NPS subscribers have to self-certify a FATCA declaration – Now online

[update – 25 May 2017] NSDL is now allowing NPS subscribers to update their FATCA self-certification online. You can do this by logging into your NPS account on https://cra-nsdl.com/CRA/ and clicking on ‘FATCA Self-certification’ under the main menu of ‘Transaction’. The FATCA submission will be authenticated via an OTP that you will receive on your registered mobile number. This online self-certification facility is available to all Indian NPS subscribers.

Non-resident Indians or US citizens are still required to submit a physical FATCA self-certification to their Nodal office or CRA.

[update – 3 May 2017] As per the latest communication from NSDL, PRAN of NPS subscribers will not be blocked upon failure to submit FATCA self-declaration. Further clarifications on the same are awaited.

If you have invested in the National Pension System (NPS), you are now required to submit a FATCA declaration to the NPS Trust.

Foreign Account Tax Compliant Act (FATCA) is a US law that requires US citizens to report their non-US financial accounts to the US government. India entered into a FATCA agreement with US, under which investors in India have to self-certify and submit a FATCA form. In this form, you have to declare your country of birth, citizenship and residence for tax purposes. If you are a US citizen investing in India, you need to provide additional information like your Tax Payer Identification Number (TIN).

Read more about FATCA here.

Until recently, FATCA covered investments like mutual funds and fixed deposits. But now, it covers the NPS as well. Hence, NPS subscribers are required to submit a FATCA declaration if their Permanent Retirement Account Number (PRAN) was opened after 1 July 2014.

The NPS Trust is sending out emails to all NPS subscribers regarding the submission of the FATCA form. However, if you haven’t received the email, here is what you should do:

  • Download the FATCA form from here
  • Fill in the required details and attach any of the listed document proof
  • Send this form along with the document proof NSDL e-Governance Infrastructure Limited, 1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
  • Remember to mention ‘Self-Certification – FATCA/CRS Declaration Form’ on the top of the envelope

The FATCA form has to be submitted before 30th April 2017. Failure to do so might result in your NPS account getting temporarily blocked. The NPS account will get unblocked after the FATCA self-declaration has been received.

You can read more about FATCA self-declaration for NPS subscribers on the NSDL website.

If you have any queries, reach out to a ClearTax expert.

(Visited 27,541 times, 45 visits today)

8 Responses to NPS subscribers have to self-certify a FATCA declaration – Now online

  1. Mukul Pandey April 29, 2017 at 8:42 pm #

    Regarding the FACTA form for NPS:
    Do we need to send some document like PAN card etc even if we are Indian? I think section 4 in FACTA form is not needed for Indians. Can you please confirm that?

    • Jeyaram G May 1, 2017 at 1:44 pm #

      Even I got this doubt when I read the declaration form. But i think Sec 4 is clear in asking documentary proof only for a specific cases where Indian residency needs to be proved even if one or more parameters elsewhere in the form may suggest otherwise.

  2. Sarbjeet Singh April 30, 2017 at 2:36 pm #

    My NPS account is opened after 1 sep 2016. Do we need to submit FATCA Declaration form?

  3. Viral Kacha May 1, 2017 at 7:55 am #

    Yes, I have the same query as Mukul, Is this FACTA self-certification required to be sent for Indian nationals as well? We don’t have anything to do with US, and there are a lot of confusion around this.

  4. minakshi May 1, 2017 at 4:39 pm #

    Why only I have to submit FATCA form ? why rest of poeple not getting message for submitting this form? I am not understanding this. Please make it clear.

  5. Anil Agrawal May 4, 2017 at 7:35 pm #

    For NPS account in NSDL, is there facility to submit FATCA self declaration online?

    • cleartax-team May 5, 2017 at 11:31 am #

      There is no facility so far, but further clarifications from PFRDA are awaited.

  6. Bineesh May 6, 2017 at 7:15 pm #

    Why NSDL is not providing online option to submit FATCA declaration online? It is illogical that we can open NPS account through online but not able to submit these declarations in online mode!! Agencies like CAMS are providing online facility.