What is Atal Pension Yojana (APY)?

Atal Pension Yojana (APY)

Atal Pension Yojana is a periodical commitment based pension plan and guarantees a fixed pension of ₹ 1000/-, ₹ 2000/-, ₹ 3000/-, ₹ 4000/- or ₹ 5000/-. Atal Pension Yojana (APY), a profit plot for laborers in the disorderly segment like individual servants, drivers, planters, and so on, was propelled in June 2015 by the government.

Who are eligible for Atal Pension Yojana (APY)?

Atal Pension Yojana eligibility

The Atal Pension Yojana (APY) is available to all Indians between the age of 18 and 40. This enables a person to contribute for at least 20 years before receiving the rewards of the plan. Any financial/bank balance holder who isn’t a member of any lawful government managed savings plan can avail the profit of the plan.

Is APY a good investment?

APY investment

This co-commitment by the Government will hold useful for a maximum of 5 years. You can get fixed benefits going from Rs.1000 to a limit of Rs. 5000/month by contributing through this plan. You will begin getting your pension from the age of 60.

Can both husband and wife open Atal Pension Yojana?

APY account opening for Husband and wife

Indeed, one can open Atal Pension Yojana (APY) account despite the fact that his/her companion is a Government representative. An individual can have both NPS and APY account. Further, it may be opened regardless of the life partner being compulsorily covered under NPS or not.

How to Open Atal Pension Yojana Account?

How to Open Atal Pension Yojana Account

Here are the steps for APY account opening:

  • You can fill up and submit the Atal Pension Yojana registration form, at your nearby bank office.
  • Give your bank account number, Aadhar No. also, Mobile number
  • Your first commitment sum will be deducted from your connected bank account at the hour of record opening.
  • Your bank will give statement No./PRAN No. to you.
  • succeeding commitments will be consequently deducted from your bank account.

You can find more details about the APY scheme on ICICI Bank, Kotak bank, Axis Bank, and HDFC Bank webpages.

How to Download Atal Pension Yojana (APY) form?

The form for Atal Pension Yojana can simply be collected from your close by the bank branch that takes an interest in the plan. Yet, the APY application form can likewise be downloaded for nothing from different sites, for example, the Pension Fund Regulatory and Development Authority (PFRDA) Official Website. On the other hand, the Atal Pension Yojana subscription form likewise accessible online on different banking sites that incorporate the most significant banks working in India.

Click here to download the APY application form from the Pension Fund Regulatory and Development Authority (PFRDA) Official Website

APY FAQs:

Is govt employee eligible for Atal Pension Yojana (APY)?

Involvements to APY fit the bill for tax reductions under Section 80CCD (1B) of the Income Tax Act, 1961. Simple to subscribe for Indian occupants whether independently employed or salaried. APY acknowledges subscription even from those adding to other private/government-approved pension plans.

Is APY tax free?

APY appreciates similar tax advantages as the National Pension System, which implies contributions paid in APY can be guaranteed for income tax reduction up to Rs 50,000 under Section 80CCD (1B) of the Income Tax Act, well beyond the Rs 1.5 lakh is permitted under Section 80C.

How do I disable Atal Pension Yojana (APY)?

Steps to close the APY scheme:
You should visit the bank where the Atal Pension Yojana account is opened.
The closing application/form must be filled and submitted.
When the form is submitted, you should wait until all procedures to be finished.
When the conclusion is prepared by the bank, the cash accessible in the record alongside the interest that has been produced will be moved into the account that was given by you. A notification will likewise be sent by the bank.

Can I withdraw money from APY?

The subscriber can withdraw the pension from his/her Atal Pension Yojana account after reaching age 60 by visiting their bank or post office. Prior to turning 60, one can withdraw from the APY just in instances of terminal disease or demise/death.

Is there any insurance in Atal Pension Yojana?

The govt. of India has announced that it will co-contribute half of the entire pension commitment amount or ₹1000 per annum for all endorsers.

You may also be interested to know about our article on the National Register of Citizens (NRC)

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