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.