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Home / Finance / Banking / can I open both NPS and ATAL Pension Yojana?
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can I open both NPS and ATAL Pension Yojana?

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0 2022-08-10T18:42:20+00:00

It’s very important to make investments for your retirement. National Pension System (NPS) and Atal Pension Yojana (APY) are the two pension plans most people invest in to save for retirement. Both APY and NPS are deferred pension plans, meaning you are required to keep saving for a particular period before you get a regular pension. One question that comes to people’s minds when investing is: “Can I open both NPS and Atal Pension Yojana?” If you also have this query, then read below to find out the answer:

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Can I Open Both NPS and APY

If you’re wondering whether you can invest in both NPS and APY, then the answer to this question is yes. A person can enrol under both the National Pension System and the Atal Pension Yojana at the same time. However, you’re required to fulfil the eligibility criteria of both schemes for that.

I hope now you know the answer to your query on “can I have both NPS and APY”

Let me share some differences between APY and NPS, so you can decide whether you should invest in both schemes or not.

Difference Between NPS and APY

Features

APY

NPS

The age of joining

Minimum entry age: 18 years

Maximum entry age: 40 years.

Minimum entry age: 18 years

Maximum entry age: 55 years.

Who can take the plan

Only a resident of India can invest in this scheme

Both the citizens of India as well as NRIs can invest in the scheme.

Pension particulars

It offers you a guaranteed pension after retirement.

It does not guarantee a pension post-retirement.

Tax Benefit

It does not offer the applicant any tax benefits

It offers a tax rebate of up to Rs. 2 lakhs.

Investments

It doesn’t offer you the option of selecting the investment of your choice.

It offers you options in which you can choose to invest your money.

This is all on “can we have both NPS and APY”

Read more:

How to calculate Atal Pension Yojana?

How to apply Atal Pension Yojana?

Atal Pension Yojana customer care number

This is all on “can I open both NPS and Atal Pension Yojana”

 
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