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OCI Card Holder can join and subscribe to National Pension System (NPS)

PRESS RELEASE

OCI Card Holder can join and subscribe to National Pension System (NPS)

Government of India established Pension Fund Regulatory and Development Authority (PFRDA) in 2003 to develop and regulate pension sector in the country. The National Pension System (NPS) was launched on January 1st, 2004 with the objective of providing retirement income to all the citizens. With effect from May 1st, 2009, NPS facility has been extended to all citizens of the country.

2. A proposal for inclusion of OCI card holders has been under consideration from some time. It has now been decided that OCI card holders can also subscribe to NPS in parity with NRIs. Reserve Bank of India (RBI) will suitably amend/notify article 20(R) of Foreign Exchange Management Act (FEMA) accordingly.

3. Details about NPS are available on https://www.pfrda.org.in/ .

CGI, New York
March 22, 2019