The Atal Pension Yojana (APY, or Atal’s Pension Plan), which used to be called Swavalamban Yojana (SY, which means: In India, the Self-Support Scheme is a pension plan supported by the government that focuses primarily on the unorganized sector. It was mentioned by Finance Minister Arun Jaitley in his Budget Speech for 2015. It was sent off by Head of the state Narendra Modi on 9 May 2015 in Kolkata.
The Indian government supported the Swavalamban Yojana, a pension plan for the unorganized sector. It was available to anyone who joined the National Pension Scheme (NPS), which was run by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013. The Finance Minister announced the plan in Budget 2010–11. Grants from the Indian government helped pay for it.
- 1 Atal Pension Scheme 2023
- 2 Atal Pension Yojana 2023 Overview
- 3 Atal Pension Yojana 2023 Retirement Amount
- 4 Key points of the Atal Pension Yojana 2023
- 5 Objective of Atal Pension Yojana 2023
- 6 Eligibility for PM Atal Pension Scheme 2023
- 7 Required Documents For APY
- 8 Income Tax benefits under Atal Pension Yojana
- 9 Atal Pension Scheme 2023 Chart
- 10 Benefits of Atal Pension Yojana 2023
- 11 How to apply for Atal Pension Yojana 2023?
- 12 FAQs about Atal Pension Yojana (APY)
- 12.1 What is Atal Pension Yojana?
- 12.2 What is the eligibility of Atal Pension Yojana?
- 12.3 What are the documents required for take advantage of Atal Pension Yojana?
- 12.4 Which is the official website of NSDL?
- 12.5 What is the full form of PRAN and PPAN?
- 12.6 How to close Atal Pension Yojana (APY) prematurely?
Atal Pension Scheme 2023
Atal Pension Yojana has taken its place. Under this plan, all employees under the age of 40 are eligible for a pension of up to Rs5,000 (US$63) per month when they turn 60. The scheme was given the name of Atal Bihari Vajpayee, the former Indian prime minister.
The government announced that it would co-contribute 50% of the total contribution or 1,000 (US$13) per year, whichever is lower, to each eligible subscriber account for a period of five years in order to encourage people to enroll in this program and expand its scope. This co-contribution was only available to subscribers who had signed up for APY between 1 June 2015 and 31 March 2016, had no taxable income, and were not members of any social security programs.
Atal Pension Yojana 2023 Overview
Atal Pension Yojana (APY) members must be at least 18 years old to be eligible to join, and the maximum age is 40. A person who was enrolled would begin receiving their pension when they turned 60. As a result, the subscriber’s minimum contribution period under APY would be at least 20 years. To prevent entitlement-related disputes in the long run, the primary “know your customer” document for identifying beneficiaries, spouses, and nominees is the national Aadhaar ID number. A copy of one’s bank passbook or ration card can be used as proof of address.
Atal Pension Yojana 2023 Retirement Amount
In Atal Pension Scheme, Subscribers must select a pension that ranges from Rs. 1,000 to Rs. 5,000 per month and ensure regular contribution payment (monthly, quarterly, or half-yearly). Depending on the available monthly pension amounts, subscribers can choose to reduce or increase their pension during the accumulation phase. However, the chance to switch only comes around once a year, in April.
Key points of the Atal Pension Yojana 2023
Atal Pension Yojana was launched by PM Narendra Modi on June 1, 2015. Under this scheme, after age of 60 years of the beneficiaries, an amount ranging from Rs 1000 to Rs 5000 is given to the investor every month as pension. Candidates who apply for Atal Pension Yojana at the age of 18 years have to deposit a premium amount of Rs 210 every month. And candidates who register at the age of 40 years. They have to pay a premium amount of Rs 297 to Rs 1454 every month.
|Scheme name||Atal Pension Yojana|
|Launch by||Central Government|
|Purpose||To provide pension for economically weak people|
Objective of Atal Pension Yojana 2023
The objective of Atal Pension Yojana is to provide financial assistance to the old people of the country, for which they will be provided pension every month.
Eligibility for PM Atal Pension Scheme 2023
- Beneficiary should be a permanent resident of India.
- It is necessary for the beneficiaries to have a bank account.
- Age of the applicant must be between 18 to 40 years.
- Applicant’s bank account must be linked with Aadhaar card.
- Beneficiaries can apply for Atal Pension Yojana for free.
Required Documents For APY
To take advantage of Atal Pension Scheme 2023, candidates have to maintain some documents in advance. Information about all those documents is given below.
- Aadhar Card
- Mobile number
- Permanent address certificate
- Bank account
- Passport size photo
Income Tax benefits under Atal Pension Yojana
If you invest in Atal Pension Yojana, then you will be provided with tax benefits. This tax benefit will be provided under section 80 CCD (1B) of the Income Tax Act. Under Section 80 CCD (1B), an income tax deduction of ₹ 50000 will be provided to the investor.
Atal Pension Scheme 2023 Chart
|Age of entry||Years of contribution||First Monthly pension of Rs.1000/-||Second Monthly pension of Rs.2000/-||Third Monthly pension of Rs.3000/-||Fourth Monthly pension of Rs.4000/-||Fifth Monthly pension of Rs.5000/-|
Benefits of Atal Pension Yojana 2023
The benefits of Atal Pension Yojana is being given below in the article. Read the list below to provide all the benefits related information.
- Under Atal Pension Yojana, all the beneficiaries will be given pension from 1000 to to 5000 after completing 60 years of age.
- Under Atal Pension Scheme, Pension amount will be determined on the basis of premium paid by the beneficiary.
- Through the Atal Pension Scheme, pension is provided every month to the old citizens of the country.
- Candidates who have applied under Atal Pension Scheme and die, in this case the benefit of this scheme will be provided to the family of the candidate.
- There will also be tax exemption under Atal Pension Yojana under Section 80 of the Income Tax Act.
- You can also take advantage of the Atal Pension Scheme through the mobile app.
- Candidates can also download the Atal Pension Scheme Online Application Form.
How to apply for Atal Pension Yojana 2023?
- For Atal Pension Yojana, They should first open their savings account in National Bank.
- After that fill all the information asked in the application form like Aadhaar card, mobile number etc.
- After filling the application form, submit it to the bank manager.
- After this, all your letters will be verified by bank authority and your account will be opened under Atal Pension Yojana.
FAQs about Atal Pension Yojana (APY)
What is Atal Pension Yojana?
Atal Pension Yojana is a pension scheme launched by the PM Narendra Modi on 1 June 2015.
What is the eligibility of Atal Pension Yojana?
People have to age group of 18 to 40 years can apply for this scheme. You have to pay the premium till the age of 60 years, after that you are given a pension of 1000 to 5000 per month.
What are the documents required for take advantage of Atal Pension Yojana?
Bank account details, passport size photo, Aadhaar card, labor certificate, domicile certificate, income certificate etc.
Which is the official website of NSDL?
Official website of NSDL is npscra.nsdl.co.in.
What is the full form of PRAN and PPAN?
PRAN :- Permanent Retirement Account Number PPAN :- Permanent Pension Account Number
How to close Atal Pension Yojana (APY) prematurely?
If you want, you can close APY even before maturity.