The government of India has announced the Atal Pension Yojana (APY) Scheme in the year 2015-16. The scheme was introduced to provide the benefits of pension to the persons belonging to the unorganized sector. The PFRDA has the authority to control and regulate the scheme. Moreover, persons belonging to the organized sector and who do not have pension benefits can also apply for the APY scheme. With the help of the scheme, individuals can save the amount of their income and can secure their old age. Earlier,Swavalamban Yojana was there in place of APYs.
Individuals invested in this scheme will start getting pension on attaining the age of 60. It may be noted that the pension scheme will purely depend on monthly contributions and age. The eligibility & benefits related to the Atal Pension Yojana (APY) Scheme is provided on this page. The process to fill the APY online application form also provided below. Have a look.
Atal Pension Yojana (APY) Scheme- Eligibility
- Any Individuals who have a bank in the account are eligible. The Government Of India (Central) will contribute 50% of the total contribution or Rupees one thousand rupees p.a., whichever is lower.
- The age of the individuals must be between 18 to 40 years.
- The APY scheme is available for at least 20 years.
- Your Aadhar and a working mobile number must be linked with your bank account.
APY Scheme- Benefits
- It is organized and run by the government, so it is trusted.
- You can choose the nominee of your choice.
- It will help you to save money for old age.
- Enabling the unorganized sector.
Features of Atal Pension Yojana (APY)
- Automatic Debit– Once you linked your bank account with the scheme, the amount for the monthly contributions in the scheme will be automatically deducted from the account.
- Guaranteed Pension– It is one of the attractive features of the scheme, the beneficiary can choose the periodic pension of one, two, three, four, or five thousand according to their monthly contributions.
- Option To Increase Scheme Amount– Generally, the scheme holder becomes eligible for the pension amount after completing the age of 60 years. But the individuals have the option to increase the period.
- Withdrawal Guidelines– Individuals will receive monthly pensions after the age of 60 years. If the individual dies, the nominee will be eligible to receive a pension.
Penalty Under Atal Pension Yojana
It may be noted that there will be a penalty for the late payments, the penalty are as follows
- Rupee 1 for a monthly paymentof up to Rupees. 100.
- Rupees 2 for monthly paymentwithin Rupees. 101 and Rupees. 500.
- Rupees 5 for monthly paymentwithin Rupees. 501 and Rs. 1000.
- Rupees 10 for a monthly paymentof Rupees. 1001 and above.
What If payment Discontinued?
If you fail to pay the monthly installments than-
|After 6 months||Your account will be frozen|
|After 12 months||account will be deactivated|
|After 24 months||account will be closed|
Chart For Monthly Contribution for Atal Pension Yojana
|Monthly Contributions for (In Rs.)|
|Entry Age (In Years)||Number of Years of Contribution||Monthly Pension – Rs. 1000 | Indicative Return of Corpus – Rs. 1.7 Lakh||Monthly Pension – Rs. 2000 | Indicative Return of Corpus – Rs. 3.4 Lakh||Monthly Pension – Rs. 3000 | Indicative Return of Corpus – Rs. 5.1 Lakh||Monthly Pension – Rs. 4000 | Indicative Return of Corpus – Rs. 6.8 Lakh||Monthly Pension – Rs. 5000 | Indicative Return of Corpus – Rs. 8.5 Lakh|