KYC rules for NPS onboarding have been simplified for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). The Pension Fund Regulatory and Development Authority (PFRDA) has eliminated the requirement for physical presence in India for KYC purposes, making the onboarding process more accessible and convenient for these individuals.
This new rule allows NRIs and OCIs to complete their NPS onboarding from outside India, provided the KYC process is conducted by an authorized official. The PFRDA's circular specifies that digital onboarding must include capturing a live photograph, a digital copy of an officially valid document (OVD), and geo-coordinates of the captured location, all recorded electronically by an authorized official. This relaxation of the physical location requirement ensures a seamless and efficient KYC process.
The PFRDA's revised KYC rule for NRIs and OCIs states that an admissible digital copy of an OVD is necessary for subscriber identification, identity verification, and customer due diligence (CDD). The name on the application/KYC form must match the name on the Proof of Identity (PoI) submitted by the subscriber. The following documents are accepted as PoI and PoA for NPS tier I accounts:
- Passport
- Residence permit
- Work permit
- Foreign national ID
- Overseas driver's licence (government-issued)
For OCIs, the OCI card and foreign passport are accepted as PoI, while the foreign passport and driving licence are accepted as PoA if they contain the current overseas address.
Existing NPS subscribers can now complete re-KYC or make updates without being physically present in India. This is achieved through self-declaration via email, registered mobile number, letter, or other communication methods. However, this is only permitted for periodic KYC updates and not at the time of exit or withdrawal from the system.
The PFRDA emphasizes the importance of liveness detection, randomness checks, and anti-spoofing/anti-deep fake measures in the digital onboarding application to ensure a secure and tamper-proof process. This comprehensive approach to KYC simplifies the onboarding process for NRIs and OCIs, enhancing the accessibility and efficiency of the NPS system.
