NPS: Can I open more than one National Pension Scheme account? Are there some options available? Check details here
NPS calculator: The other central government scheme for retirement planning is Atal Pension Yojana, which provides a guaranteed monthly pension. This scheme is for workers in the unorganised sector.
The NPS or National Pension Scheme, is a market-linked defined contribution plan that helps you save for retirement. It is one of the most effective schemes to increase your retirement income while saving taxes. It enables you to plan for a financially secure retirement in a systematic and scheduled way.
The Pension Fund Regulatory and Development Authority (PFRDA), overseen by the Ministry of Finance of the Government of India, handles the National Pension System. NPS offers four asset classes, including stock, corporate debt, government bonds, and alternative investment funds, as well as a variety of Pension Fund Managers (PFMs).
NPS: Who can join the National Pension Scheme
Any citizen of India (both resident and non-resident) in the age group of 18-70 years (as of the date of submission of NPS application) can join NPS.
Can I open more than one NPS account?
No, one person can only open one NPS account, as per the government rules.
Is there any other option?
Yes, an individual can have one account in NPS and another in Atal Pension Yojana.
Now, let's know about Atal Pension Yojana (AJY).
The other central government scheme for retirement planning is Atal Pension Yojana, which provides a guaranteed monthly pension. This scheme is for workers in the unorganised sector.
What is Atal Pension Yojana?
The pension system, named after former Prime Minister Atal Bihari Vajpayee, provides social security to workers in the unorganised sector.
Features:
1- APY is available for all bank account holders.
2- Any Indian citizen aged between 18-40 can get the benefit of APY.
3- Once subscribed, the investor will receive a fixed minimum pension between Rs 1,000 per month and Rs 5000 per month from the age of 60 years, depending on the investment.
4- Under APY, the subscriber would get a monthly pension, followed by his spouse, and after their deaths, the subscriber's pension corpus, as accrued at the age of 60, would be returned to the subscriber's nominee.
5- The benefits of a minimum pension are guaranteed by the Indian government.
Any citizen between the ages of 18 and 40 can apply for APY.
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