NPS subscriber base rises 23% in last one year, APY user base 28% up

The number of subscribers under various schemes under the National Pension System (NPS) rose to 6.24 crore as on March 4, 2023 from 5.08 crore in March 2022, registering a year- on- year increase of nearly 23 percent, Pension Fund Regulatory and Development Authority (PFRDA) data showed. Subscribers under the 'Atal Pension Yojana' surged to 4.53 crore as on March 4, growing at a healthy pace of 28 percent on a year-on year basis, PFRDA said.

The strongest growth was witnessed under the all citizen model where the number of subscribers rose to 28 lakh from 23 lakh a year ago. The corporate scheme also saw a strong growth of 20 percent.

The number of subscribers under the corporate scheme stood at 17 lakh which compares to 16 lakh a year ago.

The state government model under NPS saw a growth of 9 percent in subscriber addition and this was followed by central government model where the subscriber base grew by 5 percent on a year-on year basis.

NPS lite saw a minor drop of 0.25 percent in its subscriber bases in the last one year. The total subscribers under NPS lite as on March 4, 2023 stood at 42 lakh.

The NPS lite was launched in 2010 to provide financial security for economically disadvantaged people. All eligible citizens from the unorganised sector can apply for this scheme.

The total assets under management under NPS and Atal Pension Yojana (APY) also grew at 23 percent. The strongest growth in assets under management (AUM) was seen under the all citizen and corporate model.

The AUM base under all citizen model grew at 37 percent where as AUM under the corporate model grew at 35 percent respectively. The AUM under state and central government model grew by 22 percent and 19 percent respectively.