Introduction Of Atal Pension Yojana :
Atal Pension Yojana:- Atal Pension Yojana was started by the Prime Minister of our country Narendra Modi on 1 June 2015. Through Atal Pension Yojana, pension is provided after completion of 60 years of age. To avail the benefits of this scheme, the beneficiary has to invest between the age of 18 years to 40 years. Beneficiaries are provided a monthly pension of Rs 1000 to Rs 5000 through this scheme. The pension amount is determined keeping in mind the investments made by the beneficiaries and their age. Apart from this, in case of untimely death, the benefit of this scheme is provided to the family of the beneficiaryTax benefits under Atal Pension Yojana
Atal Pension Yojana was started to provide pension to the employees of the unorganized sector. Through this scheme, pension ranging from Rs 1000 to Rs 5000 is provided per month as per the investment of the applicant on completion of 60 years of age. Now tax benefits will also be provided to the customers under this scheme. This information has been provided by the Pension Fund Regulatory and Development Authority through a tweet. In this tweet it has been told that all those income tax payers who fall within the age group of 18 to 40 years. He can avail the benefits of this scheme and can also get benefits on the contribution made in this scheme under Section 80CCD (1b) of the Income Tax Act.
To avail the benefits of Atal Pension Yojana, it is mandatory for the customer to have a savings bank account or post office savings account. Atal Pension Yojana has also been included in Section 7 of the Aadhaar Act. All citizens who want to apply under this scheme will have to submit proof of their Aadhaar number or undergo enrollment under Aadhaar authentication.
Atal Pension Yojana Withdrawal :
On completion of 60 years of age: After completion of 60 years, the customer can make withdrawal from Atal Pension Yojana. In this situation the pension will be provided to the customer after withdrawal of pension.
In case of death of the subscriber: If the subscriber dies then the pension amount will be provided to the spouse of the subscriber. And if both of them die then the pension corpus will be returned to their nominee
Withdrawal before 60 years of age: Withdrawal before 60 years of age is not allowed from Atal Pension Yojana. But in some exceptional circumstances this has been allowed by the department. Such as if the beneficiary dies or in the event of a terminal death.
Fee in case of default under Atal Pension Yojana :
Rs 1 for contribution up to Rs 100 per month
Rs 2 for contributions of Rs101 to Rs500 per month
Rs 5 for contribution of Rs501 to Rs1000 per month
Rs 10 for contributions above Rs1001
How to apply for Atal Pension Yojana 2023?
The interested person who wants to apply under the Prime Minister Atal Pension Scheme should first open his savings account in any nationalized bank.
After that fill all the information asked in the application form for Pradhan Mantri Atal Pension Yojana like Aadhar Card, mobile number etc.
After filling the application form, submit it to the bank manager. After this, all your documents will be verified and your bank account will be opened under Atal Pension Yojana.
Investment to be made in Atal Pension Yojana :
Under this scheme, if a person saves Rs 7 daily and invests Rs 210 per month, then he can get a pension of up to Rs 60 thousand annually. The person will have to make this investment from the age of 18 years. The special thing about this scheme is this. You also get the benefit of tax exemption on investing in it under Section 80 of the Income Tax Act. This scheme is being operated by the Pension Fund Regulatory and Development Authority through the National Pension Scheme.
Atal Pension Yojana Main Facts :
- Atal Pension Yojana was launched by the Central Government in May 2015.
- Through this scheme, you can get pension every month even after retirement.
- This scheme is for all employees working in the unorganized sector.
- To avail the benefits of this scheme, you have to invest for 20 years.
- You can make this investment from the age of 18 to 40 years.
- Pension amount is provided to you after the age of 60 years.
- Under this scheme, pension of Rs 1000, 2000, 3000 and Rs 5000 can be obtained.
- The pension amount depends on how much premium you have paid every month and at what age you started investing.
If you are 20 years old and want to get a pension of Rs 2000, then you will have to pay a premium of Rs 100 per month and if you want to get a pension of Rs 5000, then you will have to pay a premium of Rs 248 per month.
Benefits of Atal Pension Yojana 2023 :
Only people of India can avail the benefit of this scheme.
- Under Atal Pension Yojana, a monthly pension ranging from Rs 1000 to Rs 5000 will be provided by the Central Government only after the completion of 60 years of age.
- Under Atal Pension Yojana, the pension amount will be provided on the basis of investment and age of the beneficiaries.
- Like the PF account, the government will also contribute its own contribution to this pension scheme.
- If you want a pension of Rs 1000 every month and your age is 18 years, then you will have to deposit a premium of Rs 210 every month for 42 years.
- Whereas people above 40 years of age will have to pay a premium ranging from Rs 297 to Rs 1,454. Only after this he can avail the benefit of APY 2023.