Taxpayers have 2 more days to join Atal Pension Yojana. Check steps to open account, benefits of scheme

In a notification in August, the Union finance ministry stated that, “Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.”

Published on: Sep 28, 2022, 17:57:47 IST

By HT News Desk, New Delhi

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Income taxpayers who want to subscribe to Atal Pension Yojana (APY)– a Union government-backed scheme for the unorganised sector launched in May 2015 – have two more days to join it. This is as per a Union finance ministry notification, issued in August, which stated that, “Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.”

Here, ‘taxpayer’ means any individual who is liable for tax payment under the Income Tax Act, 1961, as amended from time to time.

Meanwhile, the notification also stated that, "In case a subscriber, who joined on or after 1st October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber."

How to subscribe to Atal Pension Yojana?

Indian citizens aged between 18 and 40 years (including the lower and upper limits) are eligible to join this scheme; this can be done via online or offline mode. Also, it is mandatory to provide spouse details and nomination in the APY account.

(1.) Visit the bank branch where your savings account is held and fill up the registration form.

(2.) Provide necessary details including account number, Aadhaar number, mobile number etc. For enrolment, Aadhaar is the primary Know Your Customer (KYC) document.

(3.) Once APY account is opened, make sure there is required balance in savings account to transfer monthly contribution to the former.

(4.) One person can have only one such account.

Benefits of Atal Pension Yojana

Named after former prime minister Atal Bihari Vajpayee, the scheme provides citizens with monthly income post-retirement or when they are no longer earning. Also, if throughout the contribution period, the actual realised returns on pension contributions are less than the assumed returns for minimum guaranteed pension, the government shall fund the shortfall.

Additionally, in the same scenario, enhanced scheme benefits are passed on to the subscribers.

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HT News Desk
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