Can NRIs continue their NPS account?

I'm relocating abroad and will soon become an NRI. Can I maintain my National Pension System (NPS) account? What steps should I take? - Anonymous

As an NRI, you can continue your NPS account. However, you'll need to make a few important adjustments to ensure compliance with regulations.

Convert your bank account

As an NRI, you need to convert your regular savings account to either an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. This is mandatory to comply with banking regulations for non-residents.

Update your residency status in NPS

Once converting your bank account, it is crucial to update your NPS records to reflect your NRI status. Fill out the NRI registration form and submit documentation such as proof of your updated bank account and a copy of your passport.

Convert your NPS account

If you opened your NPS account directly-without the help of any intermediary-download the necessary form from your Central Record Keeping Agency (CRA) website, such as Protean (formerly NSDL). Their customer support can assist you, and the process is most likely online.

If you opened your NPS account through a bank or any other intermediary, contact them, and they will help you with the paperwork.

Also read: What to do with your investments when you become an NRI?

This article was originally published on November 07, 2024.