New Delhi: In today’s era, careful financial planning is required to maintain economic balance. While investing, you should be aware of each of the pros and cons of the scheme. You should even be aware of the changes in the rules and regulations that happen from time to time. Here are the changes made by the government in Atal Pension Yojana.
The rules of investment in Atal Pension Yojana are going to change. The new rules of Atal Pension Yojana will come into effect from October 1. Under the new change, taxpayers will not be able to join this scheme from October 1, 2022. The Finance Ministry has issued a notification related to this. ,Also read: To get 9 thousand rupees per month, invest in this government scheme; see details here,
According to the current rules, if you are an Indian citizen and your age is between 18-40 years and you have a savings account in any 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: Make Rs 100 daily in PPF, get Rs 25 lakh at the time of retirement; see details here,
In this regard, personal finance expert Pankaj Mathpal says that if you have invested in Atal Pension Yojana, then 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.
The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). You can open an APY account in any bank for this 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, money will be deposited and you will get pension.
Documents related to Atal Pension Yojana include bank and savings account information as well as an APY registration form, Aadhaar/mobile number and savings account balance details. Under this scheme of the central government, pension is given from Rs 1,000 to Rs 5,000.