Modi Government Pension Plan: Government Pension Scheme NSP (New Pension System) and APY (Atal Pension Yojana) have flagged this year.
Modi Government Pension Plan:
Government Pension Scheme NSP (New Pension System) and APY (Atal Pension Yojana) have flagged this year. The total number of shareholders of these pension schemes increased by about 22 percent to 4.05 crore at the end of January this year. According to the data of Pension Fund Regulatory and Development Authority (PFRDA), the number of shareholders associated with both the schemes during the same year was 3.33 crore.
The PFRDA said that on a year-on-year basis, it represents a 21.63 percent increase. According to the PFRDA data, the number of shareholders under the Atal Pension Yojana increased by 31.17 percent to 2.65 crore in January 2021 from 2.02 crore during the year before. According to the regulator, the number of central government employees under NPS increased by 3.74 percent to 21.61 lakh in January 2021, while the base of state government employees increased by 7.44 percent to 50.43 lakh.
How to open NPS Account:
Under NPS, the number of shareholders in all the citizen category increased by 31.72 percent to 14.95 lakhs while in the corporate sector it increased by 17.71 percent to 10.90 lakhs. PFRDA said that registration is not being done from April 1, 2015 under NPS Lite. The number of shareholders under this at the end of January 2021 was 43.07 lakhs. NPS Lite is designed keeping in mind those who are financially weak. According to the PFRDA, the total assets under pension management stood at Rs 5,56,410 crore as on 31 January 2021, indicating a 35.94 percent increase on an annual basis.
Atal Pension Yojana Account
How to Open Atal Pension Yojana Account: Modi government started APY in 2015. It was built for the people of the unorganized sector and House Wife. Its account can be opened at the age of 40 years. You will get income tax rebate on whatever amount you deposit in APY account. For this, the receipt of the deposit in the account has to be shown. ATAL Pension Yojana is especially for the unorganized sector workers. This plan is getting very good response.
How to Open Atal Pension Yojana Account: Under this pension scheme, people from 18 years to 40 years of age can join. In this, the contributors receive the same fixed pension amount after the age of 60 or the guaranteed pension to their spouse after the death of the shareholder.
Fund nominee may also be returned
How to Open Atal Pension Yojana Account: Apart from this, there is also a arrangement to return the total accumulated pension fund to Nominee till the shareholder is 60 years old. APY has two benefits, first pension and second income tax exemption. This scheme gives a minimum guaranteed monthly pension ranging from 1000 to 5000 rupees to people from the age of 60 years.
National Pension System
According to Karthik Jhaveri, manager of How to open NPS Account: Wealth Management at Transcend Consultants, there are two options for investing in NPS. The first option is active mode, under which the investor can change the options of equity and debt by looking at their returns every year.
8 fund managers invest
How to open NPS Account: On choosing the option of auto mode, 8 fund managers handle the money of the investor and keep changing the equity and debt according to the market move. Investment in NPS is exempt under Section 80CCD of Income Tax.
Account will open like this
How to open NPS Account: For opening new account, no documents have to be given for Kyc (know your customer). An account can be opened only with offline Aadhaar and no photocopy of the same is required.