In its efforts to popularise National Pension System (NPS), the government has now allowed the opening of NPS accounts online for NRIs. All they need is their Aadhaar card or PAN card to get started. Earlier such accounts could only be opened after approaching the Point of Presence (PoP) through paper applications, which was cumbersome for some.

A statement in this regard by Finance ministry further said: “Through eNPS, a subscriber will be able to open an NPS account from the comfort of his home. All he will need is a computer, an internet connection and an Aadhaar/Pan Card.”

Also, non residents would be able to open NPS accounts on both repatriable and on non-repatriable basis. However, it may be noted that the contributions made by NRI are subject to regulatory requirements as prescribed by RBI and FEMA from time to time. In addition, if the citizenship status of NRIs changes, their NPS account would be closed.

This move is expected to help in retirement planning for a lot of NRIs who intend to return back to India after their employment abroad gets over.

olmdesk@outlookindia.com