Atal Pension Yojana: The Finance Ministry recently informed that during this financial year so far about 65 lakh registrations have been completed in Atal Pension Yojana. Thus, in the last six and a half years, 3.68 crore registrations have been done for the pension scheme. The Pension Regulatory and Development Authority (PFRDA) said that if the registration continues at the same pace, then this number will exceed 1 crore in this financial year i.e. by March 31. Atal Pension Yojana is a government social security scheme for senior citizens.
There may be 1 crore registrations this year
Launched on May 9, 2015, the scheme gives a pension of Rs 1,000 to Rs 5,000 to the subscribers on attaining the age of 60 years, depending on their contribution.
PFRDA Chairman Supratim Bandyopadhyay said, “We will continue to actively strive to achieve 1 crore nominations during the current financial year. Ensuring pension coverage to the most vulnerable sections of the society was possible with the efforts of Public and Private Banks, Regional Rural Banks, Payment Banks, Small Finance Banks, Co-operative Banks, Department of Posts and State Level Bankers Committee.”
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Key Features of Atal Pension Yojana (APY)
Since its launch, Atal Pension Yojana is becoming increasingly popular among the public. The salient features of the scheme are as follows..
1. To take advantage of this pension scheme, your age should be between 18 to 40 years, who will get its benefit after the age of retirement. Based on the contribution of the subscriber, the government will provide guaranteed pension up to Rs.5,000.
2. Under this plan, a monthly pension of Rs 1,000 to Rs 5,000 can be received till the subscriber is alive. After his death, the pension will be available to his spouse and after his death, the subscriber’s contribution based on the subscriber’s contribution will be returned to his nominee on attainment of 60 years of age.
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3. The contribution made in this scheme gets the same benefits, which are available under the National Pension System (NPS) scheme. Income tax benefits can be availed under section 80CCD(1B) of the Income Tax Act on the contribution made in it.
4. In this, there will be a guarantee of minimum pension from the government. This means that the estimated returns from the deposited money fall short and it is not enough to provide the minimum guaranteed pension, then the central government will make up for this shortfall.
5. Subscribers can opt out of Atal Pension Yojana subject to certain conditions, including Government contribution and return or deduction of interest.
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