Atal Pension Yojana – APY Scheme Eligibility & Benefits
Atal Pension Yojana - APY Scheme Eligibility & Benefits detail: The Government of India wants to secure and strengthen the economic situation of the country. The way the middle class and the poor of the country have come up with new schemes one after the other, the citizens of the country, who have been neglected for years, feel that this government is a government-run by the poor and wants to secure their future.
Atal Pension Yojana
If the poor people of the country develop then the country will move on its own and the greatest security of any person is its economic security and to provide this economic security the present government has implemented a new pension scheme.
This scheme is Atal Pension Yojana
The main objective of this scheme is to provide pension benefits to the people in the unorganized sector of the country. The scheme provides social security facilities to the common people of such unorganized sector with minimum participation i.e. in case of illness, accident or old age the beneficiary of the scheme does not have to depend on others.
Apart from this, those who do not get such pension benefits in the private sector of the country can also claim pension through this scheme and on completing the age limit of 60 years, Rs 1,000, Rs 5,000, Rs 5,000 to Rs 5,000. Can get pension up to Rs. If the person who is a part of the scheme is paid the premium and given his age, he will get the amount of this pension. If he dies in the meantime, her husband can also claim this pension.
Atal Pension Yojana Benefits
Income protection during old age.
The scheme aims to invest in involuntary retirement.
There will be a focus on unorganized sector workers.
The implementation will be from 01-09-2018.
Eligibility: Minimum age will be 18 years and the maximum age limit will be 60 years.
The administration will be done by the Pension Fund Regulatory and Development Authority (PFRDA).
Atal Pension Yojana is like a safety net for aged Indians. Also, this scheme promotes a culture of savings among the lower and lower-middle-class people of the society. The biggest feature of this scheme is that it benefits the poor citizens of the country. In this also, the Government of India is providing facilities to those who are covered under this scheme till 31 December 2001, they will have to pay 50 percent of the amount to be paid for 3 years or Rs 1000, whichever is less.
Eligibility of Atal Pension Yojana
The Atal Pension Yojana (APY) is for all Indian citizens between 18 and 30 years of age. To avail of this scheme, all have 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 of this scheme.
For a monthly pension of Rs.1000 / - to Rs.3000 / -, the beneficiary will have to pay age based contribution of Rs.5 / - to Rs.2 / -.
The level of contribution will vary with the age of the individual. A person who joins at a younger age will contribute less and more to old age.
To encourage investment in this scheme, a new account will be credited by the Central Government before 31-12-2017 to the account holder within a maximum limit of Rs 1000 / - or whichever is less than 50% of the total contribution to the account. (2013-14 to 2017-20) Savings of the current Rashtriya Swavalamban Yojana will automatically be transferred to the Atal Pension Yojana.
To take advantage of this scheme
The account holder has to fill an authorization form and submit it to his bank. In which the details of an account number, spouse, and nominee (heir) will 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 it doesn't, it's time to dump it and move on. These penalties are common, 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 over Rs 1,001.
If not paid
… If the payment is not made for 6 months, the account holder's account can be sealed. If the payment is not deposited within 15 months, the account holder's account is deactivated. For 6 months the account of the person who did not make this payment is completely closed.
What about people who don't have an account
Anyone who wants to open a bank account will first have to provide an Aadhar card and KYC information. In addition, an APY form has to be submitted.
If you want to get out of the plan…
Under normal circumstances, the account holder in the Atal Pension Scheme cannot opt for the Atal Pension Scheme till the age of 60 years. The account can be closed only in certain circumstances, such as after his death.
Official Website https://APY.gov.com.in/
Frequently Asked Questions - Atal Pension Yojana
What is the pension? Why do I need it?
Pensions provide people with a monthly income in their retirement.
Pension requirement
Decreased ability to earn income with age
Building a New Nuclear Family - Migration of Income Members
Increase in cost of living
Longevity
Ensuring monthly income ensures dignified life in old age.
