Atal Pension Yojana Scheme – APY

Atal Pension Yojana Details:

Atal Pension Yojana/Swavalamban Yojana is Indian Government based pension scheme for the people who are working under unorganized sector. This special pension scheme was introduced to encourage individuals from weaker section to opt the pension that benefits them at time of old age

Under this scheme, subscribers will receive the fixed pensions after the age of 60 years. By depending on their contribution amount the scheme guarantees a minimum pension of Rs 1000, 2000, 3000, 4000 and 5000. You can also close this APY account at any time. Till now 5 million accounts will open under Atal Pension Yojana.

Who will back of the Atal Pension Yojana?

This Atal Pension Yojana is administrated by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension Scheme. This pension scheme helps the weaker section to save up their old age and get guaranteed monthly pension amount

How Atal Pension Yojana helpful?

This Atal pension amount provides monthly income when the people are no longer earnings. By using this scheme the applicants can assure monthly income ensures a dignified life in old age.

Who can invest this Atal Pension Yojana?

  • Any Indian citizen can join this APY scheme
  • But the age of applicant should be between 18 to 40 years
  • He/she should have savings bank account
  • The minimum contribution period is 20 years

Non-eligibility rules for Atal Pension scheme:

The individuals who enjoying below mentioned statutory social schemes they are eligible:

  • EPF scheme
  • Assam Tea Plantation PF scheme
  • J&K PF scheme
  • Coals mines PF security cover
  • Seamen’s PF act
  • And other statutory social security schemes

atal pension yojana

Is there any penalty charge for Atal Pension Yojana?

Yes, the Atal Pension Yojana account holders who enrolled for the scheme must need to maintain the sufficient balance every month. If they do not maintain the sufficient balance they will have to pay monthly fine

As well as the banks required to collect the additional amount for delay of payments also amount will differ from Rs 1 to 10 per month

Contribution amount Penalty amount
Rs 100 Rs 1 every month
Rs 101 to Rs 500 Rs 2 every month
Rs 501 to Rs 1000 Rs 5 every month
Above Rs 1001 RS 10 every month

Registration Process for Atal Pension Yojana:

Visit and contact where you have a savings account and collect the application form for the Atal pension Yojana. Fill the form carefully with mandatory details. Submit that application form along with the required documents (if necessary) at the concerned bank

Important points to remember the applicants need to maintain the minimum balance in your savings account. Your contribution amount will get deducted from your bank account on a monthly basis

Atal Pension Yojana Benefits:

  • The main and interesting benefit of the Atal Pension scheme is that without any investment for the scheme you have provided the financial security for your old age
  • This pension scheme provides the monthly, quarterly and half yearly as per applicant convince
  • This plan teaches the present generation to save and invest

Atal Pension Yojana application forms:

Customers have to submit the registration forms and the other required documents. Aadhar card is a mandatory document for identifying beneficiaries to avoid the entitlement disputes. This Atal Pension Yojana subscriber registration form is available in different languages like Hindi, Gujarati, Telugu English, Kannada, Marathi, Odia, Bangla, and Tamil

Atal Pension Yojana Premium Plans:

There are the 5 Atal pension Yojana plans offered to customers. These monthly plans contributed amount will get the fixed pension amount. Subscribers can choose their related monthly plan for the fixed amount of pension.

For example, if the applicant can contribute the scheme at the age of 18 the monthly amounts will Rs 42 per month and pension is RS 1000. This monthly contribution amount will differ as per payment tenure.

What will happen if applicant discontinues the payments under APY?

If the payments are not done

  • For 6 months then the subscriber account would be frozen
  • For 12months then the account will be deactivated
  • For 24 months then the account will close permanently

When you make withdrawals from Atal Pension Yojana account?

If the subscriber completes 60 years then the fixed pension amount would give to him as per contribution. Any subscriber who has got co-contribution from government can also voluntarily choose to withdraw. The bank will refund the given amount by including interest earned on all contributions

If the subscriber will have expired or sudden illness before age of 60 then the accrued pension amount will hand out the subscriber or nominee. The account maintenance charges will be deducted from the refund amount.

Also Read: Rajiv Awas Yojana (RAY) | Slum Free India Scheme