Quick Summary
The central government has amended the Atal Pension Yojana investment rules, which will become applicable from 1st October 2022. In the changed Atal Pension Yojana rules, an income tax payer will not be eligible to open Atal Pension Yojana account from 1st October 2022. In case, an investor who is an income tax payer, joins APY scheme on or after 1st October 2022, his or her APY account will be liable to be closed. The Department of Financial Services under the Ministry of Finance has issued not
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FAQ :
The new rules for the Atal Pension Yojana (APY) scheme become effective from October 1st, 2022.
Individuals who are, or have been, income tax payers are no longer eligible to join the Atal Pension Yojana (APY) scheme.
If an income tax payer joins the APY scheme on or after October 1st, 2022, their APY account will be closed.
An 'income-tax payer' is defined as a person who is liable to pay income tax according to the Income Tax Act, 1961.
If an APY account is closed because the subscriber was found to be an income tax payer, they will receive the accumulated pension wealth up to that date.
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