Can I open an Atal Pension Yojana account even if I have an NPS?

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Can I open an Atal Pension Yojana account even if I have an NPS?

Whether an employee of Central/State Government or Public Sector Undertaking and/or a NPS subscriber can subscribe to APY? o Further, an existing NPS subscriber can also subscribe to APY, if he/she meets the basic eligibility criteria, for availing benefits guaranteed by Government of India; under the scheme.

Can EPF holder apply for Atal Pension Yojana?

Can members of the Employees Provident Fund (EPF) enroll for the Atal Pension Yojana scheme? Yes, Employees Provident Fund (EPF) Subscribers are also eligible to enrol for the Atal Pension Yojana scheme.

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How can I deactivate my Atal Pension Yojana account?

Steps to exit from the APY scheme

  1. You must visit the bank where the Atal Pension Yojana account is held.
  2. The closure form must be filled and submitted.
  3. Once the form is submitted, you must wait for all the procedures to be completed.

How can I apply for Atal Pension Yojana scheme?

Steps to enroll for Atal Pension Yojana (APY)

  1. Login to ICICIBank.com.
  2. Click on Customer Service.
  3. Click ‘Service Request’
  4. Click on “Enroll for Atal Pension Yojana” from “Bank Accounts” section.
  5. Fill-in all the required details.
  6. The Atal Pension Yojana Account will be activated within 1 working day.

Does Atal Pension Yojana has tax exemption?

A subscriber of the Atal Pension Yojana account can enjoy tax benefits, including the additional deduction of Rs. 50,000 under Section 80CCD (1) of the Income Tax Act. The savings earned through this scheme are exempted from tax. These savings are henceforth exempted from being taxed.

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Who can apply for Atal Pension Yojana (APY)?

An individual can register for Atal Pension Yojana (APY) even though his/ her employer is providing Provident Fund facilities. Atal Pension Yojana (APY) is open to all Indian Citizens with a valid savings bank account. Any individual who is between the age group of 18 to 40 is eligible to enroll under APY.

What is the minimum amount required for APY?

The APY is open to all citizens of India between the ages of 18 and 40 years. The subscriber must have a savings bank account. The APY guarantees a minimum pension amount of between Rs. 1,000 and Rs. 5,000 per month after the age of 60. However, the amount depends on the contribution by the subscriber.

What is the maximum amount I can invest in Atal Pension?

You can get a fixed pension ranging from Rs.1000 to a maximum of Rs. 5000/month by investing through this scheme. The eligible age to join the Atal Pension Yojana is 18 years and up to 40 years. You will start receiving your pension from the age of 60. Hence, the minimum period of contribution will be 20 years.

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What is the acknowledgement section in Atal Pension Scheme form?

The Atal Pension Scheme form also contains an acknowledgment section by the name “Acknowledgement-Subscriber Registration for Atal Pension Yojana (APY)”, which has to be filled in the respective bank. The applicants do not have to fill this section. The bank will give you back the receipt of acknowledgment once your application gets processed.