Skip to main content

How NRIs Can Open NPS Account Online

National Pension System (NPS) is a government-sponsored pension scheme. The scheme allows a person to contribute regularly to a pension account during their working life. On retirement, the person can withdraw a part of the corpus in a lump sum and use the remaining corpus to buy an annuity to secure a regular income after retirement. NRIs can also invest in the NPS, under the Foreign Exchange Management Act. NPS will allow NRIs to invest in a mix of equities and debt and save for their retirement and it can be done online too. Here's how an NRI can open NPS account online:
1. Eligibility
NRIs aged between 18 and 60 years can open NPS account. NRIs need to have a PAN card along with a bank account in an NPS empaneled bank for KYC verification online.
2. Websites
An NRI needs to visit the PFRDA NPS Trust website https://enps.nsdl.com/eNPS/NationalPensionSystem.html—and choose eNPS. Next, he should click on Registration and then on New Registration to begin the process.
3. Details
An NRI should select the Non-Resident Indian option and choose the type of account—repatriable (NRE) or non-repatriable (NRO). After entering PAN, passport number and bank account details then select the country of residence from the dropdown list. Once details are submitted, an NPS registration form will be displayed wherein the NRI must enter personal, contact and bank details.
4. Scheme Details
An NRI needs to choose the pension fund manager from the drop-down list and investment mode—Active or Auto. If he selects Active, then he has to specify the percentage allocation in the different asset classes. In case of Auto mode, the allocation will be done automatically based on a pre-decided strategy, depending on the age of the person opting for the scheme. He can register up to three nominees.
5. Photo & Signature
The NRI must upload a scanned signature and photograph in jpg format of size 4-12kb.
6. Initial Contribution
The initial contribution of Rs 500 needs to be made through the selected bank. After this, a Permanent Retirement Account Number (PRAN) will be generated.
7. Submission of Form
Once the registration process is completed, an NRI must print the system-generated form, paste photograph, add a signature and dispatch the same to the Central Record Keeping the agency of NPS within 90 days. Failure to do so will lead to freezing of the account.
   
         The information provided in this article is generic in nature and for informational purposes only. It is in no manner can act as a substitute for specific advice in your own circumstances. We strongly recommend you to seek the official website of NPS Trust https://enps.nsdl.com/eNPS/NationalPensionSystem.html for detailed information and further assistance.

        

Comments

Post a Comment

Popular posts from this blog

The Pushkar Mela 2019

The Pushkar Mela also is known as the Pushkar Camel Fair is a unique celebration of the beauty of the coveted “ship of the desert” – the camel along with some other cattle. It is estimated that more than 2 lakh people from all around the world visit this unique mela, which mainly focuses on trading camels and cattle, camel races which are the main attraction and a variety of other cultural performances and art exhibits. This year the dates of the Mela (Fair) are from 4th to 12th November 2019. The Pushkar Mela is also a holy pilgrimage for Hindus, pilgrims that visit Pushkar come to take a holy dip in the Pushkar Lake and offer prayer to Lord Brahma, the deity residing in the temple at Pushkar. It is said to be the only temple of the deity in the country, which makes it an important pilgrimage spot for people of faith. The Pushkar Mela creates a grand event cherished with a huge carnival including an array of musicians, magicians, dancers, acrobats, snake charmers ...
1 comment
Read more

Can an NRI avail Aadhar Card?

To answer whether an NRI can avail Aadhar Card or not? Unique Identification Authority of India states that“As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident who has resided in India for a period or periods amounting in all to 182 days or more in the 12 months immediately preceding the date of application for enrolment is eligible for Aadhaar.”So, if you fulfill these eligibility norms then here are the five steps that you need to follow to avail Aadhar Card: Step 1.  Visit the official website of UIDAI– https://uidai.gov.in/ – and find an enrolment center  authorized by UIDAI to you. Step 2.  Fix an appointment online or visit the enrolment center directly with documents such as resident proof, birth certificate, and PAN card along with the Aadhaar card application form Step 3. After verifying your submitted documents, the official at the enrolment center will take you biometric details (thro...
Post a Comment
Read more

Investment by NRI onRepatriation Basis and Non-Repatriation Basis

Government of India has provided special treatment to NRIs for providing flexibility to invest through different commercial feasible structures under the extant Consolidated FDI Policy of 2017 (“FDI Policy”) and the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (“TISPRO Regulations”) issued by the Reserve Bank of India (“RBI”), without losing their status and benefits available as ‘non-residents’.TISPRO Regulations allow NRI investors to invest in India, either on repatriation basis or non-repatriation basis. So, what is repatriation or non-repatriation basisinvestment? 1.        Two Options  of Investments For all investments in mutual funds made through the money remitted from abroad, the redemption proceeds can be remitted back to the originating account (NRE or FCNR) and can be repatriated. Such investments are called  Repatriable investments . On the other hand...
Post a Comment
Read more