INSUBCONTINENT EXCLUSIVE:
Opening an Atal Pension Yojana account requires one to hold a savings account in a bank or a post office.The government on Friday said the
number of Atal Pension Yojana (APY) subscribers, targeted at the unorganised sector, has crossed 1.24 crore mark with 27 lakh new
subscribers joining in the current financial year, reported news agency IANS
"The subscriber base under APY has crossed 1.24 crore mark More than 27 lakh new subscribers have joined the scheme during the current
2018-19," the Ministry of Finance said in a statement
One can invest in the Atal pension scheme to earn a fixed pension of Rs
5,000 per month, according to PFRDA's website - pfrda.org.in.Here are five things to know about Atal Pension Yojana (APY):1
Age: The minimum age to invest in Atal Pension Yojana is 18 years and the maximum age is 40 years
The pension is payable at the age of 60 years.2
Amount: The scheme's contributions can vary from Rs
210 per month, depending on the age of entry and the pension slab chosen by the investor
Rs 1,000 and Rs 5,000 respectively
Tax Benefits: Contributions paid in Atal Pension Yojana can be claimed for income tax deduction up to Rs
50,000 under Section 80CCD (1B) of the Income Tax Act, over and above the Rs
1.5 lakh per financial year allowed under Section 80C.4
Eligibility/Exit: Opening an Atal Pension Yojana account requires the applicant to hold a savings account either with a bank or a post
Atal pension scheme subscribers are allowed premature exit before the age of 60 years "only in exceptional circumstances, i.e., in the event
of the death/ terminal disease", said PFRDA.5
Other benefits: However, one is guaranteed a minimum monthly pension between Rs 1000-5000 and to the spouse after death of the subscriber,
said PFRDA on its website, pfrda.org.in
In case of death of both, the entire corpus is returned to the nominees.
