The Pension Fund Regulatory and Development Authority of India (PFRDA) announced on Thursday that its subscriber base under the flagship NPS and APY schemes has increased by 23% to over 4.24 crore by the end of March 31, 2021.
The National Pension System (NPS) primarily serves the organised sector, which includes all government workers in the centre and states, while the APY is primarily intended for employees in the country's unorganised sector.
Despite the fact that the previous year was extremely difficult due to COVID-19 constraints, subscriber numbers increased by about 23%, PFRDA Chairman Supratim Bandyopadhyay told reporters in a virtual briefing, sharing the figures.
Atal Pension Yojana
There were a nearly 33% increase in Atal Pension Yojana (APY) subscribers, and more than 77 lakh new customers were added, he said. As of March 31, 2021, there were over 2.8 crore APY subscribers. The Atal Pension Yojana does not offer any tax benefits to the claimant. The Atal Pension Yojana does not give you the option of picking your own fund.
National Pension Scheme
The Chairman of the Pension Fund Regulatory and Development Authority (PFRDA) expressed confidence that AUM, which stood at 5.78 lakh crore as of March 31, 2021, will increase by at least 30% this fiscal year, with the aim of adding at least 1 million new NPS subscribers. This scheme offers a tax refund of up to Rs. 2 lakhs to NPS investors. NPS NPS offers investors a variety of investment opportunities in which they can place their capital.