File before 31st Oct to get assured rewards worth. Should make contributions for a minimum of 20 years. The Government would also make a co-contribution of 50% of the total contribution, or Rs. However, if the contributor dies before completing 60 years of age, the spouse is also given an option to either exit the scheme and claim the corpus or continue the scheme for the balance period. A: The Atal Pension Yojana scheme is passed by the Parliament of India in the budget session. As per the investment pattern laid down by the government of India, the collected amount under the scheme is to be managed by the Pension Funds Regulatory Authority of India (“PFRDA”). Eligibility Criteria for the Atal Pension Yojana, section 80CCD(1B) of the Income Tax Act 1961. The contributor’s spouse can claim the pension upon the contributor’s death and upon the death of both the contributor and his/her spouse, the nominee will be given the accumulated corpus. You can take this pension plan from any bank present across India. Those citizens who going to join the National Pension System must not be a taxpayer as well. The objective of this yojana is very clear that Government of India wants to facilitate the old People after 60 year of age with a Pension Scheme. Will the scheme be changed when the government changes? Only in cases like death or terminal illness, the subscriber, or his/her nominee will receive the entire amount back. Atal Pension Yojana was one of the good initiatives to provide best exposure at the last stage. Under Atal Pension Yojana, Citizen of India will get a definite portion of the pension like Rs/- 1000, Rs/- 2000, Rs/- 3000, Rs/- 4000, and Rs/- 5000 depending on their contribution after the age of 60 Years. The applicant must be the citizen of India. This is because the minimum contribution period is 20 years. Atal Pension Yojana / APY scheme aims to provide pension benefits and social security to the people working in unorganized sector with a minimum contribution per month. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. In the event that you close the scheme before the age of 60 for any other reason, only your contribution plus interest earned will be returned. From the year 2018, the maximum limit for the tax deduction was set to Rs.50000 under section 80CCD(1B). With the successful implementation of Pradhan Mantri Jan Dhan Yojana and embracing a huge population to avail the banking benefits with opening a zero balance account with the continuation of Jan Dhan Yojana, a National Pension Scheme (NPS) which is known as Atal Pension Yojana (“APY”) was affected and passed in the Union Budget of 2015-16 by our honorable Finance Minister Mr Arun Jaitley. You can do it yourself by uploading form-16. Must have a bank account linked with your Aadhar, This page is best viewed in Chrome, Firefox or IE 11. Any citizen of India can enroll their name with this decisive steps of Atal Pension Yojana. The Atal Pension Yojana main vision is clear that they will provide pension at old age. 18 years is the minimum age of entry for this pension plan. The central government will be a co-contributor and it will contribute 50% of the total yearly contribution or Rs.1000 whichever is lower for a period of 5 years. A: You will receive an SMS alert on your registered mobile number, informing you when the pension scheme is activated. Let’s explore the benefits of this pension plan and see how it can help low-income groups to accumulate funds for the future. The following table tells you how much you need to contribute per annum based on your age and pension plan. 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