: Good news for Overseas Citizens of India (OCI)! The Pension Fund Regulatory and Development Authority (PFRDA) has updated its KYC rules. This makes the process much simpler for OCIs living abroad. They can now complete their National Pension System (NPS) KYC digitally from anywhere in the world without needing to travel to India. This move removes the earlier requirement of being physically present in the country.
Required Documents for KYC Verification
For OCI cardholders completing NPS KYC, the accepted Proof of Identity (PoI) includes the OCI card along with their foreign passport. For Proof of Address (PoA), the document must clearly show the current overseas address. It can be provided either through the foreign passport or a government-issued driving licence from the country of residence.
Important Guidelines for Document Submission
– All submitted documents such as passport, visa, and OCI card must be valid on the date of onboarding.
– Documents in any foreign language must include a certified English translation.
– Expired documents will not be accepted, unless allowed under the Prevention of Money Laundering (PML) rules.
– Subscribers must ensure that all documents are genuine and accurate.
KYC Update Process for Existing OCI Subscribers
– Existing OCI NPS subscribers can update their KYC records through the overseas branches of their respective banks.
– If there are no changes in the KYC details, a simple self-declaration via email, registered mobile number, or other approved methods is enough.
– Updates can be submitted digitally or through attested documents, making the process easier and more convenient from abroad.
OCI subscribers need to make their NPS contributions through inward remittances using regular banking channels. When it comes to withdrawals, the proceeds are credited to NRO or NRE accounts and can be repatriated in line with FEMA rules. If a subscriber’s status changes from NRI/OCI to resident, they must inform the authorities within three months so their records can be updated accordingly.
