Atal Pension Yojana is a voluntary pension scheme for the citizens of India and it focuses on the people working in unorganized sectors. The government has recognized the income-security needs of people whose earning-potential decreases with age and they struggle with the increasing cost of living. The assured amount will ensure a dignified life during the old age. Under this scheme, there is a guaranteed pension amount ranging from Rs 1000 to Rs 5000 per month that will be paid periodically after 60 years of age depending on the total contribution made by the claimant.
Indian citizens can join the APY scheme. Here are the eligibility criteria:
The government will co-contribute for five years i.e. from 2015 to 2020 for all the subscribers who has joined the scheme between June 1, 2015, to December 31, 2015, and who do not have any other Statutory social security scheme with no tax paying.
When you open your account under the APY scheme, the Government contributes 50% of the total contribution for the accounts that were started during the period of June 1, 2015, to December 31, 2015. All those account holders are eligible for the co-contribution of Government for next five years. The co-contribution will cover those people who are not under any Social Security Schemes and also not an income tax payer.
Yes, the saving bank account is mandatory to open the Atal Pension Yojana account.
No, All the deposits and contribution will be paid on monthly basis through automatic debit facility from linked saving account of the Atal Pension Yojana account holder.
Yes, in such case the bank will be deducting an additional amount for the delayed payment which can vary from minimum Rs 1 to Rs 10 per month depending on the amount falling into the standard slab. Continued delayed payment will lead to the account getting frozen after six months and closed after 12 months.
Yes, it is important to add nominee details while opening the APY account. The details of spouse along with the Aadhaar are necessary, if applicable.
No, there can be only one Atal Pension Yojana Scheme account per account holder.
Yes, you may change the monthly contribution amount and the option to make such changes is available once a year during the month of the April.
There are four scenarios to withdraw the APY scheme and they are as follows:
There are two ways of getting updates about Atal Pension Yojana account:
The account holder will receive lifelong benefit after 60 years of age.