IT also optimises the long-term retirement wealth creation.
Periodic NPS contributions can be automated for any defined amount.
New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) on Thursday said NRI subscribers are allowed to use the direct remittance, or D-Remit, facility that will facilitate automated contributions to NPS from their bank accounts.
PFRDA has now decided to extend the option of contribution into NPS (National Pension System) through D-Remit to NRI-NPS subscribers, who can contribute to their NPS accounts from funds in their Non-Resident Ordinary (NRO) or Non-Resident External Account (NRE) accounts, it said in a release.
Also, at the time of withdrawal, the proceeds of NPS shall be credited into NRO/NRE account of NRI subscribers, and repatriation would be done as per applicable FEMA guidelines, PFRDA said.