- The Atal Pension Yojana Is An Excellent Saving Scheme For Individuals And Offers Ample Benefits At A Time When A Person’s Income-Earning Capacity Is Low. The Savings Made Through This Scheme Enables People To Deal With Rising Cost Of Living And Lead A Dignified Life Even After Retirement. Some Of The Advantages Of APY Are Given Below:
- The Subscribers Can Increase Their Premium As Per Their Choice And Can Look Forward To Huge Monthly Pension Amounts, Ranging Between Rs. 1,000 And Rs. 5,000, By Making Significant Contributions.
- Regular Updates Such As Status Of Contribution Are Provided To The Subscribers Via SMS Alerts And Physical Account Statement.
- The Account Is Portable And Will Be Linked To Bank Account So That The Subscriber Can Operate It From Anywhere In The Country.
- APY Is An Affordable Scheme And Is Available At Ultra-Low Cost And Investment Can Be As Low As Rs. 42 Per Month, Provided The Age At Entry Is 18 Years.
- It Is Regulated By PFRDA With Transparent Investment Norms. The Money Contributions Made By Subscribers Of APY Are Maintained Safely.
- At The Time Of Investment, Individuals Can Claim Income Tax Benefit Of Up To Rs. 1.5 Lakh Under The Section 80C Of The Income Tax Act Of 1961. Moreover, They Can Also Avail Deductions Of Up To Rs. 50,000 Under Section 80CCD (1B).
- Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.
- The benefit of minimum pension would be guaranteed by the GoI.
- GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who
- are not covered by any Statutory Social Security Schemes and is not income tax payer.
- GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The
- benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
- All bank account holders may join APY.
- Re. 1 per month for contribution upto Rs. 100 per month.
- Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
- Re 5 per month for contribution between Rs 501/- to 1000/- per month.
- Rs 10 per month for contribution beyond Rs 1001/- per month.
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
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