Non-Resident Indians or NRIs can open a National Retirement System (NPS) account online if they have a PAN card and an account at a bank. The NPS is a retirement savings plan in which subscribers are assigned a Permanent Retirement Account Number (PRAN) that is unique to each consumer.
By investing in the NPS, one can obtain an additional tax advantage of ₹50,000 under section 80CCD (IB), in addition to ₹1.5 lakh benefit under section 80C
You have to visit the NPS Trusted Site. This is an eNPS portal where he has to click on registration and then on new registration to begin the process.
An NRI between the ages of 18 and 60 who meets Know Your Customer (KYC) standards can open the account type ‘Tier I’ or ‘Tier I and Tier II both’.
The subscriber will have to choose the type of requestor and the individual subscriber status and NRI respectively. After that, he should select the account status – repatriable (NRE) or non-repatriable (NRO).
You must then enter the passport number and from the drop-down list, select the country of residence. Once selected, enter the Aadhaar number and generate a One Time Password (OTP). An NPS registration form will appear in which the NRI will need to enter their personal and bank details and continue.
In addition, the NRI must also upload a scanned signature and a photograph in jpg format.
Once the account is created, the NRI must make a contribution of ₹500 on the NPS account. He / she should then print the system generated form, paste a photo, make a signature and send it to the Central Record Keeping Agency (CRA) of the NPS. The ARC will generate a PRAN. The same will be informed to NRI by mail and SMS. This way all other subsequent transactions can be done online.
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