Assets beneath NPS rose to 36% year-on-year until April 2021: PFRDA
2 min read
NEW DELHI :
The Pension Fund Regulatory and Development Authority (PFRDA) introduced on Wednesday that it has reached a file 42.6 million subscribers beneath the National Pension System (NPS) and Atal Pension Yojana (APY) on the finish of the Financial Year 2020-21. Moreover, the mixed belongings beneath administration (AUM) of the NPS and APY elevated to 36.05% year-on-year (y-o-y) to the touch ₹5.89 trillion as of April 2021.
Number of subscribers in numerous schemes beneath NPS and APY
View Full ImageSource: PFRDA
The variety of subscribers in numerous schemes beneath the NPS rose to 42.675 million by end-April 2021 from 34.601 million in April 2020 displaying a y-o-y improve of 23.33%
While evaluating it with final month, the subscribers beneath the NPS and APY reached 42.4 million in numbers. This reveals that there’s a rise of roughly 200,000 subscribers this month. While the AUM of NPS stood at ₹5.78 trillion in March, this month it reaches ₹5.89 trillion. There is a rise of ₹11,000 crore in AUM.
The pandemic has not impacted the becoming a member of of subscribers as compared with the years earlier than covid-19. An enormous cause often is the residents have began realizing the uncertainty of life and the necessity for monetary safety and retirement planning.
Total Assets beneath Management beneath NPS and APY
View Full ImageSource: PFRDA
In the monetary yr 2020-21, PFRDA has launched numerous new insurance policies to make the system seamless, from entry to exit in NPS. The coverage initiatives embody the subscribers’ onboarding, the exit course of, the brand new strategies of subscriber authentication akin to OTP/ e-Sign based mostly onboarding, Offline Aadhaar-based verification, and third-party onboarding after KYC verification, e-nomination, e-exit for NPS Subscribers, penny drop for checking account verification, and so forth.
Currently, NPS is prolonged to all residents of India (resident/non-resident/abroad) voluntarily and corporates for its staff. NPS is obligatory for presidency staff who joined service after 2004 and it was opened to the non-public sector in 2009. NPS is low-cost and is a fairly tax-efficient funding avenue.
Besides, APY is a periodic contribution-based pension plan and offers a assured pension of ₹1,000- ₹5,000 to subscribers.
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