Subscribers of Nationwide Pension System (NPS) and Atal Pension Yojana (APY) can now contribute to their accounts via Unified Funds Interface (UPI), the nation’s prompt real-time fee system. The Pension Fund Regulatory and Improvement Authority (PFRDA) has launched a UPI deal with for depositing contributions via D-Remit for the good thing about subscribers.
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Presently, the contributions had been carried out via internet banking account through the use of IMPS/NEFT/RTGS. The PFRDA-administered two schemes NPS and APY are focused in the direction of organised and unorganised sector workers, respectively. Launched in December 2003, it’s obligatory for central authorities workers (besides armed forces) who joined service from January 1, 2004, to subscribe to NPS. In Might 2009, it was prolonged to non-public and unorganised sector on voluntary foundation.
About NPS:
Nationwide Pension System (NPS) is a retirement profit Scheme launched by the Authorities of India to facilitate an everyday earnings put up retirement to all of the subscribers. PFRDA (Pension Fund Regulatory and Improvement Authority) is the governing physique for NPS. Nationwide Pension System (NPS) is predicated on distinctive Everlasting Retirement Account Quantity (PRAN) which is allotted to each subscriber. With a view to encourage financial savings, the Authorities of India has made the scheme reassuring from safety perspective and has supplied some engaging advantages for NPS account holders.
About APY:
The Atal Pension Yojana (APY) was launched on 09.05.2015 to create a common social safety system for all Indians, particularly the poor, the under-privileged and the employees within the unorganised sector. APY is run by Pension Fund Regulatory and Improvement Authority (PFRDA). APY is open to all checking account holders within the age group of 18 to 40 years and the contributions differ, based mostly on pension quantity chosen. The month-to-month pension could be accessible to the subscriber, and after him to his partner and after their dying, the pension corpus, as collected at age 60 of the subscriber, could be returned to the nominee of the subscriber.
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