PERSONAL FINANCE
Subscribers must be between the ages of 18 and 40 to be eligible for Atal Pension Yojana.
According to the Finance Ministry's regulations, income taxpayers will no longer be permitted to enrol in the Atal Pension Yojana (APY) plan as of October 1, 2022. APY is a programme targeted at Indian nationals who labour in the unorganised economy. At the age of 60, the programme offers a guaranteed minimum pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month. However, the subscribers' payments determine the minimum guaranteed pension. Anyone who is between the ages of 18 and 40 may subscribe to APY.
Taxpayers who want to join APY now have just 2 days left to sign up as the deadline of October 1 draws near.
"Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY," the FinMin stated in its statement from earlier in August.
A person who must pay income tax in line with the Income Tax Act of 1961, as revised from time to time, is referred to as a taxpayer.
The ministry also stated in the notification that "In case a subscriber, who joined on or after 1st October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber."
After 60 years of age, the scheme serves as a pension for your retirement.
One of the advantages of APY is that it gives people the benefit of monthly income even when they are not working. Furthermore, under the plan, the government will cover any gap if the actual realized returns on the pension contributions are lower than the expected returns for the minimum guaranteed pension over the course of the contribution term. Additionally, during the contribution period, if the actual returns on the pension contributions are better than the projected returns for the minimum guaranteed pension, the subscribers will get the advantages of the upgraded scheme.
Indian citizens between the ages of 18 and 40 are eligible to join the scheme. They can sign up for APY online or offline at a bank branch or post office. The plan requires that nomination and spouse information be entered into the APY account.
Contributions to the plan may be made via a debit facility from a savings bank account on a monthly, quarterly, or half-yearly basis.
How to open an APY account, step-by-step guide:
Step:1 A citizen must visit the bank branch where the person's savings account is kept.
Step:2 You will then need to complete the APY registration form.
Step:3 Provide relevant information, such as a bank account, Aadhaar number, and mobile number. To identify beneficiaries, spouses, and nominees during enrollment and prevent conflicts over pension rights and entitlements in the future, Aadhaar is the main KYC document.
Step:4 After the APY account is set up, make sure that there is enough money in the savings account to cover the monthly contribution transfer.
Multiple APY accounts are not allowed, it should be mentioned.
Two fall prey to Narayana Murthy and Mukesh Ambani's deepfake videos, lose Rs 80 lakh: Report
North Korea fires multiple ballistic missiles toward sea ahead of US election
Deepika Padukone romances Hrithik Roshan in Bikini, looks sizzling hot in UNSEEN viral video
Chhath Puja 2024: Top 50 wishes, What'sApp messages, quotes to share with your loved ones
Meet Caroline Emmons, Ratan Tata's 'first love' with whom he couldn't marry due to...
Who is Rohan Jaitley, frontrunner to replace Jay Shah as BCCI secretary?
World’s most expensive human tooth is valued over Rs 3000000, it belonged to…
Viral video: Little girl’s adorable dance to Lisa Haydon’s 'Manali Trance' impresses internet, watch
SC to deliver its verdict on pleas against Allahabad HC order scrapping UP madrasa law today
DNA TV Show: Why Election Commission changed Assembly by-elections' dates
Days after imposing fine on Anil Ambani, Sebi now issues Rs 130 crore demand notices to...
Thailand announces indefinite visa-free entry for Indian travellers
Meet daughter of billionaire, who studied in UK, now works in Rs 32770 crore Indian company as...
MUDA case: Lokayukta police summon Karnataka CM Siddaramaiah for questioning on...
This city is 4000 years old, belongs to bronze age where 500 people lived, it is located in...
Kamala Harris has been the President of US before? Here's when and how
Meet son-in-law of billionaire whose net worth is Rs 38690 crore, he co-founded...
What is elimination inflammation diet that helped Vidya Balan lose weight?
Shah Rukh Khan feels breathless after quitting smoking: Know withdrawal symptoms, how to manage them
Zomato CEO Deepinder Goyal takes action on vendor for mislabelling mushrooms at Hyperpure warehouse
Mukesh Ambani's Reliance shares fell by 3%, loses Rs 50205 crore in one day due to...
IAF's MiG-29 crashes near Agra in Uttar Pradesh, pilot ejects safely, court of inquiry ordered
Driving Growth and Monetization at Zendesk: A Conversation with Darshit Thakkar
Can air pollution make you fat? Know how high AQI impact your health
Locanto Addresses Challenges and Innovations in Indian Education System
Nita Ambani stuns in floral co-ord set while Anant, Mukesh Ambani go casual in Dubai
Indian Railway to launch this 'SUPER APP', passengers can now..., know details here
Who is Rashmi Shukla, IPS officer whom EC removed as Maharashtra DGP?
This village in India allows men to have two wives, living under one roof due to…
AUS vs PAK, 1st ODI: Australia beat Pakistan by 2 wickets to take 1-0 lead in series
Singham Again’s sole aim is to entertain, it’s not Hindutva propaganda
Delhi pollution: 'Why firecracker ban was not implemented during Diwali,' SC asks police, govt
IPL 2025 mega auction likely to be held in Riyadh on these dates
Big update on Reliance Jio IPO as Mukesh Ambani eyes THIS date
EC reschedules UP, Punjab, Kerala bypolls from Nov 13 to...
Coldplay's Chris Martin falls through stage trap door while performing live in Australia
Meet man, who is rising star in Tata Group after Ratan Tata's death, now tasked with...
'Nice handwriting': Internet reacts to Elon Musk's physics homework from his college days
AIIMS INI CET 2025 admit card releasing today at aiimsexams.ac.in; when and how to download
Sustainability Meets Innovation via uPVC: Industry expert shares experience
Promoting innovation in engineering education
AP TET 2024 exam result declared at aptet.apcfss.in; steps to check
AI-Powered Development: Insights from industry leaders on transforming software engineering
Another BIG move by BSNL, now set to provide tough competition to Jio, Airtel, Vi by...
Uttarakhand Bus Accident: 36 dead after bus falls into gorge in Almora; rescue operations underway
Bigg Boss 18: Vivian D'Sena accuses Chahat Pandey of pooping on floor, latter loses her cool
One of India's best wicketkeepers set to retire after this season, won't play IPL too, he is...
Research shows awe-inspiring details about Black Holes, they can...
US Presidential Election 2024: Harris vs Trump goes down to the wire, say polls
AP TET 2024 exam result to be declared today on aptet.apcfss.in, when and how to check
Shampoo, tea, biscuits, oil to get costlier soon? FMCG firms caution price hike as...
Swiggy fined Rs 35000 for duping Hyderabad customer by doing THIS
Delhi pollution: Air quality in Delhi-NCR further deteriorates, AQI hits 'severe' level
Indian mission condemns attack on Hindu devotees at Canada temple by ‘anti-India’ elements
'Upar se leke neeche tak...': Bigg Boss 18's Kashish Kapoor, Eisha Singh get into ugly spat
Man grows 500 kg pumpkin, uses it as boat to sail 70 km, SEE PIC
Devotees at Banke Bihari Temple drink AC water believing it to be 'Charan Amrit'; WATCH viral video
Bank Holidays in November: Banks to remain closed for four days in THESE states, full list here
Bhool Bhulaiyaa 3: Kartik Aaryan's mother struggles to get tickets, hilarious video goes viral
Mumbai Police arrest Maharashtra woman for hoax death threat to UP CM Yogi Adityanath