Non-Resident Indian or NRI can open an National Pension System (NPS) account on-line if he/she has a PAN card and an account in a financial institution. NPS is a retirement financial savings scheme whereby subscribers are allotted a Permanent Retirement Account Number (PRAN) which is exclusive to each client.
By investing in NPS, one can get a further tax good thing about ₹50,000 beneath Section 80CCD (IB), apart from the ₹1.5 lakh profit beneath Section 80C
One has to go to the NPS belief web site. It is an eNPS portal the place he/she must click on on registration after which on new registration to start the method.
An NRI whose age is between 18 and 60 years and who complies with the Know Your Customer (KYC) norms can open the ‘Tier I’ or ‘Tier I and Tier II each’ sort of account.
The subscriber should select applicant sort and standing particular person subscriber and NRI respectively. After that, he/she wants to pick out the account status- repatriable (NRE) or non-repatriable (NRO).
One has to then enter the passport quantity and from the drop-down listing, choose the nation of residence. Once chosen, enter Aadhaar quantity and generate a One-Time Password (OTP). An NPS registration kind will likely be displayed whereby the NRI has to enter their private, contact and financial institution particulars and proceed additional.
Besides, the NRI additionally must add a scanned signature and {photograph} in jpg format.
Once the account is created, the NRI has to make a contribution of ₹500 to the NPS account. He/she then should print the system-generated kind, paste {a photograph}, make a signature and ship the identical to the Central Record Keeping Agency (CRA) of NPS. The CRA will generate a PRAN. The similar will likely be knowledgeable to NRI through mail and SMS. This means, all additional subsequent transactions might be made on-line.
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