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Union Government made initiative to make NRIs to join National Pension System through eNPS

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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:nps-nris

  • 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