PFRDA releases latest rates for National Pension Scheme (NPS) & Atal Pension Scheme: Check Rates Here

Finance Pension Schemes

Pension Fund Regulatory and Development Authority (PFRDA) has released National Pension System (NPS) data including Atal Pension Yojana (APY) for the month of November, 2020. Here are the latest figures of National Pension System (NPS) and  Atal Pension Yojana (APY):-

The number of subscribers in various schemes under the National Pension System (NPS) rose to 388.62 lakh by end-November 2020 from 320.24 lakh in November 2019 showing a year- on- year (Y-o-Y) increase of 21.35% (Table No- 1)

Table-1: Number of Subscribers in various schemes under National Pension System and Atal Pension Yojana

*No fresh Registration permitted w.e.f. 01st April 2015

2.  As on 30th November 2020, total pension assets under management stood at Rs. 5,32,378 crore showing a Y-o-Y growth of 35.76% (Table No. 2).

Table- 2: Total Assets under Management under Nation Pension System and Atal Pension Yojana

National Pension System (NPS)

– Contribution made to the NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. An additional tax rebate of Rs.50000 is also allowed for contributions made to NPS Tier-I under Section 80CCD (1B) of the Income Tax Act, 1961.

– Subscribers can withdraw up to 25% of their own contributions before attaining age of superannuation, subject to certain conditions. Further, PFRDA vide “PFRDA (Exits and Withdrawals under the NPS) (First Amendment) Regulations, 2017” dated 10.08.2017 has liberalized norms for partial withdrawals which also include reduction of requirement of minimum years of being enrolled under NPS from 10 years to 3 years from the date of joining.

– PFRDA has increased the maximum age limit from 60 years to 65 years for joining NPS-All Citizen Model and Corporate Sector Model, vide “PFRDA (Exits and Withdrawals under the NPS) (Second Amendment) Regulations, 2017” dated 06.10.2017.

Atal Pension Yojana (APY)

– GoI had announced a new scheme called Atal Pension Yojana (APY) in 2015-16 budget.

– The APY is focussed on all citizens in the unorganized sector.

– The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.

– Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.

-The benefit of minimum pension would be guaranteed by the GoI.

– GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower.

– Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.

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