Atal Pension Yojana (APY) has been started by the Government of India especially for the employees in the unorganized sector. The Government of India guarantees the pension benefits received under this.
What happen if APY subscriber become Non-citizen: Pension plan is a better option to live life comfortably after retirement. One of these plans is Atal Pension Yojana (APY). Atal Pension Yojana (APY) has been started by the Government of India especially for the employees in the unorganized sector. The Government of India guarantees the pension benefits received under this. This scheme is also operated by PFRDA. Any Indian in the age group of 18 to 40 years can invest in this scheme. In this, a fixed monthly contribution has to be made according to the amount of pension.
APY: What happens to the deposit if you are a non-citizen?
Only Indian citizens can invest in APY. In such a situation, a question is that if someone becomes a non-citizen after opening an account in API, then what will happen to his deposit. According to the FAQ of APY, this scheme is only for Indian citizens. Therefore, if such a subscriber becomes a non-citizen, his APY account will be closed and the total amount of interest earned on his contributions will be refunded after deducting the maintenance charges. Whereas, the amount of government contribution and interest earned on this account will not be given to the subscriber.
Pension is guaranteed
The government guarantees pension after retirement on investing in Atal Pension Yojana (APY). In this, the subscriber can select the amount of pension on the basis of contribution. APY guarantees 1000, 2000, 3000, 4000 or 5000 monthly pension after the age of 60 years. Suppose one starts investing in this scheme at the age of 18, then the minimum monthly investment for guaranteed pension of Rs 1,000 is Rs 42, Rs 84 for 2,000, Rs 126 for Rs 3,000, Rs 168 for Rs 4,000 and Rs 5,000. A contribution of Rs 210 will have to be made for Rs.
APY: When can you withdraw money?
Atal Pension Yojana has a single account. You cannot withdraw the funds invested in Atal Pension Yojana before maturity. However, the account can be closed before the age of 60 years. At the same time, if the subscriber dies, withdrawal can be done before maturity.
Talking about Atal Pension Yojana, according to the notification issued on 19 February 2016, investors in this scheme get the same tax benefit as NPS. Investments in APY can be availed of tax exemption under section 80CCD (1B) of the Income Tax Act. This is different from section 80C of the Income Tax Act.
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