Atal Pension Yojana Scheme: Benefits & Other Information

Atal Pension Yojana Scheme: The Atal Pension Yojana is a retirement program with the goal of giving pension benefits to the unorganized sector, which makes up a sizable portion of the nation’s total labour force. The program was designed to replace Swavalamban Yojana, which received few applicants because it did not ensure pension benefits at age 60. The Atal Pension Yojana’s investment goal is to provide social security for senior citizens, particularly for the marginalized and destitute. This program assures returns during the retirement phase or policy’s end of term, in contrast to the Swavalamban Yojana.

Atal Pension Yojana Scheme: Benefits & Other Information

One of the advantages of the Atal Pension Yojana is that private sector employees can enroll in the program as well. Subscribers have the option of choosing their donation amount, which also influences their return amount. When you reach the age of 60, you will be eligible for a guaranteed pension of Rupees 1,000, 2,000, 3,000, 4,000, or 5,000. The pension amount will be provided to the nominee or spouse in the event of the subscriber’s death. Furthermore, you qualify for a tax deduction under Section 80CCD of the 1961 Income Tax Act. The Pension Funds Regulatory Authority (PFRDA) of India oversees and distributes the whole sum collected. The government pledged to provide a co-contribution of 50%, or Rupees 1000, to help support this program.

Atal Pension Yojana Scheme in Hindi

Atal Pension Yojana Scheme: Who Are Eligible?

The eligibility criteria for Atal Pension Yojana are as follows.

• Age between 18-40 years
• A savings bank account linked with a registered mobile and Aadhaar card number
• Minimum contribution for at least 20 years

Atal Pension Yojana Scheme: Why In News Recently

In the recently released notification, the Union Finance Ministry stated that the income taxpayers will not be able to take the Atal Pension Yojana Scheme from 1st October 2022. The conditions of the new notification will not be applicable to the persons who joined this scheme before 1st October 2022. In case a subscriber, who joined on or after October 1, 2022, is subsequently found to have been an income tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth to date would be given to the subscriber, the notification said.

Atal Pension Yojana: How To Enroll

People who are interested to take benefits of the Atal Pension Yojana would have to fill out an application form which is available on the official website of PFRDA and then submits it to any of the nationalized banks. People must carry with them the self-attested copy of the aadhar card along with the original one for the purpose of verification. In the application form, you will be also required to mention the mode of payment like monthly, quarterly, and half-yearly. Filling in all the required details and submitting it will make you a subscriber of the Atal Pension Yojana.

• Get in touch with your bank or post office where you have a savings account. If you don’t have a bank account you will have to open a bank account in order to be eligible for this scheme.
• You will need to fill the Atal Pension Yojana registration form and allow the bank to auto-debit your contributions in the scheme as per your payment frequency mode selected- monthly, quarterly or half-yearly installment.

Atal Pension Yojana Scheme: Monthly Contribution

APY is a regular contribution-based pension plan that guarantees a pension of 1,000, 2,000, 3,000, 4,000, or 5,000 Indian rupees. The amount you will pay each month will vary depending on the type of pension you wants and your age at the time of enrollment. Only those who reach the age of 60 will receive a pension. Therefore, even if you begin contributing at the age of 40, you must do so for a minimum of 20 years before your pension would begin. Your monthly contributions affect the number of pension returns. The table below allows you to assess your contribution in relation to your age and pension plan.

FAQs: Atal Pension Yojana

Q.1 What is Atal Pension Yojana scheme?
Ans The government introduced APY on June 1, 2015, to provide social security to workers mainly in the unorganised sector. Subscribers of the scheme get a minimum guaranteed pension of ₹1,000 to ₹5,000 per month after attaining 60 years of age depending on their contributions.

Q.2 Who can take Atal Pension Yojana scheme?
Ans All the residents of India who are non tax payers and falling between the age group of 18 to 40 years can join the Atal Pension Yojana scheme

Q.3 How can I enroll in the Atal Pension Yojana scheme?
Ans You can enroll in the Atal Pension Yojana scheme by downloading the APJ registration form from the official website of PFRDA and then submit it after filling in all the required details in any of the nationalized banks

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