I think endless schemes are being introduced by the government in each sector. To know which one is effective and which one isn't in the pension sector. We need to know NPS CRA vs NPS Swavalamban details. Keep reading the paragraphs given below.
Make better future planning by investing in properties with NoBroker here. Opt for NoBroker buyer plans to save your pension money and time. NPS :The full form of NPS is the National Pension Scheme. The scheme has different models. Swavalamban Yojana was announced by the central government. The Government will contribute Rs. 1000 per year to each NPS – Swavalamban account. This model will have ultra-low administrative and transactional costs.
CRA :To know NPS Swavalamban VS NPS CRA, you should know details about CRA as well. The full form of CRA is the Central Recordkeeping Agency. It works to handle and maintain data collected in operations and gives the users an interface platform to log in and log in and interact with NPS.
What is difference between NPS CRA and NPS Swavalamban
?
NPS CRA |
NPS Swavalamban
|
It is a record keeping agency that works under
Indian Trust Act, 1882. |
It is managed under the PFRDA Act. |
It will manage administration and customer service for all NPS subscribers. |
It is a scheme that gives subscribers, minimum pension sum to meet any day-to-day expenses |
This is an intermediary model |
This is a scheme. |
This is all from my end on NPS CRA vs NPS Swavalamban.
Read more :
As far as I know, the primary function of NPS CRA is to maintain and manage the NPS accounts across different sectors. Whereas the primary function of NPS Swavalamban is to ensure pension security of the people who generally lack any access to formal pension plans in the unorganised sector. I will elaborate further on NPS CRA and NPS Swavalamban differences.
What is the difference between NPS CRA and NPS Swavalamban?
Here's a comparison between NPS CRA vs NPS Swavalamban difference now known as Atal Pension Yojana in a tabular format:
| Aspect | NPS CRA (Central Recordkeeping Agency) | NPS Swavalamban (Atal Pension Yojana) |
Purpose |
Responsible for record-keeping, administration, and customer service related to NPS accounts. |
Government-initiated pension scheme aimed at providing social security to individuals in the unorganized sector. |
Entities |
NSDL e-Governance Infrastructure Limited (NSDL e-Gov) and Karvy Computershare Private Limited are the two CRA entities. |
Renamed as Atal Pension Yojana (APY) in 2015. |
Functions |
Maintain NPS accounts, record-keeping of contributions, provides account statements, facilitates changes in personal details, and assists with customer service. |
Provides a fixed pension amount based on the contribution and age of entry. Encourages affordable and systematic savings for unorganized sector workers. |
Subscriber Base |
Covers individuals across various sectors, including organized and unorganized sectors. |
Specifically targets individuals in the unorganized sector who were not covered by formal pension plans. |
Government Role |
Facilitates efficient management of NPS accounts by overseeing CRA functions. |
Introduced by the government to promote social security for individuals in the unorganized sector. |
Contributions |
Not directly involved in contributing to subscriber accounts. |
Government contributes to eligible subscribers' accounts, incentivizing savings. |
Status |
Ongoing service providers for NPS accounts. |
Renamed and modified as Atal Pension Yojana with enhancements for broader coverage. |
Overall Objective |
Ensures efficient administration of NPS accounts and helps individuals save for retirement. |
Addresses the retirement needs of individuals in the unorganized sector and promotes pension security. |
I hope now you understand the difference between NPS CRA and Swavalamban.
Get the help of the legal experts of NoBroker in any property-related query. Get your Home Loan easily from NoBroker and buy your dream house Read More: How to Change Nominee in NPS Account? What is Virtual ID in NPS: Meaning and Uses? What is the Address of Tax Residency NPS?Authors Of The Question
What is difference between NPS CRA and NPS Swavalamban ?
Ankur
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1 Year
2022-08-23T17:47:47+00:00 2023-02-14T16:23:27+00:00Comment
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