Non-residents can easily open NPS account online1 min read . Updated: 04 Jun 2021, 12:36 AM IST
- NPS is a retirement savings scheme wherein subscribers are allotted a Permanent Retirement Account Number (PRAN) which is unique to every consumer
Non-Resident Indian or NRI can open an National Pension System (NPS) account online if he/she has a PAN card and an account in a bank. NPS is a retirement savings scheme wherein subscribers are allotted a Permanent Retirement Account Number (PRAN) which is unique to every consumer.
By investing in NPS, one can get an additional tax benefit of ₹50,000 under Section 80CCD (IB), besides the ₹1.5 lakh benefit under Section 80C
One has to visit the NPS trust website. It is an eNPS portal where he/she needs to click on registration and then on new registration to begin the process.
An NRI whose age is between 18 and 60 years and who complies with the Know Your Customer (KYC) norms can open the 'Tier I' or 'Tier I and Tier II both' type of account.
The subscriber will have to choose applicant type and status individual subscriber and NRI respectively. After that, he/she needs to select the account status- repatriable (NRE) or non-repatriable (NRO).
One has to then enter the passport number and from the drop-down list, select the country of residence. Once selected, enter Aadhaar number and generate a One-Time Password (OTP). An NPS registration form will be displayed wherein the NRI has to enter their personal, contact and bank details and proceed further.
Besides, the NRI also needs to upload a scanned signature and photograph in jpg format.
Once the account is created, the NRI has to make a contribution of ₹500 to the NPS account. He/she then have to print the system-generated form, paste a photograph, make a signature and send the same to the Central Record Keeping Agency (CRA) of NPS. The CRA will generate a PRAN. The same will be informed to NRI via mail and SMS. This way, all further subsequent transactions can be made online.
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