Banking News

Introduction of National Pension System (NPS) for Non Resident Indians

In view of providing old age income security to the Non-Resident Indians (NRI), the investment option for NRIs under FEMA, 1999 is now introduced. Under the scheme, notified by RBI on October 29, 2015 the Non-Resident Indians (NRIs) may subscribe to the NPS governed and administered by the Pension Fund Regulatory and Development Authority (PFRDA) as per the provisions of PFRDA Act. The subscriptions shall be paid either by inward remittance through normal banking channels or out of funds from NRE/NRO/FCNR accounts. There shall be no restriction on repatriation of the annuity/accumulated savings.

Related article: New Pension System (NPS) – Is it provides you peaceful retirement plan?  ( Category: Investments & Insurance)

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