Can I invest both in APY and NPS?

Can I invest both in APY and NPS?

Can I have Atal Pension Yojana and NPS? Yes, an individual can invest in both Atal Pension Yojana and National Pension Scheme at the same time.

Who can invest in APY?

Eligibility for Atal Pension Yojana?

• Must be a citizen of India.
• Must be between the age of 18-40.
• Should make contributions for a minimum of 20 years.
• Must have a bank account linked with your Aadhar.
• Must have a valid mobile number.

Is Atal Pension Yojana (APY) a good idea?

Yes. Atal Pension Yojana is new pension scheme launched by the Indian government. Under this scheme, every Indian can start their contribution to get a pension after retirement. Previously the government had pension plans for the people who work in the unorganized sectors where one can never save the money for retirement.

What is APY Yojana and how does it work?

APY aims to help unorganised sector workers save money for their old age while they are working and guarantees returns post retirement. Atal Pension Yojana is a periodic contribution based pension plan and promises a fixed pension of Rs 1000/ Rs 2000/ Rs 3000/ Rs 4000 or Rs 5000.

How to link Atal Pension Yojana with your savings account number?

A new page will appear on your screen. Click ‘select scheme’ dropdown and choose Atal Pension Yojana. Then select your savings account number that you want to link with the scheme and submit. As soon as you submit this page, you get an option to select the Customer Identification (CIF) number.

What are the pros and cons of NPS and APY?

Taxation-Even though many feel proud of saving some money by investing in NPS, but in reality both NPS and APY are so harsh at the time of retirement. There will bt no tax benefits while you are receiving annuity. Both are considered as taxable income. No control-There is no control over your investments. Even though NPS is managed b