New Delhi: Because the nation pays homage to former PM Atal Bihari Vajpayee on his loss of life anniversary right now, the Narendra Modi authorities’s Atal Pension Yojana (APY) scheme wants a particular point out. Atal Pension Yojana (APY), the flagship social safety scheme of the federal government was launched on Might 9, 2015 by Prime Minister Narendra Modi. APY goals at delivering outdated age revenue safety notably to the employees within the unorganised sector.
Right here is all it is advisable know in regards to the Atal Pension Yojana
Who can subscribe to Atal Pension Yojana?
APY may be subscribed by any Indian citizen within the age group of 18-40 years having a checking account. APY is a authorities scheme administered by PFRDA via NPS structure. The minimal age of becoming a member of APY is eighteen years and most age is 40 years. Subsequently, minimal interval of contribution by the subscriber underneath APY could be 20 years or extra.
What advantages does Atal Pension Yojana present?
First, it offers a minimal assured pension starting from Rs 1000 to Rs 5000 on attaining 60 years of age. Secondly the quantity of pension is assured for lifetime to partner on loss of life of the subscriber. Third, within the occasion of loss of life of each the subscriber and the partner, complete pension corpus is paid to the nominee.
What are the pension advantages underneath Atal Pension Yojana?
APY has pre-defined month-to-month contributions. Beneath the APY, the subscribers would obtain the fastened pension of Rs. 1000 per thirty days, Rs. 2000 per thirty days, Rs. 3000 per thirty days, Rs. 4000 per thirty days, Rs. 5000 per thirty days, on the age of 60 years, relying on their contributions, which itself would differ on the age of becoming a member of the APY.
What’s the Authorities contribution underneath Atal Pension Yojana?
Beneath APY, the Central Authorities would co-contribute 50 % of the subscriber’s contribution or Rs 1000 every year (whichever is decrease) to every eligible subscriber account, for a interval of 5 years, i.e., from 2015-16 to 2019-20, who be part of the NPS earlier than thirty first December, 2015.
What are the revenue tax advantages underneath Atal Pension Yojana?
APY subscribers would take pleasure in tax advantages on their very own contributions in addition to their employer’s contribution underneath Part 80 CCD and 80 CCE.
