Which of the following statements is/are correct regarding changes to Atal Pension Yojana Scheme (APY) done in 2022?
A. According to the new criteria, any citizen who is or has been an income-tax payer, shall not be eligible to join APY after 1 October 2022.
B. Subscribers would receive the guaranteed minimum monthly pension of ₹1,000 or ₹2,000 or ₹3,000 or ₹4,000 or ₹5,000 at the age of 80 years.
C. As per the new rules, subscribers can make contributions to APY on a monthly basis only.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. A only
- As per the guidelines of the Finance Minstry, income taxpayers will not be eligible to join Atal Pension Yojana (APY) scheme from October 1, 2022.
- APY is a scheme focused on Indian citizens, especially the poor, the under-privileged and the workers in the unorganised sector.
- APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.
- The scheme offers a guaranteed minimum pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000, and ₹5,000 per month at the age of 60 years.
- However, the minimum guaranteed pension depends upon the contributions of the subscribers.