Number of account holders increased in NPS and API
The number of account holders of major schemes like NPS (National Pension Scheme) and API (Atal Pension Yojana) has increased by 23 percent to reach 4.24 crore during the financial year ended 31 March 2021.
He said that the number of account holders of Atal Pension Yojana (APY) increased by about 33 percent and more than 77 lakh new customers were added to it. The number of account holders of APY was more than 28 million as on 31 March 2021. Total assets under management (AUM) increased by 38 percent to reach Rs 5.78 lakh crore in FY 2020-21.
Also read: Preparations are being made to increase the age limit to join NPS, PFRDA proposed to increase to 70 years
How to open an account in NPSThe National Pension System (NPS) is an investment-cum-pension scheme launched by the Government of India to provide for the protection of old age and pension to all citizens of India. The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It was started in 2004 for government employees. In the year 2009, it was opened to all.
Its account can be opened in any government and private bank of the country. In this pension scheme two types of accounts are opened, which are called Tier 1 and Tier 2. Under this, a 12-digit Permanent Retirement Account Number is given when the account is opened. With the help of this number, all the works of this scheme are done in the future. The amount deposited in Tier 1 account cannot be withdrawn before retirement ie 60 years. At the same time, anyone can open a Tier 2 account and can deposit and withdraw money at any time. This account is not required for everyone.