Overseas Citizens of India (OCI) can now subscribe to National Pension System

As per the provisions of the PFRDA Act, the Overseas Citizens of India (OCI) will now be eligible to apply for the National Pension System (NPS) at par with Non Resident Indians (NRIs). Now, any Indian citizen, resident or non-resident and OCIs are eligible to join NPS till the age of 65 years. The contributions made towards the NPS are eligible for an additional tax deduction under section 80CCD (1B) up to Rs 50,000 which is over and above the Rs 1,50,000 limit of deduction available under section 80CCD (1). The PFRDA runs two pension schemes viz. NPS (for government and organised sector employees) and Atal Pension Yojana (for the workers in the unorganised sector).