Repatriable and Non-Repatriable accounts will be benefitted to Non Resident Indians who wished to return to India after their Profession in foreign Countries
- PFRDA is regulating the NPS Accounts with focus of attractive returns, Low Cost and Flexibility
- NPS can provide a long term solution to the Old age income security
About National Pension System:
- Pension Fund Regulatory and Development Authority (PFRDA) to develop and regulate pension sector in the country
- Launched on 1st January, 2004
- Objective: Providing retirement income to all the citizens
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