“NRIs can now open NPS Accounts online if they have Aadhaar Card or PAN card,” the Finance Ministry said in a statement. 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 statement added.
The Finance Ministry expressed hope that 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.
India has the second-largest diaspora in the world, with around 29 million people living in over 200 countries and out of these 25% live in the Gulf countries. Most of the Indians going to the gulf and some other countries go for employment and return to India after having worked abroad for a certain period. “NPS can provide a long-term solution to their old age income security,” the statement said.
@Agency report.
