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atel pension yojana

Atel Pension Yojana

Atel Pension Yojana

Atal Pension Yojana is a new pension scheme launched in India which is targeted towards the unorganized sector. This scheme is named after the former Prime Minister Atal Bihari Vajpayee and it is also known as an APY scheme which is launched in-line with Jan Dhan Yojana scheme to bring those working under unorganized and rural sector under the ambient of pension schemes. This scheme was originally indicated in 2015 budget speech by Arun Jaitley Finance Minister. On the other hand, this pension scheme was formally implemented by PM Narendra Modi on 9th May. The main aim of this scheme is to offer a definite pension for each and every Indian. To avail the pension at the time of old age, you have to contribute accordingly. The more your contribution, the more pensions you will get during old age.

How Much Pension Amount Will Be Got Through Atal Pension Yojana

The Government of India has made it clear that the pension amount will range from 1 thousand to 5 thousand per month. The sum will be greatly influenced by beneficiary's contribution per month to the scheme which means the larger the contribution; the more will be the pension amount in future.

atel pension yojana scheme

Key Features Of Atal Pension Yojana

  • Any citizen between 18 to 40 years of age can take part in this scheme by opening savings bank account.
  • When the subscriber’s demise occurs, then the spouse of the subscriber will be entitled to get the same pension as that of the subscriber till the death of a spouse.
  • After the demise of both spouse and subscriber, the nominee of subscriber will be entitled to get the pension wealth, till the 60th age of the subscriber
  • Maximum pension amount of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 or Rs. 5000 is ensured by the Indian government to the subscriber during 60 years of age, with a least monthly contribution of Rs. 42, Rs. 126, Rs. 84 or Rs. 210 accordingly.

Withdrawal Process From APY

On Attaining 60 Years Of Age: By completing 60 years of age, the subscriber can submit the request to the appropriate bank for withdrawing the minimum monthly pension or higher monthly pension, when the investment returns seem to be higher compared to the guaranteed returns available in APY. The same will be paid to be spouse when the death of subscriber takes place. The nominee will be found eligible for a return of accumulated pension wealth till 60 years of age upon the death of both spouse and subscriber.

Exit Before 60 Years Of Age: In case the subscriber, who has got government co-contribution through APY, selects to voluntarily exit APY scheme. But, they have to refund the contributions made by them to APY, along with net-actual income got through the contributions. The government co-contribution, & the accumulated income got on the co-contribution of the government, shall not be returned to such subscribers.

In Case Death Of Subscriber: In case of subscriber death, the same pension would be given to the spouse, and in case of death of both subscriber and spouse, then the pension amount will provide to nominee till the 60th age of subscriber.

Who Do Not Get Government Contributions?

  • If you are any government or state employee
  • If you are an income taxpayer
  • If you work in private concern and has EPS or EPF account.

How To Apply For Atal Pension Yojana Scheme?

  • Contact with the bank in which are having savings account
  • Get the APY registration form
  • Fill carefully and offer the details for Aadhaar Card
  • Mention your contact details & mobile number mentioned in the pension form
  • Ensure that you maintain the needed minimum balance in savings account
  • Your donation amount will be easily deducted from your account on monthly basis.

What Is Meant By Atal Pension Yojana?

Atal Pension Yojana (APY) ensures a minimum pension amount of Rs. 1k, 2k, 3k, 4k & 5k to the workers who are Indian citizens & are employed in the sector which is unorganized. One can claim these money benefits once they reach the 60 years of age. The amount of pension scheme differs from 1k to 5k that is fully depended upon the amount of contribution of the subscriber to the scheme.

Benefits Of Atal Pension Yojana (APY)

The Atal Pension Scheme (APY) will bring utmost security for the aging Indians and also promote the culture of investment & savings the lower middle-class and lower sections of the society. One of the paramount advantages of this scheme might be enjoyed by the below poverty sections of the society. The Indian government has planned to donate 50% of user contribution or INR 1000 per year and it will be provided for the period of five years. Moreover, this contribution will not be enjoyed by the people who are not income taxpayers and those who do not take part in this scheme before 31st December 2015.

Eligibility For Taking Part In Atal Pension Yojana

Any Indian citizen would be welcomed to join this pension scheme. But one has to meet the following criteria created by Government of India.

  • The minimum age required to take part in this scheme is 18 years & must not be more than 40 years of age while applying
  • The candidate must own a savings bank account in their name or open a new account prior to applying for this scheme.
  • The applicable candidate must have a mobile number that must be registered in the bank with all details.

Other Essential Details

  • It is compulsory to offer nominee details in APY account. If the subscriber has got married then the spouse will be considered as default nominee. Alternatively, the unmarried subscribers can able to nominate other individuals as nominee & they need to offer spouse details after marriage. Moreover, the Aadhaar details of nominees and spouse have to be given.
  • A subscriber can open only one account for APY and it is unique while multiple accounts are not allowed.
  • The subscriber can choose to increase or decrease the pension amount at the time of accumulation phase, only once in a year.
  • The physical state of the APY scheme will be offered to be subscriber annually.
  • This scheme is open only for Indian citizen
  • The subscriber is allowed to change the mode quarterly, monthly or half-yearly of the auto-debit facility only once in a year.
  • The contribution seems to be remitted through auto-debit uninterruptedly in case of change of location/residence.
  • The typical information like activation of PRAN, contribution credits and balance in account etc will be information to the APY subscribers through the way of SMS alerts. The subscriber will get a physical state of their account details once in a year.
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