NRIs Can Now Join National Pension Savings Online With PAN Or Aadhaar
Posted on October 01 2020
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In Delhi, the Finance Ministry has said that the NRIs can now open National Pension Savings (NPS) account online only if they have Aadhaar card or Pan card.
NRIs could only open the NPS account by applying through application paper by approaching the Bank offices.
Now it has become so easy that they can sit and home and apply it online provided they have their Aadhaar card/Pan card along with the internet access.
The NPS account can be both on repatriable or on non-repatriable basis. On the repatriable basis, an NRI will have to remit the amount via his/her NRE/FCNR/ NRO account. While for the Non-Repatriable scheme, the NRIs will be able to join the NPS via their NRE/FCNR/NRO accounts at the time of maturity or during the partial withdrawal and the funds from the NPS account will be deposited in their NRO account.
Both the repatriable and the non-repatriable schemes will demand greatly to the NRIs who aim to return back to India after their employment abroad, in respect to their attractive returns, low cost, flexibility and their being organized by the PFRDA, a regulator which was established by the Central Government.
The Finance Ministry expressed hope that 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, a Regulator established by the Central Government.
India is the second largest diaspora in the world with approximately 29 million people living in over 200 countries and out of which 25% live in the Gulf countries.
Most of the people who go to these Gulf countries and to the other countries for employment and then return back to India after working there for quite some time.
These NPS can even provide a long term solution to their old age security.
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