Atal Pension Yojana Benefits (APY) for Indian Citizens: Check here!

Atal Pension Yojana Benefits: Atal Pension Yojana (APY) is a government-backed pension scheme in India that was launched in 2015. It aims to provide a secure future to individuals in the unorganized sector by offering them a guaranteed pension after they reach the age of 60. The scheme is open to all citizens of India who have a bank account and are between the ages of 18 and 40. Under the APY, subscribers are required to contribute a certain amount to their pension account every month, and the government also makes a contribution to the account. The amount of the pension depends on the contributions made by the subscriber and the chosen pension amount. There are several Atal Pension Yojana benefits, including a guaranteed pension, government contribution, tax benefits, and insurance.

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Atal Pension Yojana Overview

Atal Pension Yojana (APY) is a government-backed pension scheme in India that was launched in 2015 by the Ministry of Finance. It is aimed at providing a regular income to workers in the unorganized sector after they reach the age of 60. Here is an overview of the application process for the Atal Pension Yojana:

Feature	Description
Eligibility	Any Indian citizen between the ages of 18 and 40, who has a savings bank account, can join the scheme.
Contribution	Contributions can be made on a monthly, quarterly, half-yearly, or yearly basis. The minimum contribution required is Rs. 45 per month.
Pension amount	The pension amount is determined at the time of joining the scheme, based on the age of the subscriber and the contribution amount. The minimum pension is Rs. 1,000 per month, and the maximum is Rs. 5,000 per month.
Guaranteed pension	The pension is guaranteed by the Government of India.
Nomination	The subscriber can nominate a person to receive the pension in case of their death.
Withdrawal	The subscriber can withdraw their contribution before the age of 60, subject to certain conditions.
Transferability	The APY account can be transferred from one bank to another, or from one post office to another.
Portability	The APY account is portable across the country, which means it can be carried from one state to another.
Overdraft facility	APY account holders are eligible for an overdraft facility of up to Rs. 5,000 from the bank.
Insurance cover	APY subscribers are eligible for an insurance cover of Rs. 2 lakh under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Tax benefits	Contributions to the APY are eligible for tax benefits under Section 80CCD (1B) of the Income Tax Act, 1961.

Eligibility

Below are given eligibility criteria for APY:

• The APY is available to all citizens of India who are between the ages of 18 and 40 and are not covered by any other statutory social security scheme.
• The applicant should have a savings bank account or a Jan Dhan Yojana (PMJDY) account, which will be linked to the APY account.
• The applicant should not be an income tax payer.

Application process

Below is given application process for APY:

1. The applicant can apply for the APY through any of the following channels:

• APY enrolling agencies, which include banks, business correspondents, and micro financial institutions.
• Common Service Centers (CSCs).
• Online through the APY portal.

2. The applicant will need to fill out the APY application form, which can be obtained from the enrolling agency or downloaded from the APY portal.
3. The applicant will need to provide the following documents:

• Identity proof (such as a voter ID card, PAN card, or driving license).
• Address proof (such as a voter ID card, utility bill, or rent agreement).
• Bank account details (such as a bank passbook or bank statement).

4. The applicant will need to make an initial contribution to the APY account, which will depend on the age of the applicant and the pension amount they wish to receive. The contributions can be made through cash, cheque, or electronic transfer.
5. The enrolling agency will verify the documents and the initial contribution, and if everything is in order, will issue a permanent retirement account number (PRAN) to the applicant.
6. The applicant will need to make regular contributions to the APY account, which can be done through auto debit from their bank account or through cash/cheque at the enrolling agency.
7. The applicant can check the status of their APY account through the APY portal or by contacting the enrolling agency.

Atal Pension Yojana Benefits

Here are some of the Atal Pension Yojana Benefits:

1. Guaranteed pension: Under the Atal Pension Yojana (APY), subscribers are guaranteed a fixed pension amount on a monthly basis once they reach the age of 60. The amount of the pension depends on the contributions made by the subscriber and the chosen pension amount.
2. Government contribution: The government also makes a contribution to the subscriber’s APY account, which varies depending on the age at which the subscriber enrolls in the scheme.
3. Tax benefits: Contributions to the APY are eligible for tax deductions under Section 80CCD (1B) of the Income Tax Act, up to a maximum of Rs. 50,000 per year.
4. Portable: The APY account is portable, which means that it can be transferred from one bank or post office to another, if the subscriber changes their place of residence or work.
5. Insurance: In the event of the subscriber’s untimely death, their spouse will continue to receive the pension, and in the event of the death of both the subscriber and their spouse, the nominee will receive the accumulated pension wealth.

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