Atal Pension Yojana Scheme Details 2024: Latest Update, Benefits, Facts, Enrollment and Payment
Atal Pension Yojana Scheme Details
Atal Pension Yojana Scheme Details:- 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 program in the event of an early death.
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Atal Pension Yojana 2024
The premium must be deposited by the applicant under this scheme each month. Following that, the government will offer financial support in the form of a monthly pension in old age once the applicant reaches the age of sixty. The participants of the Atal Pension Yojana must be between the ages of 18 and 40 to apply and receive benefits from the program. To participate in this system, a beneficiary must pay a premium of Rs 210 per month if he is under 18 years old, and a premium ranging from Rs 297 to Rs 1,454 if he is over 40.
Latest Update: for Atal Pension Yojana Scheme Details
Through UPI, account holders will be able to make contributions to APY and NPS.
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.
How to make payments through UPI under the Atal Pension Yojana, National Pension Scheme?
Account holders who are interested in contributing to this scheme through UPI should follow the steps outlined below.
You must first visit the National Pension Scheme’s official website.
You then need to input your PAN number.
You must now input the OTP that appears on your registered email address and mobile number.
Following that, you must choose between NPS Tier 1 and 2.
You must now choose a Virtual Account (VA).
Your bank application will then be sent, and you’ll get an acknowledgment number after that.
You now need to choose the UPI payment option.
You then need to input both your UPI number and virtual account number.
Proceed to input the UPI PIN to complete the payment.
This is how the National Pension Scheme allows you to pay using UPI.
Information about Atal Pension Yojana 2024
Name of the scheme
Atal Pension Yojana Scheme Details
Launched
The year 2015
Started by
By central government
Beneficiary
People from unorganized areas of the country
Objective
The year 2015
Tax benefits under Atal Pension Yojana Scheme Details
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, 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 might gain from contributions.
It is a requirement for customers to have a savings bank account or post office savings account 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 enroll in Aadhaar authentication or provide verification of their Aadhaar number.
Atal Pension Yojana Withdrawal
Upon reaching 60 years of age: Customers are eligible to withdraw funds from the Atal Pension Yojana upon reaching 60 years of age. In this case, the customer will receive their pension upon pension withdrawal.
In the event of the subscriber’s death: The subscriber’s spouse will receive the pension payment in the event of the subscriber’s death. Additionally, the pension corpus will be given to their nominee if they both pass away.
Removal prior to reaching 60 years of age: The Atal Pension Yojana does not permit withdrawals prior to the age of 60. However, the department has approved this in a few unique cases. For instance, in the case of a terminal illness or the beneficiary’s death.
A person might receive a pension of up to Rs 60 thousand annually under this scheme if they invest Rs 210 per month and save Rs 7 per day. The individual must begin making this investment at the age of eighteen. This is what makes this scheme unique. Section 80 of the Income Tax Act also provides you with the benefit of tax exemption on investments made in it. Through the National Pension Scheme, the Pension Fund Regulatory and Development Authority is in charge of running this program. You can apply under this plan if you would also like to benefit from it.
Subscriber Information Alert
Customers of the Atal Pension Yojana receive updates by SMS regarding their account balance, contribution credit, and other related topics.
Through SMS, the beneficiary can also modify the nominee’s non-financial information, like name, address, phone number, etc.
All clients can use SMS to get information via their mobile phones on subscriptions, auto-debit of accounts, and account balances.
Atal Pension Yojana Enrollment and Payment
All qualified citizens who have enabled auto debit on their account can enroll in the Atal Pension Yojana.
To avoid a late payment penalty, the account holder must keep the required amount in his savings account on the due date.
Only based on the first contribution payment, monthly contributions are required to be made each month.
The account will be terminated and any contributions made by the Indian government will be seized if the beneficiary fails to make the required payments on time.
The government contribution will be seized together with criminal interest if the account holder gives false information to receive benefits from this scheme.
It is necessary to have an Aadhar card to profit from this scheme.
The pension amount that the beneficiary is eligible to receive ranges from Rs 1000 to Rs 5000. which the recipient must promptly deposit his contribution for.
The beneficiary may also decide to increase or decrease the pension amount.
Only in April is it possible to raise or decrease the pension amount.
Each subscriber to the Atal Pension Yojana will receive an acknowledgment slip upon enrolling, on which they can enter details such as the guaranteed pension amount and the contribution payment deadline.
