Atal Pension Yojna full Detail
Atal Pension Yojna full Detail
To join the scheme one needs to have a savings bank account, Aadhaar and active mobile number. If a person takes this scheme after 60, he has to invest at least 20 years to get pension
If you have not taken any pension plan till date and you want to take a plan in which you want to be entitled to a pension by paying less then the Central Government's Atal Pension Scheme is right for you. Under this, on reaching the age of 60, one gets a pension of Rs.1000 to Rs.5000 per month. It can be invested by a person between the ages of 18 and 40.
Anyone between the ages of 18 and 40 can open an account
Anyone between the ages of 18 and 40 can open an Atal Pension Scheme account
To join the scheme, one needs to have a savings bank account, Aadhaar and an active mobile number
If a person takes this scheme, he has to invest at least 20 years.
Investors can invest monthly, quarterly or semi-annual i.e. for a period of 6 months.
Contribution will be auto debited. That is, the fixed amount will be automatically deducted from your account and credited to your pension account.
How much will be deducted depends on how much pension you want after retirement.
In it you can claim tax benefit up to Rs 1.5 lakh under section 80c.
You can make a contribution of Rs 42 to 210 per month
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For a pension of Rs 1,000 to Rs 5,000 per month, the subscriber will have to pay from Rs 42 to Rs 210 per month. This will happen when the plan is taken at the age of 18.
On the other hand, if a subscriber takes up the scheme at the age of 40, he will have to make a monthly contribution ranging from Rs 291 to Rs 1454.
The more the subscriber contributes, the more pension he will get after retirement. However, it should not exceed Rs 5,000. That is why the contribution will also be according to it.
How to open an account
You can open an account by going to any bank
You can download the
You will have to fill up this form and deposit it in the bank branch
In addition, a photocopy of your mobile number and Aadhaar card will also have to be submitted.
You will receive a confirmation message after the application is approved.
An online account can be opened in SBI
Eligibility of the beneficiary of Atal Pension Scheme
The Atal Pension (APY) is for all Indian citizens between the ages of 18 and 40. To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years. Any bank account holder who is not a member of any such social security scheme can avail this scheme.
For a monthly pension of Rs.1000 / - to Rs.3000 / -, the beneficiary will have to pay an age based contribution of Rs.5 / - to Rs.21 / -.
The level of contribution will vary with the age of the person. A person who joins at a younger age will have less contribution and more for older age.
To encourage investment in this scheme, a new account will be credited to the account holder by the Central Government before 31-12-2017 within a maximum limit of Rs.1000 / - per annum or whichever is less than 50% of the total contribution in the account. (From 2013-14 to 2017-20) The savers of the present Rashtriya Swavalamban Yojana will be automatically transferred to the Atal Pension Yojana.
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To take advantage of this scheme
The account holder has to fill up the authorization form and submit it to his bank. In which details of account number, spouse and nominee (heir) have to be written. Under this scheme, the account holder has to ensure that there is a fixed amount in his account every month. If that doesn't happen, it's time to dump her and move on. These penalties are normal, such as Rs 1 for every Rs 100, Rs 5 for 101 to 200 contributions, Rs 5 for Rs 201 to Rs 1,000 and Rs 10 for more than Rs 1,001.
If payment is not made ... If payment is not made for 6 months, the account holder's account can be sealed. If payment is not made within 15 months, the account holder's account is deactivated. The account of the person who does not make this payment for 6 months is completely closed. Anyone who does not have an account has to open a bank account first and provide Aadhaar card and KYC information. At the same time, the form of 'APY' has to be submitted. If you want to exit the plan ...
What is Atal Pension Scheme?
The Atal Pension Scheme (APY) is a pension scheme for the citizens of India, focusing exclusively on unorganized sector workers. Under this Atal Pension Scheme, customers are entitled to a minimum of Rs. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years.
Who can become a member of APY?
