NRIs have something to cheer about! The Narendra Modi government has extended the facility of eNPS (National Pension Scheme) to Non-Resident Indians as well. NRIs can now open NPS accounts online if they have an Aadhaar card or PAN card.
“NPS has been available to NRIs for some time through Bank offices and now, to further ease the process of joining, eNPS is being extended to Non-Resident Indian subscribers,” said a Ministry of Finance press release.
Till now, NRIs could open NPS accounts only through paper applications by approaching bank offices. “Through eNPS, a subscriber will be able to open an NPS account from the comfort of his home. All he will need is an internet connection and an Aadhaar/PanCard,” the release said.
NRIs will be able to open NPS accounts 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 accounts.
“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,” the release added.