How Can NRIs Open NPS Account In India?

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    The Reserve Bank of India (RBI) recently allowed Non-Resident Indians to invest in the National Pension Scheme (NPS). NRIs who are between the age of 18 - 60 years, and completed the KYC norms, can open an NPS account.

    NRIs can subscribe to the NPS which is ruled by the Pension Fund Regulatory and Development Authority (PFRDA), only if the subscriptions are made through normal banking channels. However, the person should be eligible to invest as per the provisions of the PFRDA Act.

    NRIs should subscribe either by inward remittance via normal banking channels or transfer of funds from their NRE,FCNR,NRO account.

    Also read: What is the difference between a NRE and NRO account?

    How Can NRIs Open NPS Account In India?

    There will no be no restriction on repatriation of the annuity or accumulated savings.

    There are two types of account in NPS. Those are Tier I & II, which are provided, where Tier I account is mandatory and other option is not.

    Documents that need to be submitted for opening an NPS account:

    a. Completely filled in subscriber registration form
    b. A copy of Passport
    c. Proof of Address, if the local address is different from the address in your passport.

    Steps to open NRI NPS account

    Step 1- Visit PFRDA site 

    Step 2- Go to forms and download Subscriber Registration Form - NRI

    Step 3- Fill the details

    Step 4- Submit the account opening form along with other documents mentioned earlier.
    Bank will verify your documents.

    Once verified, PRAN ( Permanent Retirement Account Number) will be generated. The same will informed to the registered mobile number and mail ID.

    Things to Know

    • There should be a minimum contribution of Rs 500 while opening an account and minimum contribution of Rs 6,000 per annum.
    • NPS offers its subscribers the option to change the scheme preference.
    • Note that withdrawal of lump sum or payment of pension is treated as income and chargeable to Income Tax, therefore both the operations will be treated as a current account transaction. 
    • There will be an additional tax deduction for additional contribution in his NPS account subject to a maximum of Rs. 50,000.
    • NRIs can open their NPS account irrespective of their employment or location.

    Where to complain in case of discrepancy?

    • The person can contact Central Record keeping Agency (CRA) call center at toll-free telephone number 1-800-222080 and register the grievance by using T-PIN 
    • The subscriber can directly send the form to CRA. 
    • The grievance can be registered at the website www.npscra.nsdl.co.in with the use of the I-pin allotted at the time of opening a Permanent Retirement Account.
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