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National Pension System: NPS subscribers up 23% in October; open accounts like this

National Pension System: By the end of October, the number of subscribers of the National Pension System (NPS) has increased by 23 percent to 3.83 crore. The Pension Fund Regulatory and Development Authority (PFRDA) said in a statement issued on Wednesday that the number of subscribers under various schemes under the NPS increased by 23.27 per cent to 383.12 lakh on an annual basis in October 2020. A year ago in October 2019, this number was 310.80 lakhs.

According to PFRDA, the number of subscribers under the Atal Pension Yojana (APY) increased by 34.51 per cent to 2.45 crore at the end of October this year on an annual basis. It was 1.82 crores a year ago in October 2019.

According to PFRDA data, total assets under management under NPS increased by 33.79 per cent to Rs 5.13 lakh crore in October 2020 from Rs 3.83 lakh crore in October 2019 a year ago.

Scheme for regular income after retirement

The National Pension System (NPS) was launched in January 2004 for government employees. It was opened to all categories of people in 2009. Any person can contribute regularly to the pension account during his working life. He can also withdraw a portion of the money collected at one go and use the remaining amount to get regular income after retirement.

The facility of opening 2 types of accounts is available in the National Pension System (NPS). Tier-1 account is a pension account. At the same time, Tier-2 account is a voluntary savings account. NPS subscribers who have Tier-1 accounts can open Tier-2 accounts. For this, offline or NPS portal can be used.

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How to open an NPS account?

Take a Subscriber form from your nearest PoP and submit it with KYC papers. Once you make the initial investment (Rs 500 or Rs 250 monthly or not less than Rs 1,000), PoP will send you a PRAN – Permanent Retirement Account Number. With the help of this number and password, you can run your account. For this process one time registration fee of Rs 125 will have to be paid.

Online process: If you connect your account with your PAN, Aadhaar / or mobile number, then opening an account online is easy. You can validate the registration using the OTP sent to your mobile. After this you will get a PRAN (Permanent Retirement Account Number) with the help of which you can login to NPS.

Source: www.financialexpress.com

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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