- 1 Atal Pension Yojana Scheme Introduction
- 2 Government Atal Pension Yojana Scheme Conditions
- 3 Govt. Atal Pension Yojana Table or Monthly Contribution Chart
- 4 Government APY Scheme Key Features
- 5 Govt APY Scheme Additional Charges for default
- 6 Atal Pension Yojana Government Scheme Withdrawal
- 7 APY Government Scheme Forms and Documents
Atal Pension Yojana Scheme Introduction
Atal Pension Yojana Scheme was introduced by GOI (Government of India) in 2015-16 budget. Government Atal Pension Yojana Plan is for the old age people. It is focused on enabling and encouraging them to save for their retirement. GOI (Government of India) is highly concerned about old age income security of the working poor. So the APY Scheme was introduced by GOI to give support to the workers in an unorganized sector to save for their retirement. In short, the APY Government Scheme is focussed on all citizens or workers in an unorganized sector.
Government Atal Pension Yojana Scheme is administered by PFRDA (Pension Fund Regulatory and Development Authority) through NPS architecture. You can get the guaranteed minimum monthly pension that ranges between Rs. 1000/- and Rs. 5000/-. Govt APY Scheme is available only for the people of 18 to 40 years age group along with the bank account.
Government Atal Pension Yojana Scheme Conditions
|Age at Entry:||
|Exit age and start of pension:||
|Guaranteed Monthly Pension:||
Govt. Atal Pension Yojana Table or Monthly Contribution Chart
|Age of Entry (Years)||Years of Contribu tion (years)||Monthly pension of Rs. 1,000 (Rupees)||Monthly pension of Rs. 2,000(Rupees)||Monthly pension of Rs. 3,000 (Rupees)||Monthly pension of Rs. 4,000 (Rupees)||Monthly pension of Rs. 5,000 (Rupees)|
Government APY Scheme Key Features
- Any Indian Citizen from Unorganized sector are eligible.
- Subscriber and spouse can get the guaranteed monthly pension that ranges between Rs. 1000/- and Rs. 5000/- along with return of corpus to the nominees after 60 years of age.
- You can open APY accounts through the bank where savings bank account is maintained.
- Government co-contribution is 50% of the total contribution amount or Rs. 1000 per annum, whichever is lower, for a period of 5 years.
- Discontinuation of contribution payments shall lead to following.
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
- Subscriber should make certain that the Bank account to be funded enough for auto debit of contribution amount.
Govt APY Scheme Additional Charges for default
Banks are required to collect additional charges for delayed payments of contribution. Such charges will vary from minimum Rs. 1/- to Rs. 10/- per month as shown below.
- Rs. 1/- per month for contribution upto Rs. 100 per month.
- Rs. 2/- per month for contribution upto Rs. 101 to 500 per month.
- Rs. 5/- per month for contribution between Rs. 501 to 1000/- per month.
- Rs. 10/- per month for contribution beyond Rs. 1001 per month.
- The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
Atal Pension Yojana Government Scheme Withdrawal
- On attaining 60 years of age:
- The exit from Atal Pension Yojana is permitted at the age of 6o years with 100% annuitisation of pension wealth.
- On exit from Govt. APY, pension would be available to the subscriber.
- In case of death of Subscriber due to any cause:
- Pension would be available to the spouse.
- On the death of both (subscriber & spouse), the pension corpus would be returned to his nominee.
- Exit Before the age of 60 Years:
- Exit before 60 years is not permitted.
- However it is permitted only in exceptional conditions, that is, in the event of the death of beneficiary or terminal disease.