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    APY & NPS

    Uploaded by

    amolkumarf

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    © All Rights Reserved
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    APY & NPS

    Uploaded by

    amolkumarf
    3 views4 pages

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    Copyright:

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    3 views4 pages

    APY & NPS

    Uploaded by

    amolkumarf

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    ATAL PENSION YOJNA (APY)

     Atal Pension Yojana (APY), a pension scheme for citizens of India, is


    focused on the unorganised sector workers.
     Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/-
    or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60
    years depending on the contributions by the subscribers
     The scheme is administered by Pension Fund Regulatory &
    Development Authority (PFRDA).

    Eligibility
     Any Citizen of India can join APY scheme.
     NRI is also eligible to open APY Account
     The age of the subscriber should be between 18 - 40 years.
     He should have a savings bank account/ post office savings bank
    account.

    Mode of contribution to the APY account.


     The contributions can be made at monthly / quarterly / half yearly
    intervals through auto- debit facility from savings bank account savings
    bank account of the subscriber.

    Tax Benefit
     Contribution to APY is tax exempt under 80CCD

    Quiz G
    More About Atal Pension Yojana

     from 1st October,2022, any citizen who is or has been an income-tax


    payer, shall not be eligible to join APY.
     Mandatory to provide nominee details in APY account.
     The PRAN numbers for APY & NPS are different.
     A subscriber can opt to decrease or increase the pension amount during
    the course of accumulation phase, Once in a financial year.
     Chat bot for APY: - KYNA
     Voluntary exit under APY before 60 years of age is permitted.
     For each delayed monthly contribution, the Banks are required to collect
    Rs.1 of every Rs.100 contributions, or part thereof, per month
     After the subscriber’s demise, the spouse of the subscriber shall be
    entitled to receive the same pension amount as that of the subscriber
    until the death of the spouse.
     After the demise of both the subscriber and the spouse, the nominee of
    the subscriber shall be entitled to receive the pension wealth, as
    accumulated till age 60 of the subscriber.

    Discontinuation of payments of contribution amount shall lead


    to following:
     After 6 months’ account will be frozen.
     After 12 months’ account will be deactivated.
     After 24 months’ account will be closed.

    Quiz G
    National Pension System
     NPS is one of the lowest cost pension schemes in the world.
     National Pension System is a voluntary defined contribution retirement
    Saving scheme.

    Eligibility
     A resident citizen of India.
     Should be aged between 18 - 70 years.
     Subscriber Should comply with prescribed Know Your Customer norms.

    Benefit
     NPS offers exclusive Tax benefit for investment up to Rs.50000 under
    sec 80CCD(1B).
     It offers two accounts: Tier i and tier ii.
     Tier-I is the Individual Pension Account, which is the default pension
    account having all the tax incentives under Income Tax Act.
     Tier-II is an optional investment account available to a subscriber having
    an active Tier-I account. This account has no withdrawal restrictions and
    tax benefits. Tier-II is not a Pension Account.

    A Subscriber claim for 100% Withdrawal in case of Superannuation

    In case of Superannuation,
    A Subscriber can claim 100% Withdrawal if the total accumulated corpus is less
    than Rs. 5 Lakh at the time of Superannuation/attaining age of 60 years.

    Quiz G
    Minimum Contributions

    Tier I:

     Minimum amount per contribution - Rs.500


     Minimum contribution per Financial Year - Rs.1000
     Minimum number of contributions in a Financial Year – one

    Tier II:

     Minimum amount per contribution - Rs.250


     Minimum Initial deposit: - 1000
     No minimum balance required

    Quiz G

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