The magic of Atal Pension Yojana (APY), which started in 2015, is speaking to the heads of people. This is the reason that so far, a total of 8 crore people have joined this magnificent government scheme. The special thing is that 39 lakh new people have become part of the Atal Pension Yojana in the current financial year itself.
This APY, launched to create a universal social security system for every Indian, is a voluntary, contributory pension scheme, which especially poor, deprived and unorganized sector Focus on Ministry of Finance stated in a press note that this success of APY is the result of dedication and tireless efforts, and continuous support of the Government of India, the dedication and tireless efforts of all banks, post departments (DOPS), other stakeholders.
The target and benefits of Atal Pension Yojana
The main objective of the Atal Pension Yojana is to arrange a regular income in old age for people working in the unorganized sector of India. Under this scheme, after the age of 60, the customer gets a monthly pension ranging from ₹ 1,000 to ₹ 5,000. This pension amount is based on the age of the customer and their monthly contribution. To get a pension, it is mandatory to contribute to the Atal Pension Yojana for at least 20 years.
How to get a pension of ₹ 5,000
It is very easy to get a maximum pension of ₹ 5,000 in Atal Pension Yojana. Indian citizens between 18 and 40 years of age can join this scheme. The sooner the person joins this scheme, the more the monthly contribution has to be reduced. If you connect with this scheme at the age of 18 and choose a monthly pension of ₹ 5,000, then you have to invest only about ₹ 210 every month. That is, only 7 rupees every day.
How to register in Atal Pension Yojana
It is very simple to connect with the Atal Pension Yojana. First of all, you should have a bank account, which is connected to your Aadhaar Card. Next, provide the required document and your mobile number. Your monthly contribution amount will set an auto-debit to be cut from your account on its own. The simplicity of this process makes it popular in both rural and urban areas. In the scheme, premiums can be paid monthly, Quarterly, or half-yearly.
Spouse will also get a pension
This scheme not only provides financial security but also brings a sense of security for the family. If, for some reason, the plan holder dies, his spouse gets the pension. After the death of both husband and wife, the deposited amount is transferred to the Nominee. In this way, the scheme also protects the future of the family.
New rules for income tax pair
The government has made a major change in the scheme since 1 October 2022. Now, Income Tax Payers cannot connect with this scheme. This decision was taken so that the benefits of the scheme are available only to those people who have low income and are deprived of social security schemes. This ensures that the aid reaches the most needy.
Who conducts the Atal Pension Yojana
The Atal Pension Yojana is conducted by the Pension Fund Regulatory and Development Authority – PFRDA. This institution regulates the scheme under the National Pension System (NPS. This ensures that the money received from the contributions of customers is safely invested, and they can get their pension in the future.