Wednesday, November 29, 2023

From October 1, there will be a significant change to the Atal Pension Yojana: Income tax payers will no longer be permitted to join this programme. For more information on this new rule, see this page.

The Atal Pension Yojana (APY) will undergo significant alteration starting the following month. As a result, beginning on October 1, 2022, the taxpayer—the person who pays income tax—will no longer be eligible to participate in this plan. Anyone can currently benefit from this scheme. If you pay taxes in this case and want to benefit from this strategy, you only have a short window of opportunity.

People already connected will continue to get benefit of the scheme,

Even if a person is a taxpayer, they can still benefit from this plan provided they sign up by October 1, 2022, or by September 30. The already linked taxpayers will continue to receive the benefit at the same time.

A monthly pension of Rs 1,000 to Rs 5,000 is available under the Atal Pension Yojana upon reaching the age of 60. In this case, you can provide your old age with financial stability through this plan.

Atal Pension Yojana Vs Income Taxpayers1

It is decided according to your age,

Your desired pension amount after retirement will determine how much of your contribution amount is withheld. The subscriber must pay between 42 and 210 rupees per month in order to receive a pension of one to five thousand rupees per month. When you sign up for the plan at age 18, this will occur.

In addition, if a subscriber joins the plan after turning 40, he will have to pay a monthly payment of between Rs 291 and Rs 1,454. The bigger the subscriber’s contribution, the greater the pension he will receive after retirement.

You can pay installments according to your convenience,

Investors can contribute to this plan on a monthly, quarterly, or semi-annual basis, or over a period of six months. 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.

After the death of the subscriber, his/her spouse will receive

When a subscriber passes away, the same pension is provided to his or her spouse, and if both the subscriber and the spouse pass away at the same time, the pension money accumulated up until the age of 60 is returned to the nominee.

While the subscriber’s spouse may continue to make contributions to the APY account in the event of the subscriber’s death prior to the age of 60. The subscriber’s spouse will be eligible to receive the same pension payment that the subscriber was supposed to receive. On the other hand, he can withdraw all of the funds deposited in the APY account if he chooses to do otherwise.

Accounts can be opened online

The number of persons enrolling in this program has surpassed 4 crores. 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 Yojana Vs Income Taxpayers2

You can also open

The account by visiting any bank, or you can open the account online. You must complete out 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.

Questions and answers related to Atal Pension Yojana

Question: Do I need a savings account to start an APY account?

Answer: No, in order to use this scheme, you must have a savings account.

Question: How is the date for the monthly donation determined?

Answer: The first investment date is used to make the decision.

Question: Does having a nomination for the subscribers have to be required?

Answer: The answer is that having a nominee is required.

Question: How many accounts under the Atal Pension Yojana can be opened?

Answer: There may only be one Atal Pension Yojana account opened at a time.

Question: What happens if there is not enough money in the account to cover the monthly contribution?

Answer: If you don’t have enough money in your account to cover your monthly contribution, you’ll be penalized.

Read More: Loan Demand: Despite Corona, loan demand increased by 11.1 percent in 2021-22, and loan market size increased to Rs 174.3 lakh crore

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