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Atal Pension Yojana: Are you eligible? Find out!

Atal Pension Yojana (APY) is a pension system for Indian citizens, focusing on workers in the unorganized sector. Under this system, a minimum guaranteed pension of 1,000 rupees or 2,000 rupees or 3,000 rupees or 4,000 rupees or 5,000 rupees per month is paid at the age of 60, depending on the contribution amount of the participants.

According to the information provided by India Post, any Indian citizen can participate in the APY scheme. However, there are other social security beneficiaries who are not eligible for government co-contribution under APY.

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If you want to register for a scheme, here’s everything you need to know:

Who can register for APY?

(I) The age of the subscriber must be 18-40 years.

(Ii) He / she must have a savings account / postal savings bank account.

Applicants may provide their Aadhaar and mobile phone number to the bank at the time of registration to facilitate the receipt of regular updates to their APY account. However, Aadhaar is not required for registration.

Who are the beneficiaries of other social security schemes that are not eligible for government co-sponsorship under APY?

Beneficiaries covered by the statutory social security system are not eligible for government co-contribution under APY. For example, members of the social security system under the following legislation are not eligible for joint government contributions under APY.

(I) Employee Provident Fund and other provisions, 1952.

(Ii) The 1948 Coal Mine Provident Fund and other supply laws.

(Iii) Assam Tea Farm Provident Fund and other provisions, 1955.

(Iv) The Provident Fund Act for Seafarers in 1966.

(V) Jammu and Kashmir Employee Provident Fund and Other Provision Acts, 1961.

(Vi) Other statutory social security systems.



Atal Pension Yojana: Are you eligible? Find out!

https://www.zeebiz.com/personal-finance/news-atal-pension-yojana-are-you-eligible-find-out-169267 Atal Pension Yojana: Are you eligible? Find out!

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