Kerala NRIs hold maximum accounts in National Pension Scheme
KOCHI: Kerala expatriates hold the most NRI accounts in the Centre's voluntary defined pension programme, the National Pension Scheme (NPS).
Ananta Gopal Das,executive director, Pension Regulatory and Development Authority (PFRDA),which oversees the NPS, indicated to 'Express' the total number of NPS accounts in India had already crossed the 2.11-crore mark till date. The number also includes accounts opened under the Atal Pension Yojana (APY), a pension scheme exclusively targeting the unorganised sector.
Das was in Kochi to attend a one-day seminar organised by PFRDA to create awareness among the 'points of presence' belonging to the banking sector to ease the process of enrolment of NRIs into the pension scheme. Das believed such seminars will enable them to service and encourage NRIs to sign up with NPS at the onset of their careers. An NPS account can be opened either through its website or by visiting the customer's bank branch. NRIs will require an Aadhaar or PAN card to sign up online.
NPS, which was initially aimed to replace the fixed contribution pension scheme offered to all government employees, was subsequently extended to all Indian citizens, including self-employed professionals and others in the unorganised sector. NPS offers customers the flexibility to choose from a pool of fund managers and the decision to invest their funds to a varying degree in government bonds, corporates bonds or equities. PFRDA expects a 35 per cent annual growth in the number of NPS accounts and 37 per cent growth in total assets under management.