Atal Pension Scheme: Check here for more details

Atal Pension Scheme: Check here for more details

Atal Pension Scheme

The government has made major changes in the Atal Pension Yojana (APY). According to the gazette notification issued by the Ministry of Finance, from October 1, 2022, a person paying income tax will not be able to join this scheme. This scheme was implemented by the Modi government in 2015. This scheme mainly focuses on the people of the unorganized sector.

The Finance Ministry said, if a subscriber joins this scheme on or after October 1, and is later found to be paying income tax, his APY account will be closed and the pension amount deposited till then will be refunded to the subscriber. APY provides financial coverage to those people who are uncertain about their income after retirement.

 Atal Pension Scheme Know about the scheme:-

• Under the Atal Pension Scheme, a pension of Rs 1,000 to Rs 5,000 is given every month on attaining 60 years of age. A person between 18 years to 40 years can invest in this scheme. You need to invest in it for at least 20 years.
• To get a pension of 1 to 5 thousand rupees every month, the subscriber will have to pay 42 to 210 rupees every month. This will be applicable only on taking the scheme at the age of 18 years.
• If a customer wants to take the scheme at the age of 40 years, then he will have to deposit Rs 291 to Rs 1,454 every month. The more money the subscriber deposits, the higher the pension will be given to him after retirement.
• After the death of the subscriber, equal pension will be paid to his/her spouse. On the death of both the spouses, the pension amount accumulated till the age of 60 years will be returned to the nominee.
• In case of premature death of the subscriber at the age of 60 years, the spouse can continue to deposit Rs. The government guarantees a minimum pension in this scheme.

Atal Pension Scheme Pay installment as per convenience:-

• Under this scheme, investors can deposit their amount monthly, quarterly or half-yearly i.e. in a period of 6 months. Contribution will be auto-debited, i.e. the fixed amount in your account will be automatically deducted and credited to your pension account.

Atal Pension Scheme account online:-

The number of people joining this scheme has reached 4 crores. According to the Pension Fund Regulator (PFRDA), more than 99 lakh accounts were opened in the Atal Pension Scheme in the last financial year, ie FY2021-22. All nationalized banks offer APY scheme. Here we are explaining about the online account opening process of Atal Pension Scheme in State Bank of India.

Atal Pension Scheme visiting the bank:-

• You can open your account in any bank. You will have to fill the form of Atal Pension Scheme and submit it to the bank branch with all the information sought. Once the application is accepted, you will receive a notification on the mobile.

Atal Pension Scheme Important Links:-