How NRIs can open NPS account online
An NRI can open an NPS account online if he has a PAN card and a bank account and satisfies other conditions.
NRIs can open a National Pension System (NPS) account. It provides tax breaks of up to Rs 1.5 lakh under Sec 80C and Rs 50,000 under Sec 80CCD(IB).
The NRI can open an NPS account online if he has a PAN card and a bank account.
Prerequisites
The NRI should be between 18 and 60 years of age and should have a PAN card along with a bank account in an NPS empanelled bank for KYC verification.
Where
The NRI must visit the PFRDA NPS trust website— https://enps.nsdl.com/eNPS/NationalPensionSystem.html —and choose eNPS. Next, he should click on Registration and then on New Registration to begin the process.
Details
The subscriber should select the Non Resident Indian option and choose the type of account—repatriable (NRE) or non-repatriable (NRO). Next, PAN, passport number and bank should be chosen. Country of residence should be selected from the dropdown list. Once details are submitted, a NPS registration form will be displayed wherein the NRI must enter personal, contact and bank details.
Scheme details
The subscriber should choose the pension fund manager and investment mode— Active or Auto. For Active, one must enter the percentage allocation in different asset classes. In Auto, the allocation is done automatically. The subscriber can register up to three nominees.
Photo & signature
The NRI must upload a scanned signature and photograph in jpg format of size 4-12kb.
Initial contribution
An initial contribution of Rs 500 needs to be made through the selected bank. After this, a Permanent Retirement Account Number (PRAN) will be generated.
Form submission
Once the registration process is completed, the NRI must print the system-generated form, paste photograph, add signature and dispatch the same to the Central Record Keeping agency of NPS within 90 days. Failure to do so will lead to freezing of the account.
(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.kwttoday.com.)
