Latest news with #NPSTrust
Business Standard
4 days ago
- Business
- Business Standard
FPSB India and NPS Trust Sign MoU to Boost Financial Education and Retirement Planning Awareness Across India
PNN Mumbai (Maharashtra) [India], May 30: FPSB India, the Indian subsidiary of Financial Planning Standards Board Ltd., and the NPS Trust (National Pension System Trust) have signed a Memorandum of Understanding (MoU) to jointly enable educational outreach, knowledge exchange, and research collaboration to amplify awareness around retirement planning and long-term financial well-being in India. "At FPSB India, we believe that financial education is not just a life skill - it is a life changer. This MoU with NPS Trust is a powerful opportunity to integrate retirement planning as a central theme of personal finance education and reach diverse segments of society with credible, action-oriented guidance," said Krishan Mishra, CEO, FPSB India. The initiative aligns with the larger vision of strengthening long-term financial security and empowering individuals to make informed financial decisions throughout their life stages. Key initiatives under this MoU include: -Joint Awareness Campaigns on NPS, NPS Vatsalya, APY, and other PFRDA-regulated schemes via seminars, digital outreach, and workshops. -Targeted Outreach to institutions, enterprises, government bodies, and the general public to promote retirement planning awareness. -Information Exchange & Research Collaboration to develop high-quality, relevant financial education content. The MoU reinforces the commitment of both organizations to the Government of India's vision of financial inclusion and Viksit Bharat by providing the tools, resources, and knowledge to plan and secure one's financial future. This strategic partnership aims to enhance the public's understanding of retirement planning and personal finance, especially among institutions, enterprises, government bodies, and the general public. About FPSB India: FPSB India is the leading financial planning body in India and is dedicated to establishing, upholding, and promoting professional standards in financial planning throughout India. FPSB India offers the globally recognized CFP® certification, which represents excellence in financial planning through rigorous competency and ethical standards. It is home to over 3,215 CFP professionals in India and part of a global network of organizations representing more than 230,648 CFP professionals worldwide. FPSB India is the Indian subsidiary of Financial Planning Standards Board Ltd. (FPSB Ltd.), the global standards-setting body for the financial planning profession and owner of the international CERTIFIED FINANCIAL PLANNER certification program. FPSB Ltd. owns the CFP, CERTIFIED FINANCIAL PLANNER and the CFP® outside the United States. FPSB Ltd. licenses these marks to FPSB Institute India Pvt. Ltd to administer CFP certification in India. For more information, visit
Business Standard
5 days ago
- Business
- Business Standard
FPSB India and NPS Trust Sign MoU to Boost Financial Literacy and Retirement Planning
PNN New Delhi [India], May 29: In a landmark step towards empowering Indians with crucial financial education andretirement planning awareness, FPSB India, the Indian subsidiary of Financial Planning Standards Board Ltd., and the NPS Trust (National Pension System Trust) have signed a Memorandum of Understanding (MoU) to collaborate on nationwide financial education and retirement planning outreach programs. The collaboration will include joint campaigns, co-branded learning resources, webinars, and capacity-building efforts aimed to educate individuals, employers, and financial intermediaries on how to better plan one's retirement. The initiative aligns with the larger vision of strengthening long-term financial security and empowering individuals to make informed financial decisions throughout their life stages. This collaboration aims to emphasize the importance of planning one's second innings to ensure a fulfilling post-retirement lifestyle - one that is rich in exploration, purpose, and new experiences. Speaking about the MoU signing Krishan Mishra, CEO, FPSB India said, "At FPSB India, we believe that financial education is not just a life skill--it is a life changer. This MoU with NPS Trust is a powerful opportunity to integrate retirement planning as a central theme of personal finance education and reach diverse segments of society with credible, action-oriented guidance." This strategic partnership aims to enhance the public's understanding of retirement planning and personal finance, especially among institutions, enterprises, government bodies, and the general public. The MoU marks a crucial milestone in India's journey toward building a financially resilient and retirement-ready population. The MoU reinforces the commitment of both organizations to the Government of India's vision of financial inclusion and ViksitBharat by providing the tools, resources, and knowledge to plan and secure one's financial future. Key initiatives under this collaboration include: * Joint Awareness Campaigns on NPS, NPS Vatsalya, APY, and other PFRDA-regulated schemes via seminars, digital outreach, and workshops. * Targeted Outreach to institutions, enterprises, government bodies, and the general public to promote retirement planningawareness. * Information Exchange & Research Collaboration to develop high-quality, relevant financial education content. As the collaboration unfolds, both FPSB India and NPS Trust are committed to delivering impactful programs that not only raise awareness but also build confidence and actionable knowledge among citizens about financial planning, retirement solutions, and long-term wealth creation. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Mint
19-05-2025
- Business
- Mint
NPS Vatsalya: How can you open this pension account meant for minors? An explainer
