Do you think that being an NRI you can’t invest in India? It’s all wrong. The National Pension Scheme (NPS) provides an excellent option to expend hard earned money. The Pension Fund Regulatory and Development Authority (PFRDA) has dispelled all ifs and buts over the eligibility of non-residents. Now, the crystal clear image is before all that they too can save their money in the same account.
So, the expat can re-schedule their future here in India by saving money in this pension account. A glance over NPS: It’s a pension-saving scheme in which the person can invest till 60 years of age. The investment can be kick started with the trivial amount of INR 6,000. It means the said amount is set as the minimum amount with which you can begin safeguarding your pension amount. And when you reach at 60, the investment period expires automatically. The government of India has nodded to invest from these three kinds of funds in this scheme under Tier I (that is basic):
There is the provision for Tier II also. The investor under it would have it like saving account to offer liquidity. What if the NRI wants to withdraw amount before turning 60? In such case, the permission is granted. Thereby, the NRIs become eligible for NPS investment. They can have that wholesome amount provided that he/she would buy annuity with the 80% of that amount. But if the depositor is not in the need of the whole amount, he/she can withdraw the partial amount. This partial withdrawal has the limitation of 25% of the total amount invested till the date. This withdrawal is permitted only after 10 years of being into the scheme. How to open an NPS account for NRIs?
2 Comments
12/5/2022 12:37:05 pm
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10/10/2023 04:03:44 pm
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