Atal Pension Yojana – Eligibility Criteria, Age Limit, How To Apply
Atal Pension Scheme || Saving Scheme || Pension Scheme || Pradhan Mantri Pension Yojana || Modi Pension Scheme || Atal Pension Benefit || Money Saving Yojana || Atal Pension Yojana In Hindi
Atal Pension Scheme Detail
The Indian Government is concerned about the old age income of the individuals in the country (especially the poor ones). To address this issue, the government launched the ATAL pension scheme, named after Sh. ATAL BIHARI BAJPAYI JI to provide a definite pension. The amount of pension to be received per month totally depends on the contribution made me the applicant.
The people to be focused under this APY scheme are all the citizens in the unorganized sector. Under this latest pension scheme launched by Indian government the subscribers will receive fixed pension amount of Rs. 1000 per month, 2000 per month, 3ooo per month, 4ooo per month, 5000 per month at the age of 60 years. The exact monthly amount to be received by the subscriber will however depend upon their contribution.
Features Of Atal Pension Yojana
- Under the ATAL pension scheme, a guaranteed minimum monthly pension will be provided to the subscribers. The pension amountwill be from Rs. 1000 to Rs. 5000 per month
- Government of India will guarantee the minimum benefit of pension
- Most interesting part of the scheme is that the government will contribute 50 percent of the contribution made by the subscriber or Rs. 1000 whichever is lower.
Note: It is to be noted that this contribution by the government is available for only those who are not income tax payers and are not covered by any Statutory Social Security Schemes
- The 50 percent contribution to be paid by the government will be for a period of 5 years.
- Interested and eligible people must join the APY Scheme between 1st June and 31st December 2015
- Bank account holder of Any Bank account is eligible to join the ATAL Pension Scheme.
Eligibility for Atal Pension Yojana
- Any Indian citizen between the ages of 18 to 40 year is eligible to participate in the scheme. The scheme requires any individual to contribute for minimum of 20 years before reaping the pension benefits.
- To participate in the scheme, the applicant should have a saving bank account and should not be a member of any statutory social security scheme.
- All the existing members of SWAVALAMBAN YOJANA NPS which did not gain much popularity have automatically been migrated to ATAL PENSION YOJANA.
- All citizen of India aged between 18-40 years are eligible to join APY Scheme
- Aadhaar will be the primary KYC (Know your Customer).
- The applicant should not be a tax payer to the country.
Contributions Of Atal Pension Yojana Invested
The Government contribution to the scheme will be made in line to the instructions set by the Indian ministry of Finance. The Whole scheme will be strictly administered and observed by the PFRDA which is the honorable authority of the Government of India.
Benefits of Atal Pension Yojana
The main benefit of the scheme is that it will bring financial security at old age without much investment. The same will also help promote the culture of saving and investment in the current generation of Indian population.
The contribution payments for ATAL PENSION YOJANA can be made on monthly, quarterly or half-yearly basis as per the convenience of the subscriber.
How to Enroll in to Atal Pension Yojana
To enroll for the scheme, the applicant should have a saving bank account with any bank across the country. The account holder should present a dually filled authorization form to the bank.
The authorization from requires complete details of the applying candidate such as name, address, account details, nominee details, contribution amount and consent for the auto debit of the amount.
The account holders should maintain the sufficient balance which is more than the contribution amount to ensure that auto debit is not affected.
If the account does not have the minimum balance for auto debit, it will attract a monthly fine of
- INR 1 for monthly contribution up to INR 100.
- INR 2 for monthly contribution between INR 101 and INR 500
- INR 5 for monthly contribution between INR 501 and INR 1,000
- INR 10 for monthly contribution beyond INR 1,000
If the monthly contribution is not made of continuous 6 months, the account will be frozen. The account will be deactivated if no payment is made for 12 months or will be closed in case non-payment for 24 months.
The applicant who does not have a bank account should open a bank account first using their KYC documents or Aadhar card and then present the APY proposal form.
Important Information For The Subscribers Of Apy Scheme:
Consistent payment is important, if the payment is not made consistently, following could happen:
- Account will be frozen after 6 months.
- Account will be deactivated after 12 months.
- Account will be closed after 24 months.
So, it is crucial for the subscribers to make sure that timely payment is made.
Exiting Atal Pension Yojna
Once enrolled, the candidate can exit the scheme anytime; the contribution will be refunded to the subscriber along with the net actual interest earned on his contributions. Any special circumstances such as death of the beneficiary can also be considered as the closure of the scheme and amount will be paid to nominee in this case.
Case 1: After attaining 60 years
- The applicant of ATAL PENSION YOJANA will be permitted to exit the scheme once he attains the age of 60 years.
- The exit from APY Scheme is permitted with 100 percent of pension wealth.
- Once the scheme is exited, the pension will be available to the applicant.
Case 2: In case of death of the Subscriber due to any cause:
In case of death of the applicant, pension would be given to the spouse.
Note: In case of death of both subscriber and spouse, pension corpus would be returned to the nominee.
Case 3: Exit Before the age of 60 Years
Normally the exit before 60 years is not permitted, however it is permitted only in exceptional circumstances i.e. in event of death of the beneficiary or Terminal disease.