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FinMin approves online opening of NPS accounts for NRIs

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National Pension SchemeNow, opening of National Pension Scheme account (NPS) will become easy for Non Resident Indians (NRIs) with the Finance Ministry making the procedure available online with the help of Aadhaar Card or a PAN card.

Earlier, NRIs could open an NPS account by filling a paper application by visiting the bank concerned.

This facility will be available both on repatriable and on non-repatriable basis.  On a repatriable basis, an NRI will have to remit the amount through his/her NRE/FCNR/NRO account.

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 account.

According to the Finance Ministry, NRIs, who come to India after working abroad, will be greatly benefitted by this scheme by providing a long-term solution to their old age income security.

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