The finance ministry on Friday June 17,2016 said Non Resident Indians (NRIs) can now
open National Pension Savings (NPS) accounts online if they have Aadhaar
card or PAN card.
"NRIs can now open NPS Accounts online if they have Aadhaar card or PAN card," the finance ministry said in a statement.
Till now, NRIs could open NPS accounts only through paper applications by approaching bank offices.
"Through eNPS, a subscriber will be able to open an NPS account from the comfort of his/her home. All he/she will need is an internet connection and an Aadhaar/ PAN card," the statement added.
Further, the statement said NRIs will be able to open NPS accounts both on repatriable and on non-repatriable basis.
"On a repatriable basis, an NRI will have to remit the amount through his/her NRE/FCNR/NRO account.
"For non-repatriable scheme, NRIs will be able to join NPS through their NRE/FCNR/NRO accounts at the time of maturity or during partial withdrawal, the NPS funds would be deposited only in their NRO accounts," the statement pointed out.
Note
India has the second-largest diaspora in the world, with around 29 million people living in over 200 countries and out of these 25 % live in the Gulf countries
The National Pension System (NPS)is a defined-contribution pension system operated by th Govt of India
A tier-1 account is a basic retirement pension account available to all citizens from 1 May 2009. It does not permit withdrawal of funds before retirement.
A tier-2 account is a prospective payment system (PPS) account that permits some withdrawal of pension prior to retirement under exceptional circumstances, usually related to the provision of health care
"NRIs can now open NPS Accounts online if they have Aadhaar card or PAN card," the finance ministry said in a statement.
Till now, NRIs could open NPS accounts only through paper applications by approaching bank offices.
"Through eNPS, a subscriber will be able to open an NPS account from the comfort of his/her home. All he/she will need is an internet connection and an Aadhaar/ PAN card," the statement added.
Further, the statement said NRIs will be able to open NPS accounts both on repatriable and on non-repatriable basis.
"On a repatriable basis, an NRI will have to remit the amount through his/her NRE/FCNR/NRO account.
"For non-repatriable scheme, NRIs will be able to join NPS through their NRE/FCNR/NRO accounts at the time of maturity or during partial withdrawal, the NPS funds would be deposited only in their NRO accounts," the statement pointed out.
Note
India has the second-largest diaspora in the world, with around 29 million people living in over 200 countries and out of these 25 % live in the Gulf countries
A tier-1 account is a basic retirement pension account available to all citizens from 1 May 2009. It does not permit withdrawal of funds before retirement.
A tier-2 account is a prospective payment system (PPS) account that permits some withdrawal of pension prior to retirement under exceptional circumstances, usually related to the provision of health care
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