Atal Pension Yojana (APY) 2023: How to apply? Eligibility, Benefits, age criteria, and other details here
Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS). A subscriber would receive a minimum guaranteed pension of Rs1000 to ₹5000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.
The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee. Any Indian citizen between the ages of 18 and 40 years can enroll in Atal Pension Yojana.
The contributions need to be made by the enrolled member at least for 20 years. The pension returns are given after the subscriber turns 60.
Earlier, in August 2022, the Finance Ministry in its notification said, "Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY." A taxpayer shall mean a person who is liable to pay income tax in accordance with the Income Tax Act, 1961, as amended from time to time. Further, in the notification, the ministry said, "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." Milestone Alert!
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