Atal pension drive in Palakkad postal division

The Palakkad postal division has begun a 12-day special drive to promote Atal Pension Yojana (APY) scheme. The drive aims to popularise the pension scheme APY through post offices under Palakkad division. It will continue until December 13.

APY is a government-backed pension scheme offering a secure retirement income to the people. Those between the age group of 18 and 40 years of age are eligible for this scheme.

APY offers a guaranteed monthly pension of ₹1,000 to ₹5,000 depending on the contribution amount. Contribution starts from as low as ₹42 per month for an 18-year-old subscriber opting for a pension of ₹1,000 per month.

Contributions to APY are eligible for tax benefits under Section 80 CCD of Income Tax Act. In the event of a subscriber’s death, the spouse is entitled to receive the pension, and in absence of a spouse, the nominee receives the accumulated pension corpus.

Published - December 03, 2024 08:26 pm IST