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The Government of India (GoI) has announced a new scheme called Atal Pension Yojana (APY) in 2015-16 Budget. The APY is focussed on all citizens in the unorganized sector workers.
The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS (National Pension System) architecture.
Kotak Mahindra Bank Ltd. is registered with PFRDA to provide Atal Pension Yojana.
|Exit and Pension Payment|
|Before 60 Years||No withdrawal permitted except in the event of terminal disease or death of subscriber|
|After 60 Years||Pension amount as selected by the subscriber|
|In event of death of subscriber||Before 60 years - Entire corpus to be returned to the Spouse/Nominee|
After 60 years - Spouse will continue to draw monthly pension while Nominee will receive corpus amount in case of death of both subscriber and spous
|Penalty Amount||Monthly Contribution|
|Rs. 1||Upto Rs. 100|
|Rs. 2||Rs. 101 to Rs. 500|
|Rs. 5||Rs. 501 to Rs. 1000|
|Rs. 10||Greater than Rs. 1001|
|Discontinuation of Payment will lead to|
|After 6 months||Frozen|
|After 12 months||Closed|
|Age of Entry||Years of Contribution||Monthly pension of Rs. 1000.||Monthly pension of Rs. 2000.||Monthly pension of Rs. 3000.||Monthly pension of Rs. 4000.||Monthly pension of Rs. 5000.|
For more details refer FAQ's.
Contributions made by an individual under Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961. Maximum deduction allowed under section 80CCD(1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act. An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961. These deductions are subject to the fulfillment of the conditions mentioned in the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. This is not a legal advice or tax advice and users are further advised to consult their tax advisors before making any decision or taking any action
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For FAQs please click here