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Steps to open an NPS Account for NRIs

Finance
By Kace Della

A non-resident Indian is a citizen of the country who has lived in India for less than 182 days during a financial year. Several people move abroad for employment opportunities, education, or personal reasons. However, since they hold a valid Indian passport, they are eligible to participate in different government schemes, such as the National Pension Scheme (NPS). While NRIs may have various investment options like investing in mutual funds online, buying stocks, gold, commodities, etc., the NPS remains a popular retirement planning tool that can offer low risk and financially secure old age. Keep reading to find out how you can open an NPS account as an NRI.

How can NRIs open an NPS account?

Here are the steps to open an NPS account:

  1. Visit the official NPS website and download the NRI NPS form. You can also get this form from your bank’s branch.
  2. Enter all necessary details in the form.
  3. Submit the form along with other Know Your Customer (KYC) documents like your passport.
  4. Your documents will be verified and submitted to the Central Record Keeping Agency (CRA).
  5. You can make the first deposit into the account through a cheque. The minimum amount required for opening the account is Rs. 500. Please note that the first deposit has to be through a cheque. All your deposits after this can be made online.
  6. A receipt will be sent to your registered email address after your deposit has been processed.
  7. You will then receive the Permanent Retirement Account Number (PRAN) from the CRA. The PRAN is a 12-digit unique code for every NPS account. It is similar to a bank account number.

Who can open an NRI NPS account?

Not every NRI can open an NPS account. In order to open one, you must meet the following criteria:

  1. All account holders must be between the ages of 18 and 60 years.
  2. NRIs should have one of two accounts – Non-Residential External (NRE) or Non- Resident Ordinary (NRO) to be able to contribute to NPS.
  3. NRIs should have a Pan card.
  4. NRIs should have at least Rs. 500 to open the account.
  5. NRIs should contribute a minimum of Rs. 6,000 every year to keep the account active.

How can NRIs benefit from opening an NPS account?

Here are some benefits of opening an NPS account:

  1. NPS is a non-market linked account. So, it offers a low-risk opportunity for you to build wealth.
  2. NPS helps you secure your future with systematic contributions. This is similar to a SIP (Systematic Investment Plan) as in the case of investing in mutual funds online. Systematic contributions reduce the financial burden and make it easier to save up a significant amount for your retirement needs.

To sum it up

With the application process being online, NRIs can easily open an NPS account and enjoy the benefits of non-market linked savings. NPS can help you streamline your finances. Moreover, using the Tata Capital Moneyfy app can further help you manage your investments efficiently.

Kace Della
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