Wednesday, November 29, 2023

Big change in Atal Pension Yojana: Income tax payer will not be able to join APY from 1st October, in this Rs 210. 5 thousand in pension

The Atal Pension Yojana has undergone significant adjustments from the government (APY). A person who begins paying income tax on October 1, 2022, will not be qualified to participate in this program, according to a gazette announcement released by the Finance Ministry. The Modi administration introduced this program in 2015, with a primary focus on the unorganized sector’s workforce.

According to the Finance Ministry, if a subscriber joins this program on or after October 1 and is later discovered to be an income tax payer, his APY account will be terminated, and the subscriber will get the pension money that was deposited up until that point. APY provides financial security for those whose financial future is uncertain.

Know about the scheme

A monthly pension of Rs 1,000 to Rs 5,000 is available under the Atal Pension Yojana upon reaching the age of 60. Investments in the program are open to everyone between the ages of 18 and 40. Alternatively said, you must commit at least 20 years to it.

To get a pension of 1 to 5 thousand rupees per month, the subscriber must pay 42 to 210 rupees each month. This will happen when you enroll in the plan at the age of 18.

A participant who joins the plan at the age of 40 will be required to pay a monthly contribution of between Rs 291 and Rs 1,454. The bigger the subscriber’s contribution, the greater the pension he will receive after retirement.

After the death of the subscriber, the nominee will be given the pension money that has accrued up to the age of 60. The subscriber’s spouse will continue to receive the same pension.

If a subscriber passes away too soon (before the age of 60), their spouse may continue making contributions for the remaining time. In this program, the government guarantees a minimum pension.

Investors can participate in this program by making monthly, quarterly, or semi-annual (6-month) investments. The contribution will be auto-debited, which means that the money will be taken out of your account and added to your pension account without any more action on your part.

Accounts can be opened online

Online account opening is available, and more than 4 crore people have signed up for this program. More than 99 lakh accounts were opened under the Atal Pension Yojana in the most recent fiscal year, or FY2021-22, according to the Pension Fund Regulator (PFRDA). Every nationalized bank offers the APY program. Here, we describe how to open an Atal Pension Scheme online account with the State Bank of India.

Atal Pension Yojana1

You can also open
Additionally, you can open an account simply by traveling to any bank and opening one there. You must complete the Atal Pension Yojana application and send it to the bank branch along with the necessary paperwork. You will receive a confirmation message after the application has been accepted.

Read More: 7th Pay Commission DA Hike: Bat-bat to Government Employees! DA hiked again from 1st August; Government has announced.

Atal Pension Yojana-related queries and responses.

1. I don’t have a savings account; can I still start an APY account?
No, a savings bank account is required for this scheme.
2. What Determines the Monthly Contribution Date?
The first investment date is used to make the decision.
3. Is a nominee required of the subscribers?
Yes, having a nominee is required.
4. How many Atal Pension Yojana accounts can be opened?
Atal Pension Yojana accounts can only be opened in sets of one.
 5. What happens if there isn’t enough money in the account to cover the monthly payment?
If you don’t have enough money in your account to cover your monthly contribution, you’ll be

🔥🔥 Join Our Group For All Information And Update, Also Follow me For Latest Information🔥🔥
🔥 YouTube                  Click Here
🔥 Facebook Page                  Click Here
🔥 Instagram                  Click Here
🔥 Telegram Channel                   Click Here
🔥 Google News                  Click Here
🔥 Twitter                  Click Here


Please enter your comment!
Please enter your name here

Most Popular


IRCTC offers unique tours for these three countries! cost is this much

If you enjoy seeing other countries as much as we do, IRCTC offers three fantastic worldwide excursions. We are providing you with all the...

Railways issues recruitment for around 1100 positions! apply like this

This information is crucial for you if you're hoping to get a job with Railways. A call for candidates has been released by the...

Flipkart offering iPhone 14 at lower prices! know the details

Flipkart Offer: The iPhone 14 model is highly sought after. Everyone appreciates its strong attributes. We're going to teach you how to get the...

Union Bank increases interest rates with the amount of money in the account

The interest rate on savings accounts has been modified by Union Bank of India, the top government bank in the nation. This information is...

These banks are giving the cheapest home loans! know the details

Prior to making any housing purchases, find out what the interest rate is on your home loan. You can currently obtain a loan from...

Most Popular


* indicates required