Atal Pension Yojana Eligibility, How to Apply , Features & Benefits

Atal Pension Yojana – How to Apply, Eligibility & APY Scheme Benefits: Atal pension yojana Indian Government introduced the Atal Pension Yojana in 2015 June to help unorganized section. The Atal Pension Yojana is administrated by the Pension Fund Regulatory and Development Authority (PFRDA) under National Pension System (NPS). This scheme was introduced to encourage individuals from weaker sections to opt for the pension that benefits them at the time of their old age.

Atal Pension Yojana

Atal Pension Yojana Eligibility, How to Apply, Features & Benefits

The subscriber will receive a fixed pension after the age of 60 years, depending on his contribution amount and tenure. This scheme guarantees the minimum pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 and Rs 5000 to workers who are Indian citizens employed in the unorganized sector.

The pension amount under this scheme varies from 1k to 5k which is totally dependent on the subscriber’s amount. You can close the APY account at any time you want. Till now PFRDA opens 5 million accounts.

Eligibility For the Atal Pension Yojana

  1. Applicant should be the Indian
  2. The minimum age is 18 years and must not exceed 40 years while applying
  3. The applicant must have the savings bank account in his/her name or else open the new account before applying the scheme
  4. The minimum contribution period is 20 years
  5. The individuals who are enjoying the benefits of the below mentioned statutory social scheme are not eligible
  • The members who resisted under EPF scheme
  • The applicants of the Assam Tea Plantation PF scheme
  • J&K PF scheme
  • The persons who registered with coal mines PF security cover Seamen’s PF act

    Benefits of the Atal Pension Yojana (APY):

    1. There will be fixed pensions for subscribers from Rs. 1000 to Rs. 5000
    2. Candidates can contribute from the age of 18 – 40 years
    3. Subscribers can choose any monthly pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, Rs. 5000

    Contribution Amount of the Endorser for Atal Pension Yojana

    The subscriber can contribute to the scheme at the age of 18, and the monthly amount will be Rs. 42 per month for the pension of Rs.1000. the monthly contribution amount will differ as per the payment’s tenure and banking when the person joins Atal Pension Yojana. subscribers can make their contribution on a monthly basis through auto-debit service existing on the bank account in the country.

    Penalty under Atal Pension Yojana:

    As per APY, the account holders who enrolled for the scheme must ensure that they need to maintain sufficient balance every month in the account if they fail to do so will attract the monthly fine.

    Banks are required to collect the additional amount for delay of payments and the amount will differ from Rs. 1/- to Rs. 10/- per month as shown mention below
    • Rs 1 for a monthly contribution up to Rs 100
    • Rs 2 for monthly contribution between Rs 101 to Rs 500
    • Rs 5 for monthly contribution between Rs 501 to Rs 1000
    • Rs 10 for monthly contribution more than Rs 1001

    Discontinuous Towards the Scheme Will Leads To Following

    • The account will be frozen after 6 months
    • The account will be deactivated after 12 months
    • The account will be closed after 24 months

    How To apply Atal Pension Yojana:

    1. Contact bank where you have the saving account
    2. Collect the Atal Pension Yojana (APY) registration Application Form
    3. Fill the form carefully and provide the details of your Aadhar card
    4. Fill in your mobile number and contact details mentioned in the form
    5. The main point to remember is to maintain the required minimum balance in your savings account
    6. Your contribution amount will get deducted from your account on a monthly basis
    Note: Bank Account is very important to subscribe to Atal Pension Yojana Scheme, if the individual doesn’t have a bank account then the individual needs to open a bank account initially by submitting KYC documents and Aadhar Card.

    Exiting from the APY Scheme?

    As per the ordinary situation, the subscriber who enrolled for Atal Pension Yojana cannot be able to exit from the scheme before the age of 60. exiting from the scheme is only possible in a special situation like suppose in the death of the beneficiary.

    This is all about the Atal Pension Yojana. This scheme helps the guaranteed monthly pension amount for weaker section people at their old age. Hope this article is useful to you. Please share your suggestions and experiences with us.

    Atal Pension Yojana Eligibility, How to Apply, Features & Benefits

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