Atal Pension Yojana: The total enrollment under the government’s retirement benefit scheme Atal Pension Yojana has crossed 4.01 crore as of March 2022, of which over 99 lakh APY accounts were opened during the financial year 2021-22, the finance ministry notified recently. Is. Public sector banks including State Bank of India, Indian Bank, Bank of India, Bank of Baroda and Central Bank of India achieved the annual target in the public sector bank category, the ministry said. Atal Pension YojanaOR APY scheme provides Fox Pension of up to Rs.5,000 to the subscribers after crossing the age of 60 years. It is a government backed social security scheme for senior citizens.
“Out of the total enrollment under APY as on 31 March 2022, around 80 per cent subscribers have opted for Rs 1,000 pension scheme and 13 per cent have opted for Rs 5,000 pension scheme. out of total APY The customers are 44 percent female customers while 56 percent are male customers. Further, out of the total APY customers, 45 per cent are between 18 and 25 years,” the finance ministry statement said.
What is Atal Pension Yojana?
Atal Pension Yojana is a guaranteed pension scheme of the Government of India administered by PFRDA. It was launched on 9th May, 2015 to provide old age income security to citizens especially in the unorganized sectors. Under this scheme, the subscribers get a fixed amount of pension every month after the age of 60 years, depending on the contribution made in their past. APY is managed by the Pension Fund Regulatory Authority of India (PFRDA).
APY Eligibility
APY scheme allows any citizen of India between the age of 18-40 years to join through bank or post office branches where one has a savings bank account. To be eligible, the subscriber has to additionally contribute for at least 20 years. Apart from this, APY subscribers should also have a valid mobile number and an Aadhaar linked bank account.
Key Features of Atal Pension Yojana (APY)
– Guaranteed amount of Rs 1,000 to Rs 5,000 is provided by the government depending on the customer’s contribution made over the years. It is given on monthly basis.
Monthly pension is provided to the subscriber till his/her survival. Equal pension will be paid to the subscriber’s spouse after the death of the subscriber and on the death of both the subscriber and the spouse, the pension amount accumulated till the subscriber’s age of 60 years will be returned to the nominee.
The contributions you make under this Atal Pension Yojana scheme can avail income tax benefits under section 80CCD(1B) of the Income Tax Act.
– Subscriber can voluntarily exit Atal Pension Yojana subject to certain conditions on deduction of Government co-contribution and return or interest thereon.
The government guarantees the minimum pension in the APY scheme. If a subscriber fails to deposit the corpus to get the minimum pension, the government will finance the balance amount.
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