Atal Pension Yojana (APY): An individual can get a minimum monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and a maximum of Rs 5,000 after attaining the age of 60 years depending on the amount contributed by the beneficiaries. Anyone in the age group – 18 to 40 years can invest in this scheme. Read on to check APY Yojana details here.
Atal Pension Scheme:
The Atal Pension Yojana (APY) was initiated in the fiscal year 2015-16 with an aim to provide a steady stream of monthly income after the age of 60 to all Indian citizens. This scheme is regulated and controlled by the Pension Funds Regulatory Authority of India (PFRDA). The scheme is an extension of the recognized National Pension Scheme. The APY replaces the previously institutionalised Swavalamban Pension Yojana.
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Benefit of the scheme:
Under this scheme, an individual can get a minimum monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and a maximum of Rs 5,000 after attaining the age of 60 years, depending on the amount contributed by the beneficiaries.
Who is eligible for Atal Pension Scheme?
Earlier this scheme was started only for the people working in unorganised sectors. Now any Indian citizen falling in the age group 18 to 40 years can invest in this scheme. In this scheme, depositors start getting pension after 60 years.
However, the taxpayers will no longer be allowed to invest in this government pension scheme as of October 1, 2022.
For availing this scheme, an individual must have a savings bank account or a post office account including Aadhaar number and a registered mobile number.
An individual must contribute to the scheme for a minimum of 20 years. Also, he/she should not be a beneficiary of any other social welfare scheme.
How to receive the Rs 5000 pension:
A contributor must make monthly, quarterly, and semi-annual contributions. This plan gives pension payments ranging from Rs.1,000 to Rs. 5,000.
An individual must make monthly, quarterly, and semi-annual contributions. This plan gives pension payments ranging from Rs.1,000 to Rs. 5,000.
If a person enrolls in the scheme at the age of 18 and contributes Rs. 210 per month, or Rs. 7 per day, he/she will receive Rs 5,000 each month once he/she retires.
Likewise, Rs. 626 must be invested for the quarter and Rs. 1239 for the half-year. Similarly, if an individual deposit Rs. 42 every month, then he/she will get a monthly pension of Rs. 1000.
If an individual want a pension of Rs. 2000, then an individual must have to invest Rs. 84. Further, if an individual want a monthly pension of Rs. 3000, then one will have to invest Rs. 126 monthly.
If an individual gets a monthly pension of Rs. 4000, then the contributor will have to deposit Rs. 168 every month.
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Tax Benefits:
– People investing in the scheme get tax benefit of up to Rs 1.5 lakh under income tax Act 80 C.
– Taxable income is deducted from this.
– Apart from this, extra tax benefit of up to Rs 50,000 is available in some cases.
– A deduction of up to Rs 2 lakh is available in this scheme.
How to download Atal Pension Scheme application form:
– A person can obtain the application form from any participating bank’s nearest branch office.
– A person can download and print the form from the official websites of the participating banks if the bank offer such a service.
– The Atal Pension Scheme account opening form can be downloaded from the Pension Fund Regulatory and Development Authority’s official website: https://www.pfrda.org.in/
How to apply for Atal Pension Scheme?
- Visit the nearest branch of the bank where you have an account.
- Fill in the application form with the required details.
- Submit it along with two photocopies of your Aadhaar card.
- Provide your active and registered mobile number.
