APY VS NPS: Which scheme is better for getting pension benefits, and what is the difference between the two..

To avail the benefits of pension, two schemes of the government, the Atal Pension Yojana and the National Pension System are quite popular. Both these schemes are related to retirement. However, both these schemes are different from each other. If you are also thinking of investing in a government scheme for retirement, then it is important to choose the right scheme for yourself. In this article, we are telling the difference between the Atal Pension Scheme and the National Pension System the government, so that you can choose the right scheme according to your convenience-

Atal Pension Scheme and National Pension System
According to the information given by the Government of India, under Atal Pension Yojana, pensioners are given a pension of Rs 1 thousand-5 thousand per month at the age of 60 years.

Similarly, the government started the National Pension System to provide social security to Indian citizens. The amount of pension received in NPS depends on 40% of the total amount deposited at the time of retirement. To get a pension from the account at the age of 60, at least 40% of the deposited amount has to be invested in buying an annuity. After this, an attempt is made to get a pension of Rs 1,000 per month.

Difference between the Atal Pension Yojana and the National Pension System
The difference between the Atal Pension Yojana and the National Pension System can be understood based on different things-

Atal Pension Yojana
For those Indian citizens who do not have a pension plan, there is Atal Pension Yojana. Persons aged 18 to 40 years can take advantage of this scheme.

In Atal Pension Yojana, the government guarantees a pension after retirement.

In Atal Pension Yojana, a person has to contribute for 20 years.

The maximum contribution in this scheme is Rs 5000 per month.

Under this scheme, the beneficiary gets a pension between Rs 1,000 to Rs 5,000 per month.

In this scheme, the beneficiary does not get a Permanent Retirement Account Number.

Nominee is mandatory in this scheme and any person can be a nominee.

National Pension System
Persons aged 18 to 70 years can take advantage of this scheme. This scheme is for Indian citizens and non-resident Indians.

There is no limit on contributions in the National Pension System.

The pension amount in the scheme depends on the contribution paid and investment returns.

Nominee is mandatory in this scheme and they should not be husband or wife.

In this scheme, the beneficiary gets a Permanent Retirement Account Number.

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