Atal Pension Yojana

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Quick Summary

About the Scheme

High-Value Insider Info: Penalties & Hidden Exclusions

• The Income Tax Payer Rule (Crucial): If you are an income tax payer (or have ever filed income tax), you are legally banned from joining APY as of October 1, 2022. If you hide this and join, your account will eventually be audited, closed, and you will lose all government co-contributions.
• Exact Penalty Charges: Contributions are auto-debited from your bank. If your account is empty, the bank charges a penalty: ₹1 per month (for contribution up to ₹100). ₹2 per month (for contribution ₹101 to ₹500). * ₹5 per month (for contribution ₹501 to ₹1000).
• The Exit Trap: If you need money urgently and decide to voluntarily exit the scheme before age 60 (which is very difficult unless you have a terminal illness), the government will return your money, but you completely forfeit the government's co-contribution and the interest earned on it.

Eligibility Criteria

• Must be an Indian citizen.
• Age must be between 18 and 40 years.
• Must have an active savings bank account.
• Must NOT be an income tax payer.

Exact Navigation Path: How to Apply

1. You can apply through net banking if your bank provides the facility (e.g., SBI Yono, HDFC NetBanking).
2. Look for the "Social Security Schemes" or "Government Schemes" tab.
3. Select "Atal Pension Yojana", choose your desired pension amount (₹1k to ₹5k), and set the auto-debit frequency (monthly, quarterly, half-yearly).
4. Alternatively, visit your bank branch and fill out the physical APY registration form.

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