SUBSCRIBE NEWSLETTER
  • Change Language
  • English
  • Hindi
  • Marathi
  • Gujarati
  • Punjabi
  • Tamil
  • Telugu
  • Bengali
  • Insurance NPS accounts to be closed for those who renounce Indian citizenship without OCI card

    NPS accounts to be closed for those who renounce Indian citizenship without OCI card

    PFRDA issues new circular directing closure of NPS accounts for such individuals and transfer of funds to NRO accounts.
    Suhail Chagla May 2, 2025

    Listen to this article

    The Pension Fund Regulatory and Development Authority (PFRDA) has recently issued a circular saying that individuals who give up Indian citizenship and do not hold an Overseas Citizen of India (OCI) card will face closure of their NPS accounts and funds will be transferred to Non-Resident Ordinary (NRO) account.

    As per PFRDA, any Indian citizen aged between 18 and 70 years can open an NPS account, which also includes Non-Resident Indians (NRIs) and OCI cardholders, subject to certain conditions.

    However, if a subscriber renounces Indian citizenship and does not have an OCI card, their NPS account must be closed. The subscriber must inform the NPS Trust immediately, along with proof of renunciation and details of their account.

    PFRDA said that these subscribers will have to do two tasks:

    • An undertaking confirming renunciation of Indian citizenship and absence of an OCI card.

    • Proof such as the renunciation certificate, surrender certificate, or cancelled Indian passport.

    After this is verified, the full pension amount will be transferred only to the subscriber’s NRO account, clarified PFRDA.

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

    0
    Click to clap
    Disclaimer: Cafemutual is an industry platform of mutual fund professionals. Our visitors are requested to maintain the decorum of the platform when expressing their thoughts and commenting on articles. Viewers are advised to refrain from making defamatory allegations against individuals. Those making abusive language or defamatory allegations will be blocked from accessing the web site.
    0 Comment
    Be the first to comment.
    Login or Sign up to post comments.
    More than 2,07,000 of your industry peers are staying on top of their game by receiving daily tips, ideas and articles on growth strategies. Join them and stay updated by subscribing to Cafemutual newsletters.

    Fill in the below details or write to newsdesk@cafemutual.com and subscribe to Cafemutual Newsletter now.
    Cafemutual is an independent media platform and focuses on providing knowledge and information for the benefit of finance professionals. We do not promote any particular brand or asset category.