Any citizen of India can join the APY scheme. The criteria for eligibility are as follows.
Which other social security scheme beneficiaries are not eligible for government co-contribution under APY?
Beneficiaries who are covered under a legal social security scheme are not eligible to receive co-contributions from the government. For example, members of a social security scheme covered under the following structures are not eligible for government co-contributions.
Employees Provident Fund and Various Provisions Act, 1952.
Coal Provident Fund and Various Provisions Act, 1948.
Assam Tea Plantation Provident Fund and Various Provisions Act, 1955.
Marine Farmer Provident Fund Act, 1966
Jammu and Kashmir Employees Provident Fund and Various Provisions Act, 1961.
Any other legal social security plan.
How much pension will be received under APY?
Customers are required to pay a minimum of Rs. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years. The minimum pension benefit under the Atal Pension Scheme is guaranteed by the government which means that if the return on the contribution required for the minimum guaranteed pension is less than the actual return estimated, the declining compensation will be provided by the government. In addition, if the actual return of the pension contribution is higher than the estimated return, it will be credited to the customer's account, thereby increasing the benefit to the customer.
What are the benefits of joining APY scheme?
In APY, the government will contribute 50% of the customer's contribution or Rs.1000 / - per annum, whichever is less, to each eligible customer who joins the scheme between 1st June, 2015 to 31st December, 2015. Co-contributions are available from the government for five years i.e. from 2015-16 to 2019-20.
How are APY contributions invested?
The APY contribution will be invested in accordance with the investment policy laid down by the Ministry of Finance, Government of India. This APY scheme is administered by PFRDA / Government.
How to open an APY account?
Contact the bank branch in which you have a savings account.
Filling the APY registration form.
Provide support / mobile number.
Ensure that required amount is deposited in the bank savings account for monthly contribution transfer.
Is Aadhaar number mandatory to join the scheme?
Aadhaar number is not mandatory for opening APY account. However, for admission, the Aadhaar number will be the primary KYC document for long term avoidance of disputes related to pension rights and entitlement as well as identification of beneficiaries, spouses and nominees.
- Can I open an APY account without a savings bank account?
- No, to join APY, a bank savings account is mandatory.
- How will the contribution be credited to the account?
All contributions will have to be paid monthly through auto debit facility from the customer's bank savings account.
What will be the due date for monthly contribution?
The due date for monthly contribution will be as per the date of initial contribution submitted in APY.
What happens if the required or sufficient amount for contribution is not maintained in the Savings Bank account on the due date?
Failure to keep the required amount for contribution in the savings account on the due date will be considered as default. In case of late payment, the bank will have to levy an additional penalty of at least Rs. 1 to Rs. 10 per month as shown below.
Penalty of Rs. 1 per month on monthly contribution of Rs.
A penalty of Rs 2 per month for contributions ranging from Rs 101 to Rs 500 per month.
A penalty of Rs. 5 per month for contributions ranging from Rs. 501 to Rs. 1000 per month.
A penalty of Rs. 10 per month for contributions exceeding Rs. 1001 per month.
The following will be the situation when the payment of contribution is stopped.
Under normal circumstances, an account holder in Atal Pension Scheme cannot opt out of Atal Pension Scheme till the age of 60 years. The account can be closed only in certain special circumstances, such as after his death.
important link::::
image source: vikaspedia
If you have an account with SBI Bank, you can avail this scheme through Net Banking
You must first login to SBI to apply.
Then click on the e-Services link
A new window will open with a link to the Social Security Scheme. There you have to click.
Then you will see 3 options, PMJJBY / PMSBY / APY. Here you have to click on APY i.e. Atal Pension Plan.
Bank, you can avail this scheme through Net Banking
Then you have to fill in your complete information. In which correct account number, name, age and address information should be given.
Which option are you choosing in the pension option, such as Rs. 5000 per month
Monthly contributions will then be determined based on your age.
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