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Atal Pension Yojana: Big blow to taxpayers! What will change from October 1; check here
According to the current rules, if you are an Indian citizen and you are between 18-40 years of age and you have a savings account with a bank or post office, then you can apply for APY. But what will happen to the old subscriber after the new rule is implemented?
Highlights
- The new rules will be implemented from October 1.
- The age limit for this scheme is from 18 years to 40 years.
- Under this scheme, a pension of Rs 1,000 to Rs 5,000 is given.
New Delhi: Maintaining an economical balance in today's era calls for careful financial planning. While investing, you have to be aware of each and every pro and con of the plan. Even you have to also aware of changes in rules and regulations that occur from time to time. Here's the change made by the government in Atal Pension Yojana.
The rules of investment in Atal Pension Yojana are going to change. The new rules of the Atal Pension Yojana will be implemented from October 1. Under the new change, taxpayers will not be able to join the scheme from October 1, 2022. The Finance Ministry has issued a notification related to this. (Also Read: Invest in THIS government scheme to get Rs 9 thousand per month; check details here)
According to the current rules, if you are an Indian citizen and you are between 18-40 years of age and you have a savings account with a bank or post office, then you can apply for APY. But what will happen to the old subscriber after the new rule is implemented? (Also Read: Public Provident Fund: Invest Rs 100 per day in PPF, get Rs 25 lakh at the time of retirement; Check details here)
Regarding this, personal finance expert Pankaj Mathpal says that if you have invested in Atal Pension Yojana, the new rule will not affect you. Even if you are already a taxpayer. Those who opened the account before October 1 will continue to get the benefit of the scheme.
This scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). You can open an APY account in any bank for the scheme. Your money is deducted from that bank account through auto debit. Atal Pension Yojana (APY) is a good scheme for Indian workers in the unorganized sector.
Under APY, a minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or 5,000 is guaranteed. According to which you give consent to the bank, the money will be deposited and you will get a pension.
The documents related to Atal Pension Yojana include bank and savings account information as well as an APY registration form, Aadhaar / mobile number, and balance details in a savings account. Under this scheme of the central government, a pension of Rs 1,000 to Rs 5,000 is given.