Outlook Money
The National Pension System (NPS) is a small savings scheme for retirement and is open for resident and non-resident Indians (NRIs).
Although an NRI can open an NPS account, it would be closed if the resident status changes after opening the account.
NRIs aged 18-70 can open the account, provided they link it with the NRO (Repatriable) or NRE (Non-Repatriable) account.
Repatriable means the income earned in India can be sent to a foreign account; whereas non- repatriable means the income earned cannot be transferred to an offshore account.
NRIs must also comply with the KYC documentation, such as providing PAN and passport details, proof of residence, bank account information, etc.
The first step is to visit the e-NPS website for account opening.
The second step is to click on registration and select from the repatriable or non-repatriable option
Select the country of residence, and provide passport and PAN details
Fill out the details and upload scanned copies of the signature, passport, PAN, photograph, and a cancelled cheque.
Pay the amount (minimum Rs 500), and the process is complete.
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