Do you know an NRI can open an NPS bank account in India now? What a great boost-up to NRI investment! The stamp of being an NRI creates a number of hurdles in making bank transactions, opening bank account and so on. But Indian government did commendable job by nodding for opening NRIs NPS account. After this announcement, the NRI will be able to invest in pension corpus.
NRIs’ Eligibility for Opening NPS Account:
- The age limit lies between 18 and 80 years.
- An individual NRI can be able to open this NPS account.
- As Power of Attorney (PoA) is not permitted to give, two or more NRIs cannot be able to open this account jointly.
Form for NPS Account Can Be Filled Online:
The procedure begins with filling NPS subscriber form. NRIs can obtain by downloading from the internet and fill this form online. Any POP-SP bank can avail these NRI investment services. The migrant applicant must remember that he/she has to mention his/her offshore address, contact details along with his/her permanent Indian address. The foreign diaspora is allowed to choose the Pension Fund Manager.
Essential Documents for Opening NPS Account:
The opening of this account requires few of the documents of migrated applicant. The below mentioned documents of NRIs are asked for submission to the POP bank in order to open this account:
- Completely filled ‘Subscriber Registration Form’.
- Photocopy of passport
- Address proof in case the local address differs from the one mentioned in the passport.
Investment through NRE or NRO Account:
Since NRE, NRO and FCNR accounts are meant for NRIs, so the money investment in the NPS account can be channelized through NRE or NRO account which is subjected to general foreign exchange conversion norms.
How to Check the Status of the Account:
Once all formalities of registration will be complete, the applicant will become the NPS account holder. He/she can visit the official site of it and enter the 17-digit receipt number. This receipt or acknowledgement number will be delivered by either POP-SP or CRA-FC when you submit the application form.
Important Information:
- The NRI can enjoy the leverage of additional INR 50,000 and above 80C from NPS if he/she has taxable income in India.
- The foreign diaspora must remember that their NPS account should be opened in the very POP bank where he/she has NRO /NRE account.
- The payment to pension or annuity must be made in INR. Thereafter, no problem will be created in repatriation.
