APY: A scheme offering a monthly pension of ₹5,000 – if you also want to register, check out these important updates..

If you're considering registering for the Atal Pension Yojana (APY), which offers a monthly pension of ₹5,000, here's a major update for you. The government has made a significant change to this scheme. In fact, the government has introduced a new subscriber registration form for the APY. This form became effective on October 1st.

Now, only the new form will be accepted for registration. This information has been provided in an official notification issued by the Postal Department. This change has been made in accordance with the guidelines of the Pension Fund Regulatory and Development Authority (PFRDA) to make the system more transparent and prevent fraudulent registrations.

These are the three new changes:
1. FATCA/CRS declaration mandatory
The new form now requires a FATCA/CRS declaration to ensure that the applicant is not a foreign national or tax resident.

2. Only Indian residents will be able to open an account.

Now, only Indian citizens will be able to register for the Atal Pension Yojana through the post office, as these accounts are linked to postal savings accounts.

3. Forms Now According to Protean (NSDL)

The new form has been developed to meet the requirements of Protean eGov (NSDL) to make the registration process easy, transparent, and digitally integrated.

What is the Atal Pension Yojana?
The Atal Pension Yojana is available for Indians who are not subject to income tax. Under this scheme, contributions are required until the age of 60, and pensions begin after 60. Under APY, pensions range from ₹1,000 to ₹5,000. The amount of pension you receive depends on your total contribution. If you're between 18 and 40 years old and not a taxpayer, you can also register under this scheme.

How much contribution do you need to make each month?
If you're eligible for this scheme, you'll likely have this question: how much money will you need to invest each month? This depends on two factors: first, your age at which you join, and second, how much pension you expect after age 60. Suppose you're 18 and want a monthly pension of ₹5,000 after age 60. For this, you might need to invest anywhere from ₹210 to approximately ₹1,454 per month. Your premium depends on your age. The earlier you start contributing, the lower the premium.

What if something happens to the investor?
If the investor dies after age 60, their spouse will receive the same pension for life. If both the investor and their spouse die, the entire corpus deposited in the plan is returned to their nominee in one lump sum.

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