National Pension Scheme (NPS) and Atal Pension Yojana (Atal Pension Yojana) are schemes offered with an aim to provide social security to individuals after retirement. Both will be provided in the form of pension.
Atal Pension Yojana, which was announced by Finance Minister Arun Jaitley in the Union Budget.
Also, the Finance Minister modified NPS with some super benefits in the Union Budget 2015.
Now let us understand basic difference between both the schemes:
|Difference||Atal pension Scheme||National pension scheme|
|Joining Age||18 to 40 Years||18 to 55 Years|
|Who can join||Any resident Indian||Indian including NRI|
|Pension||Guaranteed pension after retirement||No guaranteed pension|
|Tax Benefit||No tax benefit||Tax rebate upto Rs 2, 00,000.|
|Where to open account||Bank where your saving account is held||NPS you can open the account at point of presence|
|Focus on||Unorganised sector||Organised sector|
|Premature Withdrawal||Not allowed (except death or special medical condition)||The premature withdrawal is only allowed in Tier-II account.|
|Investment Choices||Does not allow investment choices||NPS provides options where your money should be invested|
|Toll free Number||1800-180-1111/1800-110-001||1-800-222080|
|Accounts||Only one account is available||In NPS there are Tier-I and Tier-II of account are available|