Atal Pension Yojana Details: Atal pension yojana (apy) is a central authority-run pension scheme for all citizens of india, particularly focusing on the unorganized quarter. apy is administered via the pension fund regulatory and development authority (pfrda) beneath the national pension machine (nps). under this scheme, rs 1000 might be given to the beneficiaries. to rs 5000. minimum monthly pension is guaranteed among rs.
Members can choose month-to-month pension that is rs 1000, rs 2000, rs 3000, rs 4000. or rs 5000. which can also start afterThe age of 60 years. the quantity of pension one gets is immediately associated with the age at which the person has joined apy and the monthly amount he has contributed.
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Contents
Name of the Scheme | Atal Pension Yojana |
launched | year 2015 |
started by | by central government |
Beneficiary | People from unorganized areas of the country |
Objective | grant pension |
In order to offer pensions to workers in the unorganized 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, when the applicant reaches 60 years of age. Customers will now receive tax advantages as part of this arrangement. The Pension Fund Regulatory and Development Authority sent out this information via Twitter. This tweet states that the advantages of this plan, as well as those provided by section 80CCD (1b) of the Income Tax Act, are available to all income tax payers who are between the ages of 18 and 40. Additionally, you may obtain
The following succinctly describes the primary goals of the Atal Pension Yojana:
Also Read: PMEGP Scheme
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 |
The government co-contribution benefit under APY is not available to beneficiaries of any statutory social security programs. We’ve included a few Acts below for which there is no government coordination:
The following are the requirements for the Atal Pension Yojana:
The accompanying chart, which is based on your age at scheme entry and the monthly pension amount after retirement, will show you how much you will have to contribute each month if you invest in the APY plan. The amount you really need to contribute to the Atal Pension Yojana may change in the future; this estimate is only suggestive. Your monthly contribution requirements for this pension plan are shown in the following chart:
Age of entry | Years of contribution | First Monthly pension of Rs.1000/- | Second Monthly pension of Rs.2000/- | Third Monthly pension of Rs.3000/- | Fourth Monthly pension of Rs.4000/- | Fifth Monthly pension of Rs.5000/- |
18 | 42 | 42 | 84 | 126 | 168 | 210 |
19 | 41 | 46 | 92 | 138 | 183 | 224 |
20 | 40 | 50 | 100 | 150 | 198 | 248 |
21 | 39 | 54 | 108 | 162 | 215 | 269 |
22 | 38 | 59 | 117 | 177 | 234 | 292 |
23 | 37 | 64 | 127 | 192 | 254 | 318 |
24 | 36 | 70 | 139 | 208 | 277 | 346 |
25 | 35 | 76 | 151 | 226 | 301 | 376 |
26 | 34 | 82 | 164 | 246 | 327 | 409 |
27 | 33 | 90 | 178 | 268 | 356 | 446 |
28 | 32 | 97 | 194 | 292 | 388 | 485 |
29 | 31 | 106 | 212 | 318 | 423 | 529 |
30 | 30 | 116 | 231 | 347 | 462 | 577 |
31 | 29 | 126 | 252 | 379 | 504 | 630 |
32 | 28 | 138 | 276 | 414 | 551 | 689 |
33 | 27 | 151 | 302 | 453 | 602 | 752 |
34 | 26 | 165 | 330 | 495 | 659 | 824 |
35 | 25 | 181 | 362 | 543 | 722 | 902 |
36 | 24 | 198 | 396 | 594 | 792 | 990 |
37 | 23 | 218 | 436 | 654 | 870 | 1087 |
38 | 22 | 240 | 480 | 720 | 957 | 1196 |
39 | 21 | 264 | 528 | 792 | 1054 | 1318 |
40 | 20 | 291 | 582 | 873 | 1164 | 1454 |
Also Read: Post Office Senior Citizen Scheme
The Atal Pension Yojana (APY) account opening form is available through any of the following channels:
The following procedures must be taken in order to profit from the scheme:
You’ll get a confirmation message after your application gets accepted.
Step 1: Addressing the form
The branch manager need to be the recipient of the form. with the aid of contacting the bank or moving into person, you may discover the name of your branch supervisor. input the branch and call of your financial institution.
Step 2: Bank Details
Complete the form with uppercase letters. To begin with, you must supply your bank account information. Enter the name of the bank, the branch, and the account number. This field has to be filled out.
Step 4: Pension Details
With choices like Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000, you can pay anywhere from Rs 1,000 to Rs 5,000 towards your pension. The ‘Contribution amount (monthly)’ box below should be left empty as the bank will fill it in after they’ve determined how much you have to pay each month in order to get your pension.
Your entering age will serve as the basis for the computation. For instance, if your entrance age is 25, you would be required to pay Rs 151 each month for a pension of Rs 2,000.
The location and date must be entered. You may leave a thumb impression or sign the paper. By completing the paperwork, you attest that you have read and comprehended the terms and conditions of the program and that you satisfy the requirements to participate in the Atal Pension Yojana. You certify that, to the best of your knowledge, everything you have written is accurate. Should there be any modifications required for the provided data, you will get in touch with the bank right away. Additionally, you must state that you have no accounts with the National Pension System (NPS). If you willfully give out any fraudulent or inaccurate information, you will be held accountable.
Step 6: To be filled by the Bank
The bank is required to complete the last component of the Atal Pension Yojana form, which is named “Acknowledgment – Subscriber Registration for Atal Pension Yojana (APY)”. This is the bank’s acknowledgement that they will sign you up for the Atal Pension Yojana program. The bank representative will fill the form when you submit it.
Also Read: Mukhyamantri Kisan Kalyan Yojana
Although you were formerly prohibited from leaving the Atal Pension Yojana before reaching sixty, the withdrawal procedure has been somewhat modified:
Penalty charges as listed below (APY) will be assessed on a monthly basis in the event of payment delay:
The APY penalty fee will be a predetermined sum based on the pension amount.
The following points are applicable if payment is stopped:
Q: How many Atal Pension Yojana accounts can a subscriber open?
Ans: Only one Atal Pension Yojana account may be opened by a single subscriber, and it must stay exclusive to him.
Q: Can I open Atal Pension Yojana account without maintaining a savings account?
Asn: No, in order to apply for this plan, candidates must have a savings bank account.
Q: Can I join Atal Pension Yojana without Aadhaar number?
Ans: An Aadhaar number is not needed to register an Atal Pension Yojana account, but it is needed to nominate beneficiaries, identify candidates, and provide spouse information.
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