Enrollments under National Pension Scheme(NPS), Atal Pension Yojana cross 1.35 crore in FY23

The total number of subscribers to the National Pension System (NPS) and Atal Pension Yojana (APY) schemes for the fiscal year 2022-2023 exceeded 1.35 crore. The Pension Fund Regulatory and Development Authority (PFRDA) stated in a statement dated April 6 that the Atal Pension Yojana had a total of 1.19 crore subscribers during the previous fiscal year. It was 8.47 lakh for the National Pension Program (for all nationals).

According to the fund regulator, there were approximately 1.54 lakh NPS (corporate) enrolments, compared to 1.28 lakh and 5.35 lakh for the central government and state governments, respectively. It added that the NPS private sector, which includes NPS All Citizen and NPS Corporate, accounted for nearly 60% of the total enrollment of over 10 lakh subscribers.

Government-backed A social security programme called Atal Pension Yojana targets all citizens who work in the unorganised sector. The National Pension Plan guidelines serve as the foundation for the programme, which is governed by the Pension Fund Regulatory and Development Authority.

From the age of 60, subscribers receive a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 per month, depending on their commitment to the plan during their working lives.

Government-backed A social security programme called Atal Pension Yojana targets all citizens who work in the unorganised sector. The National Pension Plan guidelines serve as the foundation for the programme, which is governed by the Pension Fund Regulatory and Development Authority. From the age of 60, subscribers receive a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 per month, depending on their commitment to the plan during their working lives.

Government bonds, the equities market, and corporate debt are among the instruments available through NPS's two types of accounts, known as Tier 1 and Tier 2. The Tier 2 account, also known as an investment account, is a voluntary savings account connected to the Pension Regulation Authority of India, whereas the Tier 1 NPS account is exclusively a pension account (PRAN).

Prior to taking their pension corpus, all NPS subscribers must, as of April 1, upload specific papers to the Central Record-Keeping Agency (CRA) user interface.

According to a circular from PFRDA, NPS subscribers who want to withdraw their pension corpus must upload the following papers.

1. NPS exit/withdrawal form

2. Identification and address verification in accordance with the withdrawal form

3. Evidence of a bank account

4. A duplicate of the permanent account number (PRAN)