The hierarchy of equations belonging to two different but related integrable systems, the Nonlinear Schrödinger and its derivative variant, DNLS are subjected to two distinct deformation procedures, viz. quasi-integrable deformation (QID) that generally do not preserve the integrability, only asymptotically integrable, and non-holonomic deformation (N HD) that does. QID is carried out generically for the NLS hierarchy while for the DNLS hierarchy, it is first done on the Kaup-Newell system followed by other members of the family. No QI anomaly is observed at the level of EOMs which suggests that at that level the QID may be identified as some integrable deformation. NHD is applied to the NLS hierarchy generally as well as with the specific focus on the NLS equation itself and the coupled KdV type NLS equation. For the DNLS hierarchy, the Kaup-Newell(KN) and Chen-Lee-Liu (CLL) equations are deformed non-holonomically and subsequently, different aspects of the results are discussed. *