Atal Pension Yojana: On June 1, 2015, our nation’s Prime Minister Narendra Modi announced the commencement of the Atal Pension Yojana. Pension is given under the Atal Pension Yojana at reaching 60 years of age. The beneficiary must invest between the ages of 18 and 40 in order to receive the benefits of this scheme. Through this arrangement, beneficiaries receive a pension that ranges from ₹1000 to ₹5000 every month. The beneficiaries’ age and the investments they made are taken into consideration when determining the pension amount. In addition, the beneficiary’s family receives benefits from this programme in the event of an early death.
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Atal Pension Yojana 2024
Monthly premium deposits are required of applicants under this system. Subsequently, upon reaching the age of sixty, the government will furnish the applicant with elderly pension benefits, which will take the form of a monthly payment. In order for beneficiaries to apply for the Atal Pension Yojana and receive its benefits, they must be between the ages of 18 and 40. A monthly premium of Rs 210 will be required from beneficiaries who wish to enrol in the scheme at the age of eighteen, and premiums ranging from Rs 297 to Rs 1,454 will be paid by beneficiaries who wish to enrol in the scheme at the age of forty.
A new service has just been launched by the Pension Fund Regulatory and Development Authority (PFRDA) for the Atal Pension Yojana and National Pension Scheme 2024 account holders. NPS account holders can now use the UPI Unified Payment Interface to contribute, according to this capability. Contributions to NPS accounts could previously only be made online using net banking. It will be simpler to make contributions to the National Pension Plan with this new capability. due to the “real-time payment process” nature of the UPI payment system. The account holder can move money between accounts in a matter of minutes by using this procedure.
Information about Atal Pension Yojana 2024
| Name of Scheme | Atal Pension Yojana |
| launched | 2015 Year |
| The 2015 Year | by central government |
| beneficiary | People from unorganized areas of the country |
| उद्देश्य | grant pension |
Tax benefits under Atal Pension Yojana
In order to offer pensions to workers in the unorganised sector, the Atal Pension Yojana was established. Pension payments under this system range from ₹ 1000 to ₹ 5000 per month, depending on the applicant’s investment, after the applicant reaches 60 years of age. Customers will now receive tax benefits as part of this arrangement. The Pension Fund Regulatory and Development Authority sent out this information via Twitter. This tweet states that the benefits of this plan, as well as those provided by section 80CCD (1b) of the Income Tax Act, are available to all income taxpayers who are between the ages of 18 and 40. Additionally, you can obtain
It is a requirement for customers to have a savings bank account or post office savings account in order to get benefits from the Atal Pension Yojana. The Aadhaar Act’s Section 7 now includes the Atal Pension Yojana. All citizens wishing to apply under this initiative will need to enrol in Aadhaar authentication or provide verification of their Aadhaar number.
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Atal Pension Yojana Withdrawal
- On completion of 60 years of age: Once a consumer reaches the age of sixty, they are eligible to withdraw funds from the Atal Pension Yojana. In this case, the pension will be given to the client following the pension withdrawal.
- In the event of the subscriber’s death: In the event of the subscriber’s death, the subscriber’s spouse will get the pension payment. In the event that they both pass away, their nominee will receive the pension corpus back.
- Withdrawal before turning 60 years old: APY withdrawals before age 60 are prohibited. However, the department has approved this under certain extraordinary circumstances. For example, in the event of the beneficiary’s death or a terminal illness.
Fee in case of default under Atal Pension Yojana
| For contributions up to ₹100 per month | ₹1 |
| For contributions of ₹101 to ₹500 per month | ₹2 |
| For contribution of ₹501 to ₹1000 per month | ₹5 |
| For contributions above ₹1001 | ₹10 |
Eligibility for Atal Pension Yojana
The following requirements must be met in order to be eligible for benefits under the Atal Pension Yojana (APY):
- In order to apply, one must be an Indian citizen.
- The applicant’s age must be 18 years old at the very least and 40 years old at the very most.
- The programme stipulates that you must make minimum contributions for 20 years, following which the government will guarantee you a pension.
- The candidate needs to have a savings account with auto-debit capability.
- You will only be required to contribute for 22 years if you enrol in the programme at the age of 38.
Monthly pension option and validity
You can choose to receive a monthly pension under this system, ranging from Rs 1000 to Rs 5000, but you will only be able to do so if you guarantee one payment each month. In addition, you have the option to change the amount of your pension once a year in the month of April.
In addition, the applicant’s account will be locked after six months if he ceases making monthly premium payments. Nevertheless, this account will become dormant, or cancelled, after 12 months, or one year, if he doesn’t start it. And their account will be fully closed after the two-year time has passed.
Required documents of Atal Pension Yojana
The applicant will require a few key documents in order to apply for the plan. With these, he may finish the application process, which is as follows.
- applicant residence certificate
- Aadhar card
- Address proof
- age certificate
- family income certificate
- labour certificate
- mobile number
- bank passbook
- passport size photo
Atal Pension Yojana 2024 Application Process
In order to receive the advantages of the Atal Pension Yojana, individuals who wish to apply for the scheme can download the application form and learn how to apply offline by following the instructions listed below.
- First, applicants need to open a bank savings account.
- You will need to obtain the scheme application form from the bank if you currently have a savings account there.
- You now need to accurately fill out every question on the application form.
- Such as your name, age, bank account number, and mobile number, among other details, must be entered.
- You must attach the necessary papers to the form once you have filled out all the fields.
- Finally, go over the form thoroughly. If any information is missing, fill it out.
- You will then need to send your form to the bank directly.
- The application process for your Atal Pension Scheme will be finished in this manner.
Atal Pension Yojana Application Form Download
Applicants can download the scheme application form by following the instructions provided below.
- First, applicants visit NSDL’s official website.
- You must select the Forms option from the website’s home page.
- You must now click on the APY Subscriber Registration Form link from the list of alternatives.
- The scheme’s application form will then open in PDF format on your screen.
- This is where you may download the form and print it out.
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FAQ’s
Q: What is Atal Pension Yojana?
Ans: Under the Atal Pension Yojana, a programme introduced by the Central Government in 2015, workers in the state’s unorganised sectors are eligible to receive pension payments from the government once they retire.
Q: What is the Atal Pension Yojana’s official website where I can obtain its application form?
Ans: The official website of the Atal Pension Yojana is npscra.NSDi.co.in, where you may get the application form.
Q: What benefit under the scheme would the applicant beneficiary receive?
Ans: After paying the premium for the required amount of time, the applicant beneficiaries would be eligible to receive a pension under the scheme that ranges from Rs 1000 to Rs 5000 when they retire.
Q: What age will citizens be allowed to apply for the scheme under APY?
Ans: State residents who fall between the ages of 18 and 40 are eligible to qualify for the APY programme.
Q: How much of a premium will the programme require of the citizens?
Ans: Citizens will be required to pay between Rs 200 and Rs 1400 a month, depending on the specified age, under the system.
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