Revised NPS KYC rules for OCI Cardholder: How to complete KYC
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Digital onboarding for OCI subscribers
The PFRDA’s revised KYC rule for Overseas Citizens of India (OCI). Now OCI’s can complete their NPS KYC digitally from abroad. The requirement to be physically present in India has been relaxed.
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OCI Proof of Identity (PoI) and Proof of Address (PoA)
For OCI Cardholders, the acceptable Proof of Identity (PoI) includes the OCI Card and the foreign passport. Proof of Address (PoA) is accepted only if it contains the current overseas address and can be either the foreign passport or a government-issued driving licence from the foreign country.
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Document validity and translation
All submitted documents, including passport, visa, and OCI Card, must be valid on the date of onboarding. Documents in foreign languages must be accompanied by a certified English translation. Expired documents are not accepted unless permitted under applicable Prevention of Money Laundering (PML) rules. Subscribers are responsible for providing authentic and accurate documents.
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How to complete KYC updation for OCI subscribers
Existing OCI subscribers can update their KYC records from overseas branches of their respective banks. If there is no change in KYC details, a self-declaration through email, registered mobile number, or other prescribed means is sufficient. Updates can be submitted digitally or via attested documents, ensuring ease of compliance.
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Contributions, remittances, and FEMA compliance
OCI subscribers must make NPS contributions through inward remittances via regular banking channels Withdrawal proceeds are credited to NRO/NRE accounts and repatriated as per FEMA guidelines. Subscribers must inform of any change from NRI/OCI status to resident within three months for system updates.