If you are looking for an investment opportunity for your children, one of the investment options you could explore is NPS Vatsalya, a scheme meant for children under the age of 18. It is opened and operated by the guardian on behalf of the minor. It provides the child with a head start on saving for retirement and gives valuable financial lessons at an early age. It inculcated the importance of financial planning and discipline, which can benefit the child throughout their life. NPS Vatsalya can be opened through points of presence (POPs) registered with PFRDA either online or in physical mode, directly or through Retirement Advisors/Pension Agents, or the online platform (eNPS) of NPS Trust. These are the documents which are acceptable: birth certificate of the minor, school leaving certificate/ matriculations issued by higher secondary board of respective states, passport of minor and PAN. The NPS Vatsalya account is opened by the natural or legal guardian in the name of the minor who is the sole beneficiary of the account. A unique permanent retirement account number is issued in the minor's name. The account is operated by the guardian on behalf of the minor until they reach 18. The minimum contribution is ₹ 1,000 per annum with no upper limit on the maximum contribution. The KYC (Know Your Customer) norms applicable to the guardian are in accordance with the standards given by PFRDA. When there is a court-appointed legal guardian, a copy of the court order regarding the appointment of the legal guardian must be submitted along with the KYC documents. It is not mandatory for the minor to have a bank account or a joint bank account with the minor before opening the NPS Vatsalya account. But it will be required at the time of partial withdrawal or exit before the age of 18. When the minor attains majority, the NPS Vatsalya account is transitioned into NPS Tier I account. However, a fresh KYC of the subscriber should be carried out within three months of reaching majority. Therefore, contributions to the NPS Tier1 Account will be permitted only after fresh KYC is submitted. For all personal finance updates, visit here
India Today
07-05-2025
- Business
- India Today
New NPS rules: How to close your account after renouncing Indian citizenship
The Pension Fund Regulatory and Development Authority (PFRDA) has recently introduced new guidelines for National Pension System (NPS) subscribers who renounce their Indian citizenship. These guidelines clarify the process for closing NPS accounts for individuals who no longer hold Indian citizenship and have not obtained an Overseas Citizen of India (OCI) card. Renouncing Indian citizenship is a legal process where an individual voluntarily gives up their Indian nationality, usually after acquiring citizenship of another country. India does not permit dual citizenship, so this process is required when someone wants to become a citizen of another nation. 'In respect of such subscribers who have validly renounced their Indian citizenship and do not hold an OCI card, the said subscriber is required to forthwith intimate National Pension System Trust (NPS Trust) of the change in status along with proof thereof and PRAN/NPS account held by the subscriber shall be closed and the entire accumulated pension wealth may be transferred to Non-Resident Ordinary (NRO) account only,' stated PFRDA in a circular dated April 21, 2025. WHO CAN OPEN AN NPS ACCOUNT IN INDIA? Any Indian citizen aged between 18 and 70 years can open an NPS account. Additionally, Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) can also open an NPS account, as long as they meet the necessary requirements set by the PFRDA. If a subscriber renounces their Indian citizenship, they need to follow a few steps to close their NPS account. Firstly, they must apply for account closure by submitting an undertaking confirming that they have given up their Indian citizenship and do not possess an OCI card. They will also need to provide proof of their renunciation, such as a renunciation certificate, a surrender certificate, or a cancelled Indian passport. 'The subscriber shall submit an application for closure of his/her NPS account along with the following additional documents to NPS Trust: An Undertaking stating that s/he has renounced his/her Indian citizenship and does not hold an OCI card. Valid certificate of Renunciation of India Citizenship/ Surrender Certificate/ Cancelled Indian Passport, issued by competent authority,' mentioned the circular. Once the NPS Trust and the Central Recordkeeping Agencies (CRAs) verify these documents, the account will be closed, and the pension funds will be transferred to the subscriber's Non-Resident Ordinary (NRO) account. This transfer will follow the rules laid out under the Foreign Exchange Management Act (FEMA). If an NPS subscriber renounces their Indian citizenship and does not obtain an OCI card, they should immediately inform the NPS Trust and provide the required documentation. This will help ensure their NPS account is closed smoothly and that their pension amount is properly transferred. These changes aim to streamline the process for individuals who give up their Indian citizenship, ensuring they can manage their NPS funds appropriately even after moving abroad.
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Business Standard
25-04-2025
- Business
- Business Standard
No OCI? PFRDA says close your NPS Account after renouncing citizenship
The Pension Fund Regulatory and Development Authority (PFRDA) has announced new guidelines for closing National Pension System (NPS) accounts by individuals who renounce their citizenship and do not hold Overseas Citizen of India (OCI) cards. The move aims to streamline compliance and ensure proper handling of pensions. What does circular say? 'The subscriber is required to forthwith intimate National Pension System Trust (NPS Trust) of the change in status along with proof thereof,' said PFRDA's circular dated April 21. It said that only Indian citizens, Non-Resident Indians (NRIs), and OCI cardholders are eligible to open and maintain NPS accounts. Therefore, those who have renounced Indian citizenship and do not hold an OCI card can no longer remain part of the NPS framework. According to new rules, the account of such a subscriber must be closed, and the entire accumulated corpus will be transferred exclusively to their Non-Resident Ordinary (NRO) bank account. The process must align with the Foreign Exchange Management Act (FEMA) guidelines. How to close the NPS account? To close the account, subscribers must submit a formal request to the NPS Trust. The application should include: - A written undertaking confirming renunciation of Indian citizenship and the absence of an OCI card. - Valid proof such as a renunciation certificate, surrender certificate, or cancelled Indian passport issued by a competent authority. Once the required documents are submitted, the NPS Trust will initiate the closure and fund transfer process in coordination with Central Recordkeeping Agencies (CRAs). 'The total accumulated pension wealth of the subscriber… shall be transferred only to the NRO account of the subscriber, under the FEMA guidelines,' said the circular.
