By the end of October, the number of NPS subscribers has increased by 23 per cent to 3.83 crore. This information has been revealed by the data of Pension Fund Regulatory and Development Authority (PFRDA). PFRDA said in a press release that the number of subscribers under various schemes under the National Pension Scheme (NPS) has increased to 383.80 lakh by the end of October 2020. It was 310.80 lakhs in October, 2019. Thus, it has increased by 23.27 percent on an annual basis.
By the end of October, subscribers under the Atal Pension Yojana (APY) have increased by 34.51 per cent to 2.45 crore. The number was 1.82 crore a year ago. According to PFRDA data, the total AUM under NPS has increased by 33.79 per cent to Rs 5.13 lakh crore by October 2020. By the end of October in 2019, it was Rs 3.83 lakh crore.
National Pension System (NPS)
Both government employees and ordinary citizens can invest in the National Pension System. People between 18 and 60 years of age can invest here. Accounts can be opened under this scheme by going to all government and private banks around the country. NPS is managed like a mutual fund. That is why very good returns can be obtained from the National Pension System. In NPS, the investor has to deposit some amount every month during his job.
Atal Pension Yojana (APY)
Atal Pension Yojana is operated by the Pension Fund Regulatory and Development Authority. Under this scheme, you can get a pension of Rs 1,000 to Rs 5,000 every month. The premium of this scheme depends on how much pension you need at the time of retirement and what is your age at the time of joining the scheme. Subscribers of this scheme can submit their premium monthly, quarterly or in six months. The premium amount in this scheme is nominal.