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  • OCI can now apply for National Pension System

    Published on October 30, 2019

    Overseas Citizens of India (OCI) will now be eligible to apply for the National Pension System at par with Non Resident Indians (NRIs). Pension Fund Regulatory and Development Authority (PFRDA) has permitted Overseas Citizen of India to enrol in NPS. Finance Ministry in a notification said that OCI may subscribe to NPS provided such person is eligible to invest as per the provisions of the PFRDA Act and the accumulated saving will be repatriable, subject to Foreign Exchange Management Act guidelines.

    PFRDA in its endeavour to promote and develop NPS has taken several initiatives towards increasing the pension coverage in the country. Now, any Indian citizen, resident or non-resident and OCIs are eligible to join NPS till the age of 65 years. Till 26th of this month, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.18 crores and the Asset under Management has grown to over  3.79 lakh crore rupees. More than 66 lakh government employees have been enrolled under NPS and 19.2 lakhs subscribers have subscribed to NPS in the private sector with 6,812 entities registered as corporates.