Atal Pension Yojana: Atal Pension Yojana (APY), the social security scheme of the central government, has become very popular in a short time.
On depositing money in this scheme, pension is received every month after the age of 60 years. Overall, after investing in this scheme, you will not have to worry about post-retirement expenses.
Let us tell you that the Central Government started Atal Pension Yojana in May 2015. Earlier there was no scheme like Atal Pension Yojana for the people working in the unorganized sector. Any Indian citizen between the age of 18 to 40 years can register in it. Here we are telling the important things related to this scheme…
Who can be enrolled in Atal Pension Yojana?
From October 1, 2022, the central government has banned taxpayers from investing in this scheme.
Eligibility Criteria
Any Indian citizen between the age of 18 to 40 years can register in it.
To be enrolled in the scheme, the subscriber should have a savings bank account or post office account .
How to join the scheme?
Any person fulfilling the above conditions can approach the bank branch or post office to get registered in the Atal Pension scheme . This can also be done online. One must apply for a PRAN card, which is a registration under NPS , and has to fill up an APY registration form.
How much pension will a subscriber get
Under the scheme, after making a fixed contribution in the account every month, quarterly or half yearly, after retirement, a pension of Rs 1 thousand to Rs 5 thousand will be given monthly. The government is guaranteeing a lifetime pension of Rs 5000 per month i.e. Rs 60,000 per annum after the age of 60 on investing only Rs 1239 every 6 months.
According to the current rules, if at the age of 18 years, a maximum of Rs 5000 is added to the scheme for monthly pension, then you will have to pay Rs 210 every month. If the same money is given every three months, then Rs 626 will have to be given and Rs 1,239 will have to be given if given in six months. To get a pension of Rs 1,000 a month, if you invest at the age of 18, you will have to pay Rs 42 per month.
Income Tax Benefits and Purpose
Under section 80CCD of Income Tax, it gets the benefit of tax exemption.
The purpose of Atal Pension Yojana is to provide financial security for retirement to the people of the unorganized sector.
