NRIs can now apply online for National Pension Scheme

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The Centre on Friday announced that non-resident Indians (NRIs) can now open National Pension Scheme (NPS) accounts online.

All that is required is an Aadhaar or PAN card. So far, NRIs could only make paper-based applications to banks.“Through eNPS, a subscriber will be able to open an NPS account from the comfort of his home,” said a Finance Ministry statement.

“All he will need is an Internet connection and an Aadhaar/PAN card.”

In addition, NRIs will get to open these NPS accounts on both repatriable and non-repatriable basis. “On a repatriable basis, an NRI will have to remit the amount through his/her NRE/FCNR/NRO account,” the statement said.

Non-repatriable scheme

“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.”

“Both repatriable and non-repatriable schemes will greatly appeal to NRIs who intend to return to India after their employment abroad, in view of their attractive returns, low cost, flexibility and their being regulated by the PFRDA (Pension Fund Regulatory and Development Authority), a regulator established by the Central Government,” said the statement.

India has the second-largest diaspora in the world, with around 29 million people living in over 200 countries and out of these 25 per cent live in the Gulf countries.