Atal Pension Yojana enrolments crosses 7 crore mark: 3 benefits of investing in APY
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What is Atal Pension Yojana
The Government of India announced Atal Pension Yojana APY), a flagship social security initiative aimed at creating a universal system for all Indians, particularly the impoverished, underprivileged, and unorganized sector workers in 2015. APY is a guaranteed Pension Scheme by the Government of India and regulated by PFRDA.
Atal Pension Yojana (APY),is a pension scheme for citizens of India focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
Atal Pension Yojana (APY),is a pension scheme for citizens of India focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
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APY milestone
The total gross enrolments under the scheme have crossed 7 crore, with an enrolment of over 56 lakh in the current Financial Year, i.e., FY 24-25.
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Atal Pension Yojana benefits
1) Minimum Guaranteed Pension ranging from Rs 1000 to Rs 5000
2) Return of saving accumulated till 60 to Nominee after death of Spouse
3) Same pension to Spouse after death of Subscriber. APY has been designed in such a way that it provides 'Sampurna Suraksha Kavach' to not only the subscriber by providing a life-long defined and guaranteed pension amount, but also to the spouse by providing the same pension amount after the demise of the subscriber and then to the family by returning the entire corpus (accumulated till the age of 60 years) to the nominee after the death of the subscriber and spouse.
2) Return of saving accumulated till 60 to Nominee after death of Spouse
3) Same pension to Spouse after death of Subscriber. APY has been designed in such a way that it provides 'Sampurna Suraksha Kavach' to not only the subscriber by providing a life-long defined and guaranteed pension amount, but also to the spouse by providing the same pension amount after the demise of the subscriber and then to the family by returning the entire corpus (accumulated till the age of 60 years) to the nominee after the death of the subscriber and spouse.
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Can an Income-tax payer open new APY account?
No, from 1st October 2022, any citizen who is or has been an income-tax payer (Income-tax Act,1961), shall not be eligible to open new APY account.
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Customer has income which is under non-taxable bracket, then will he be eligible to subscribe?
Yes. If later on it is found that the customer is an Income-tax payer and his APY is to be closed. Will any penalty be levied on the customer in this regard?
No. There will not be any penalty on the subscriber. However, the APY account of such subscriber shall be closed and accumulated pension wealth would be given back to the subscriber, as stipulated under the gazette notification dated 10th August 2022.
No. There will not be any penalty on the subscriber. However, the APY account of such subscriber shall be closed and accumulated pension wealth would be given back to the subscriber, as stipulated under the gazette notification dated 10th August 2022.