What is Atal Pension Yojana?
Atal Pension Yojana (APY) is a pension scheme for the citizens of India, especially for the unorganized sector workers. Under this Atal Pension Yojana, the customer has 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.
Who can become a member of APY?
Any citizen of India can join the APY scheme. The eligibility criteria are as follows.
The age of the customer should be between 18 and 40 years.
They should have a savings account with the bank.
The prospective applicant should have a mobile number and the details should be given to the bank at the time of registration.
Customers who have joined this scheme between 1 June 2015 to 31 December 2015 and who do not come under the legal social security scheme and who have not paid income tax, will be eligible for five years from the government i.e. 2015-16 From 2019-20. Co-contributions are available.
Which other social security scheme beneficiaries are not eligible for government support under APY?
Those beneficiaries who are covered under the legal social security scheme are not eligible to receive co-contribution from the government. For example, members of a social security scheme covered under the following structures are not eligible for governmental cooperation.
The Employees Provident Fund and Various Provisions Act, 1952.
The Coal Provident Fund and Various Provisions Act, 1948.
Assam Tea Garden Provident Fund and Various Provisions Act, 1955.
Marine Farmers Provident Fund Act, 1966
Jammu and Kashmir Employees Provident Fund and Various Provisions Act, 1961.
Any other legal social security scheme.
How much pension will be received under APY?
Customers have to pay a minimum of Rs. Will have to be paid. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - guaranteed monthly pension will be given at the age of 60 years. The minimum pension benefit is guaranteed by the government under the Atal Pension Yojana, meaning that if the actual return on contribution required for the minimum guaranteed pension is less than the anticipated return, the government will be provided with fall compensation. In addition, if the actual return of pension contribution exceeds 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 the APY scheme?
In APY, the government will contribute 50% of the customer’s contribution or Rs. 1000 / - per year, whichever is less, will be contributed to each eligible customer who joins the scheme between June 1, 2015, to December 31, 2015. Co-contributions are available from the government for five years i.e. from 2015-16 to 2019-20.
How is APY contributed?
APY will be contributed as per the investment policy laid down by the Ministry of Finance, Government of India. This APY scheme is administered by PFRDA / Govt.
How to open an APY account?
Contact the bank branch where you have your savings account.
Filling out the APY registration form.
Provide support / mobile number.
Ensure that the required amount is deposited in the bank savings account for monthly contribution transfer.
Is Aadhaar number mandatory for joining the scheme?
The aadhaar number is not mandatory for opening an APY account. However, for admission, the Aadhaar number will be the primary KYC document for the identification of beneficiaries, spouses,s and nominees as well as to avoid disputes related to pension rights and entitlements.
Can I open an APY account without a savings bank account?
No, to join APY, a bank savings account is mandatory.
How will the account be credited?
All contributions have to be paid monthly through the Auto Debit facility from the customer's bank savings account.
What will be the due date for the monthly contribution?
The due date for monthly contribution will be as per the date of the initial contribution presented in APY.
What if the required or sufficient amount is not maintained for contribution to the savings bank account on the due date?
Failure to keep the required amount for contribution to the savings account on the due date will be considered as default. In case of late payment, the bank will have to pay an additional penalty of at least Rs 1 to 10 per month as shown below.
A penalty of Rs.1 per month on a monthly contribution of Rs.
A fine of Rs 2 per month for contributions ranging from Rs 101 to Rs 500 per month.
A fine of Rs 5 per month for contributions ranging from Rs 501 to Rs 1000 per month.
The penalty of Rs 10 per month for contribution exceeding Rs 1001 per month.
The following situation will occur when the payment of contribution is withheld.
The account will be frozen/frozen after 6 months.
The account will be deactivated after 12 months.
The account will be closed after 24 months.
The customer should ensure that the amount of contribution required in the bank account is sufficient for auto-debit.
The prescribed penalty/interest amount will form part of the customer's pension fund.
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