Some important instructions from the Atal Pension Yojana
Each beneficiary of the Atal Pension Yojana will get from the Central Government ₹ 1000 or half of the pension sum.
All beneficiaries who applied under this program between June 1, 2015, and March 31, 2016, and who are not recipients of any other social security program or income taxpayers, will get this benefit.
Section 7 of the Aadhaar Act includes the Atal Pension Yojana. Giving up your Aadhaar number is now necessary to take advantage of this service’s perks.
A savings account is a requirement for the applicant to be eligible for this scheme’s benefits.
The applicant must provide details on the candidate at the time of application.
The benefits of this arrangement are only available to Indian citizens. Any beneficiary whose status changes to non-resident throughout the duration of this pension will have his account terminated and his deposit amount refunded.
The client may also choose to increase or decrease the pension amount.
To improve their pension, subscribers will have to pay an annual rate of 8% for the difference in grant amount.
Should the subscriber decide to reduce their pension amount in this case, they will receive a refund of the excess contribution amount in addition to the return that was made.
Unless there is an error, customers will have to pay ₹50 for any downgrade or upgrade. The three parties will split this cost equally: POP, APYSP, and CRA.
Atal Pension Yojana Main Facts
The Central Government introduced the Atal Pension Yojana in May 2015.
Even after you retire, you can continue to receive a monthly pension through this arrangement.
All individuals who work in the unorganized sector are eligible for this program.
You must invest for 20 years to gain from this strategy.
This is an investment that you can make between the ages of 18 and 40.
You get a pension amount once you turn sixty years old.
Pensions of Rs. 1000, Rs. 2000, Rs. 3000, and ₹ 5000 are available under this system.
The age at which you started investing and the total amount of monthly premiums you have paid decide how much of your pension you will receive.
If you are 20 years old and want a pension of ₹ 2000, you must pay a premium of ₹ 100 each month; if you want a pension of ₹ 5000, you must pay a premium of ₹ 248 every month.
If you are 35 years old and want a pension of ₹ 2000, you have to pay a premium of ₹ 362; if you want a pension of ₹ 5000, you have to pay a premium of ₹ 902.
The government will also pay 50% of the total sum under this scheme in addition to your investment.
If the account holder dies before turning 60, their family will receive the benefit of this plan.
It is necessary to have a bank account to benefit from this scheme.
The advantages of the Atal Pension Yojana are exclusively available to citizens who are not subject to income tax.
The process to open an account under Atal Pension Yojana without a mobile app or net banking
Everyone who owns a bank account but does not use a mobile app or net banking. They will soon find it simpler to register for an account under the Atal Pension Yojana. The Pension Fund Regulatory and Development Authority will soon make the onboarding process easier by enabling current savings account users to add additional onboarding channels. The account user can now open his account under the Atal Pension Yojana using this channel without using a mobile app or net banking.
Before, the only ways to open an account under the Atal Pension Yojana were through a mobile app or online banking. However, account users can now open an account without using a mobile app or online banking thanks to this new step.
You must get in touch with the bank where you currently hold your savings account if you wish to open an account under the Atal Pension Yojana. You then need to obtain the registration form. Following this, you will need to complete the registration form completely, attach all necessary supporting documentation, and mail the completed form to the same bank. You must submit the form and a working phone number on which you want to receive all SMS messages. will be given.
The process to download the Atal Pension Yojana Contribution Chart
You ought to first go to the NSDL’s official website.
The primary screen will now appear in front of you.
You should select the apy-contribution chart hyperlink on the primary page.
Chart of atal pension yojana contributions
Upon clicking this link, the contribution chart will appear on your display screen.
This chart contains information on contributions.
This chart may be downloaded and used to create friendships.
FAQ’s
Q. What is the pension of APY 5000?
Ans- The Atal Pension Yojana (APY) is an Indian pension system that targets workers in the unorganized sector. At the age of sixty, subscribers to the APY will get a guaranteed minimum pension of either Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month, contingent upon their contributions.
Q. What is the age limit to become an APY member?
Ans- 4.1 The minimum age to join APY is eighteen, and the maximum age is forty. The pension would begin at age 60 and be exited at that age. As a result, the subscriber would need to have contributed for at least 20 years to qualify for the APY.