To ensure convenience to subscribers of National Pension Scheme (NPS) and Atal Pension Yojana (ADY), the central government has now enabled payment of premiums via UPI (Unified Payment Interface). The facility will be available from October 1, 2022.
Currently, subscribers have the option to pay their premiums via RTGS/NEFT/IMGS. In its notification, the government has increased the options by allowing UPI payment system.
Interestingly, if the subscribers of NPS or APY pay their premiums before 9:30 am, it will be counted in investment for the same day. If paid after 9:30 am, the premium will be considered in next day’s investment.
The National Pension Scheme was launched in 2004 for central government employees, except Armed forces, to provide them social security. It is applicable for those who joined the service after 1 January, 2004. In May 2009, Government expanded its range to include private sector and unorganised sector on a voluntary basis.
.
The Atal Pension Yojana was introduced by the central governmenton June 1, 2015, to provide social security to workers in the unorganised sector. Subscribers of the scheme get a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining 60 years of age depending on their contributions.
Few days ago, the Centre issued a notification according to which Income tax payers will not be allowed to enrol in the government’s social security scheme Atal Pension Yojana (APY) from October 1.
In case a subscriber, who joined on or after October 1, 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, the notification said.
Under the income tax law, people having taxable income of up to Rs 2.5 lakh are not required to pay income tax. Currently, all Indian citizens between the age group of 18-40 years can join APY through bank or post office branches where one has the savings bank account.
