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.
Watch: Australia star inquires Rishabh Pant about his next IPL team, gets 2-word reply
Shah Rukh Khan’s house Mannat was first offered to his industry rival…, but he refused because...
The Visionary Who Promises a Blue Sky for India: Holger Thorsten Schubart’s G20 Climate Speech
The Surge of High-End Living: Luxury Residential Market to Outpace Other Segments
FeFCon 2024 to be Held in Bangalore: A Premier Event on Fever Management
London Airport evacuates passengers over security threat, thousands stranded
The World’s First Innovative Iron Supplement to Combat Iron Deficiency and Anaemia
Meet grandmother who became fashion icon after trying on her granddaughter’s clothes
IND vs AUS: Rishabh Pant joins Virat Kohli, Rohit Sharma in elite WTC list, becomes 3rd Indian to...
'All scripted drama...': Puneet Superstar allegedly assaulted by influencers in viral video, watch
Actress Ana de Armas caught kissing Cuban President Miguel Díaz-Canel’s son in viral photos
Oreshnik's Shadow: Will Russia's hypersonic missile force west to back down?
‘You’re So Beautiful’: World’s tallest woman meets world’s shortest woman over tea, pics go viral
Delhi-NCR Air Pollution: Consequences of GRAP-4 are drastic, may have adverse effects, says SC
Delhi-NCR Air Pollution: Schools likely to stay closed till..., check city-wise update
Maharashtra: 3 killed, 9 hospitalised after gas leak at fertiliser plant in Sangli
THIS farm is selling a cup of coffee for Rs 28000, but there's a twist, it is...
Chhattisgarh: 10 Maoists killed after encounter with security personnel in Sukma
Mukesh Ambani's SUPERHIT plan for Jio users, offers unlimited 5G access for 1 year for just Rs...
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Dense fog, heavy rain predicted in these states till November 25; check here
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'
After Bibles, watches and sneakers, Donald Trump is now selling autographed guitars, price is...
Delhi pollution: Air quality improves to ‘very poor’ category, AQI at...
Vladimir Putin's BIG threat, warns he could strike UK with new ballistic missile if...
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
Somebody misbehaved with Alia Bhatt on Highway sets then Imtiaz Ali had to...
Zomato CEO Deepinder Goyal reveals twist behind Rs 200000 job fee, closes application window
Days after Ratan Tata's demise, Tata Group's Rs 131000 crore company inks pact with ADB for...
WATCH: Woman makes Biryani with Parle-G biscuits, viral video fumes internet
Only train in India in which passengers can travel for FREE; check route, timings and more
'Justice for biryani': Parle-G biryani takes internet by storm, video goes viral
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why
Reddit suffers outage with ‘upstream connect error’ message, says 'currently investigating...'
Border-Gavaskar Trophy: How has Jasprit Bumrah fared in Tests in Australia?