Atal Pension Yojana Scheme is one of the social security schemes introduced by the Central Government of India. The purpose of this scheme is to provide pension to the workers in the unorganized sector.
This one the alternative for pensioner to get pension after retirement from private company. Generally for Government employees get pension after retirement. This will make life smooth after their retirement.
But, workers in the unorganized sector do not have any such facilities. The central government has brought the Atal Pension Yojana (APY) scheme with the intention of getting pension for them after the age of 60.
This is one of the three social security schemes announced by the central government in the 2015 budget. After the age of 60, the subscriber will receive a fixed amount in the form of pension every month according to their investments. So far 5.2 crore above people have registered under this scheme. Let's focus and know Atal Pension Yojana scheme full details and benefits one by one.
Who is eligible FOR Atal Pension Yojana Scheme?
- People between the age of 18 to 40 years can join this scheme.
- Those who intend to invest in this pension scheme must have a savings account either in a post office or in any public sector bank.
- For this the bank account needs to be linked with Aadhaar.
- After 40 years there is no eligibility to join this scheme.
- Those who come under National Pension Scheme are not eligible for this scheme.
- Income tax payers are not eligible to invest in APY.
Atal pension Yojana How much to pay ?
For APY monthly contribution amount to be paid in this pension scheme varies according to their age. The amount of pension is from Rs.1000 (One thousand) to Rs.5,000 (Five thousand). Payments will be made accordingly.
Those who join at the age of 18 will have to contribute under this scheme till they reach the age of 60 i.e. 42 years.
Those who join the pension scheme at the age of 18 will have to pay from Rs.42 to a maximum of Rs.210. If you join at the age of 40, you have to contribute for 20 years. Subscriber have to pay from Rs.291 to Rs.1,454.
Atal pension Yojana monthly pension amount?
Atal pension Yojana benefits after 60 years: Members who have joined the Atal Pension Yojana scheme will get a fixed monthly pension after the age of 60 years commensurate with their contribution.
Depending on the monthly contribution, Rs.1000, Rs.2000, Rs.3000, Rs.4000, up to a maximum of Rs.5000 pension will be received.
For example if you want to get a pension of Rs.5000 every month after the age of 60. If your age is 18 years then you have to contribute Rs.210 per month till you reach the age of 60. If you join this scheme after reaching the age of 40, you have to invest Rs.1454 per month for 20 years.
Auto Debit for Atal pension Yojana contribution amount
Members enrolled under this scheme can link their bank account with the contribution account and give permission to the bank for monthly direct debit.
For this, they have to maintain an appropriate balance in their bank account every month. In other words subscriber have to pay a penalty if they not maintained sufficient balance.
How to increase Atal pension Yojana amount Contribution?
There is also the flexibility to increase the contribution for those who wish to increase the pension amount in the future, even if they have paid less at the time of entry into the scheme. Also there is an option to reduce even if you want to reduce. This type of scheme is available only once a year.
How to register for Atal pension Yojana?
- All nationalized banks offer this scheme. Through these you can open an APY account.
- Atal pension yojana application form has to be submitted to the bank to open this account. These can be collected online or by visiting the bank.
- Include all the details asked in it and provide it in the bank.
- Once your application is received you will receive a message on your mobile.
How to apply for Atal pension Yojana Online?
- Atal pension yojana scheme online application: APY can be started online as well. For this visit the website 'enps.nsdl.com'.
- On the right side, there is an option of 'Atal Pension Yojana'. Click on it.
- A dialog box will open immediately. Once you click on 'APY REGISTEATION', the application form will open.
- After entering all the details asked in it, the account will be opened.
Atal pension Yojana withdrawal
If you have to leave, you can voluntarily withdraw from the pension scheme before the age of 60 years. However, only the remaining amount will be paid after deducting the applicable charges on the returns received on the amount contributed so far.
How to cancel Atal pension yojana scheme online?
If the policy holder falls ill, he can exit the scheme. This option is available only for certain diseases and under certain circumstances. If the eligible person wants to opt out of the pension scheme due to a specified illness as per the government rules, the contribution made by the eligible person and the government contribution along with the interest due on it will be paid.
Atal pension Yojana death benefits
- In cases of death, if the policy holder dies before the age of 60, the APY account of the person will continue. But, this option is available only to the spouse.
- The account can be continued in the name of the spouse till the age of the deceased subscriber exceeds 60 years.
- Pension can be availed from the age limit till death.
- If the same wants to close the account, APY account taker pays a lump sum including interest earned on the investment made to the partner.
- If the deceased is unmarried, legally separated from the spouse or dies, these benefits will be given to the nominee.
Penalty and Atal pension Yojana rules
Sometimes contribution may be delayed due to unforeseen circumstances. In such cases there is a fine. Those who pay Rs.100 per month will have to pay a penalty of Rs.1 only.
Also, those who pay Rs.101 to Rs.500 per month should pay two rupees, those who pay Rs.501 to Rs.1000 should pay five rupees, and those who pay more than Rs.1000 should pay ten rupees.
If they do not pay their share for six consecutive months, their finance account will be frozen. Similarly, if the account is not paid for 12 months, the account will be deactivated.
After 24 months, however, the account is closed and the accumulated amount is given to the subscriber.
Final words: For a pension of Rs.5000 a person who joins the scheme at the age of 18 years only needs to contribute Rs.210 per month.
If you start at the age of 40, you will have to pay Rs.1,454 per month. That is why it is better to join this scheme at an early age.
Download Atal Pension Yojana Scheme details and Chart in PDF
