Section 80 CCD is related to tax deductions for NPS and APY subscribers.

The National Pension System (NPS) is a government-backed small savings scheme for retirement that invests in equity, debt and alternative investment instruments.

Senior citizens will comprise 20 per cent of India’s population by 2050, so ensuring adequate pensions for them is crucial for their financial securityand the country’s economic stability.

Enrolments in the Atal Pension Yojana (APY) scheme rose around 24 per cent to 643.52 lakhs in FY2023-24, with higher participation from women and younger people.

Atal Pension Yojana (APY) is a pension scheme provided by the government to financially help those working in the unorganised sector.

In the APY scheme, the nominee receives the accumulated funds if both the subscriber and the spouse die.

Atal Pension Yojana allows premature exit during exceptional circumstances; the government contributes 50 per cent of a member’s annual contribution, or Rs 1,000, whichever is less.

The Pension Fund Regulatory and Development Authority (PFRDA) has provided access to all three central record-keeping agencies (CRAs) for APY subscribers.

Atal Pension Yojana (APY) is a social security scheme for workers from the unorganised sector, offering a defined monthly pension, which is fixed at the time of opening the account.

The minimum return under the APY scheme is 8 per cent guaranteed by the government, regardless of the prevailing interest rates and returns, Sitharaman said.