What is Atal Pension Yojana Scheme & its Contribution and Co-contribution.
As part of an effort to help the unorganized sections of Indian society and to provide Secure Future to low-income workers, Government of India launched the Atal Pension Scheme in June 2015. APY is administered under the National Pension Scheme by the PFRDA (Pension Fund Regulatory and Development Authority). All Indian citizens can subscribe to the APY Scheme. Today's youths earn more earnings than before, but in a country like India, people do not give priority to their financial security at all and they do not think of saving their old age at all. But even after 60 years, the Pension Scheme is one of the best options to maintain a stable income. APY helps people of weaker sections save for their old age and get a Guaranteed Pension Amount. Under the scheme, after the age of 60 years, the Subscriber is a Fixed Pension Receive based on the contribution made by them in the scheme based on the duration of the scheme.
Features of Atal Pension Yojana
This scheme was started with the intention of helping Indian Citizens. In particular, this scheme was started for those workers who work in Unorganized Sectors and do not receive any benefits from any other scheme.
When the Age of Subscriber subscribing to this scheme turns 60 years, then they are Fixed Monthly Pension Receive from 1,000 rupees to Rs. 5,000 depending on the period of investment and scheme they have made in the scheme.
If the account holder dies, then his pensioner gets the same pension amount as the Subscriber as the account holder gets, and the spouse will receive this pension till the person is alive. The pension will be closed on the death of the spouse.
Contributing Contributor to the Scheme has this option that they can start subscribing to the scheme from the Monthly Amount, change that Monthly Subscription Amount, but this option to change Subscription Amount is only once in a year. Is for the month. One thing to note is that when the Subscriber changes the Monthly Subscription Amount to be made in this scheme, then it also changes in the Monthly Pension Amount which is available in the age of 60 years.
Customers are given a SMS through Registered Cell Number about the Contribution Status and Account Statement by them in the scheme.
When both the Subscriber and the Spouse die, the entire Pension Amount earned in the scheme by the Account Holder is given to its nominee.
In order to get maximum benefit from APYS, Contribution should be started for 18 years in this scheme and contribute till it becomes Age 40 Years of Account Holder.
If the subscribers are unable to deposit Monthly Contribution Amount in any month, then they may enter the scheme again by paying the Pending Principal Amount with Interest / Penalty for Exact Time Period.
When the Subscriber joins the Atal Pension Scheme, once the Bank provides an Acknowledgment Receipt which contains details about Monthly Contribution Due Date, Guaranteed Pension Amount and PRAN (Permanent Retirement Account Number) etc.
Subscriber can easily Modify Nominee Name, Address, Phone Number Details, whenever you want.
Eligibility for Atal Pension Yojana
- Any citizen of India can join the Atal Pension Yojana Scheme but for this, it is mandatory to fulfill them with the following rules.
- Eligible customers who have a valid Savings Bank Account / Post Office Savings Account are eligible for an Account Open under the Atal Pension Yojana.
- Applicant's age must be at least 18 years and maximum 40 years.
- Each applicant should have a Mobile Number and it is mandatory to register the Mobile Number with this scheme at the time of application.
Age Limit for Atal Pension Scheme
The applicant should have Minimum Age 18 Years and Maximum Age 40 Years for joining the Atal Pension Yojana Scheme. But when this scheme is added to join the account open then the Subscriber Age should be at least 60 years and from joining scheme to exit from that scheme Minimum Contribution Period 20 Years or more Then the Subscriber will start getting Guaranteed Fixed Pension Amount only.
Penalty Charges for Atal Pension Yojana
Atal Pension Yojana Scheme requires that Subscriber continue to Regular Monthly Contribution without any breaks. If the Regular Monthly Payment is not made in the Subscriber Scheme or if you stop paying completely then the Penalty Charge can be done on the Subscriber through the concerned branch and this Penalty Amount is determined by the Government.
This scheme should not have the Customer / Subscriber Income Tax Payer to open the account and should not be the Cover recipient under any Statutory Social Security Schemes.
Monthly, Quarterly, Half Yearly Contribution can be done in this scheme.
Auto Debit facility can be taken in the account using Saving Bank Account or Post Office Saving Account.
If you have delayed contributing to the scheme, the Penalty Charges will be charged to you from Range 1 rupee to 10 rupees per month.
- If you have a monthly contribution of Rs 100 in the scheme, then the penalty payable per month will be Rs 1 rupees per month.
- If you have a monthly contribution in the scheme, from Amount 101 to 500 rupees, then Penalty Amount will be paid per month per month.
- If you have a Monthly Contribution Amount from the scheme ranging from Rs 501 to Rs 1,000, then Penalty Amount will be paid per month per month.
- If you have a monthly contribution of Rs 1001 in the scheme, then the Penalty Amount payable per month will be 10 per month.
If you have stopped contributing to the scheme then the following condition will be applicable.
- Subscriber's account will remain stable if the subscriber has not contributed from 6 months in this scheme. It means neither the account will be active nor deactivate.
- Subscriber's account will be deactivated if subscriber has not contributed from 12 months in this scheme.
- Subscriber account will be permanently closed if the subscriber has not contributed 24 months from this scheme.
To avoid Late Payment, the Module of the Atal Pension Yojana Scheme is made in such a way that as soon as the Due Date of Payment of Subscriber comes, a request for continuous payment to the Subscriber is sent to the Subscriber Account Payment / Contribution does not deposit. Contribution Amount is usually recovered on the first day of the calendar month, but the bank has been allowed to recover the Contribution Amount on any day of the month. Monthly Contribution Amount is charged on FIFO (First in First Out) Basis. That is, the previous amount will be taken with the predefined Penalty Charges first and only then will the Contribution of Current Month be Accepted.
Rules and Regulations for the Atal Pension Scheme
- Only Indian citizens can open accounts in this scheme whose age is more than 18 years. Contribution Period to be done in this scheme must be of Minimum 20 Years. That's why, to get an account open in this scheme, maximum age of 40 years is allowed only.
- Having a Saving Bank Account with the customer is compulsory because the same account will be Contribution Amount Auto Debit per month.
- Only one APY Account can be opened by Subscriber.
- It is compulsory to provide Nominee only when subscribing to an account open.
- To be Eligible for the APY Scheme, Providing your Aadhaar Card Detail and Mobile Number as a Document to the Subscriber is compulsory.
- Customers can exit this scheme only if they have attained Age of 60 Years. Before this, the scheme can only be exited if the Subscriber is sick or the death of the Subscriber.
- Any false facts have been furnished by the Subscriber regarding Eligibility of the Scheme, then the Co-contribution Amount and Interest Amount given by the Government will be confiscated.
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