The finance ministry announced that, Non Resident Indians (NRIs) can now open National Pension Savings (NPS) accounts online.

The finance ministry said in a statement, that, "NRIs can now open NPS Accounts online if they have Aadhaar card or PAN card." “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/PAN card.”

Till now, NRIs could open NPS accounts only through paper applications by approaching bank offices.

According to the finance ministry NRIs will get to open these NPS accounts on both repatriable and non-repatriable basis. “On a repatriable basis, an NRI will have to remit the amount through his/her NRE/FCNR/NRO account,” the statement said.

“For Non-repatriable scheme, NRIs will be able to join NPS through their NRE/FCNR/NRO accounts. At the time of maturity or during partial withdrawal, the NPS funds would be deposited only in their NRO accounts.”

“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 (Pension Fund Regulatory and Development Authority), a regulator established by the Central Government,” said the statement.

The country has the second-largest diaspora in the world. Nearly 29 million people living in more than 200 countries and out of these 25 per cent live in the Gulf countries.

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Nandini