Money

How NRIs can open NPS account online

Non-Resident Indian or NRI can open an National Pension System (NPS) account online 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 underneath Section 80CCD (IB), in addition to the 1.5 lakh profit underneath Section 80C

One has to go to the NPS trust website. 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 must select applicant sort and standing particular person subscriber and NRI respectively. After that, he/she wants to pick the account status- repatriable (NRE) or non-repatriable (NRO).

One has to then enter the passport quantity and from the drop-down checklist, choose the nation of residence. Once chosen, enter Aadhaar quantity and generate a One-Time Password (OTP). An NPS registration type will likely be displayed whereby the NRI has to enter their personal, 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 type, 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 by way of mail and SMS. This method, all additional subsequent transactions can be made online.

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