The quasi-integrable deformation of the Nonlinear Schrödinger equation, obtained through deformation of the corresponding potential by Ferreira et. al. [JHEP 2012[JHEP , 103 (2012], is shown to be identifiable with non-holonomic deformation of the same system, both locally and asymptotically, under specific conditions. The latter deformation is obtained explicitly for the generalized coupled Nonlinear Schrödinger system, using the Lax pair approach as well as the Kupershmidt ansatz [Phys. Lett. A 372, 2634Lett. A 372, (2008] and the two approaches are found to converge. The expected incompatibility of the quasi-integrable and non-holonomic deformations, by respective definitions, is explicitly obtained further. These aspects emerge from a phase-modulus coupling condition, obtained for the non-holonomic Nonlinear Schrödinger equation. Similar conditional correspondence of non-holonomic deformation with non-integrable deformation of the same system is found to extend beyond quasi-integrable one, namely, that achieved with local scaling of the amplitude.