Categories: Schemes

New Changes In The Atal Pension Yojana(APY)

The Central government has brought a few changes to the Atal Pension Yojana, which was started with the aim of providing pension facilities to those working in the unorganised sector in 2015. And as a result, the Ministry of Finance has now decided not to allow income taxpayers to apply for the APY scheme. The new order issued by Finance Ministry will come into effect from October 1, 2022. According to the gazette notification issued by the Ministry of Finance on August 10, any citizen who is or has been an income tax payer according to the Income Tax Act will not be eligible to join the Atal Pension Yojana from October 1, 2022.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Atal Pension Yojana Entry Rules:

According to the current Atal Pension Yojana rules, any Indian citizen aged between 18-40 and having a savings account with any bank or post office can apply for the scheme. However, with the new rule in place, income taxpayers won’t be able to participate and invest in the scheme from October 1, 2022.

Benefits:

1)It provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age.

2)The amount of pension is guaranteed for lifetime to the spouse on death of the subscriber.

3)In the event of death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.

Find More News Related to Schemes & Committees

 

Piyush Shukla

Recent Posts

National Mathematics Day 2024: Celebrating Srinivasa Ramanujan

Every year on December 22, India celebrates National Mathematics Day. This date marks the birth…

17 hours ago

Current Affairs Flash 22nd December Based Quiz

In competitive exams like SSC, Defence, State Exams, and Railways, current affairs are crucial. This…

23 hours ago

Ukraine Strikes Russian High-Rises in Kazan: 9/11-like Attack

On Saturday, December 21, 2024, several explosive-laden drones, believed to be part of Ukraine's ongoing…

2 days ago

Which District of Uttar Pradesh is Known as the Moonj City?

Uttar Pradesh, one of India's most populous states, is known for its rich cultural and…

2 days ago

55th GST Council Meeting: Key Highlights and Proposals

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, convened ministers from 28…

2 days ago

24th BIMSTEC Senior Officials Meeting (SOM)

India participated in the 24th BIMSTEC Senior Officials Meeting (SOM), hosted virtually by Thailand on…

2 days ago