- 1 Atal Pension Yojana Scheme Introduction
- 2 Government Atal Pension Yojana Scheme Eligibility Conditions
- 3 Government APY Scheme Monthly Contribution Chart
- 4 Atal Pension Yojana Government Scheme Key Features
- 5 APY Scheme Delay Charges
- 6 Atal Pension Yojana Government Scheme Withdrawal
- 7 Govt. Atal Pension Yojana Scheme Forms and Documents
Atal Pension Yojana Scheme Introduction
Atal Pension Yojana Scheme was introduced by Government of India in the year 2015-16. Main aim of starting this Pension Yojana Scheme was to provide income security to society in the old age. This Government Atal Pension Yojana Scheme provides Guaranteed Pension as monthly income after retirement age. Under this APY scheme a guaranteed minimum pension of Rs. 1,000 and upto maximum Rs. 5,000 per month will be given at the age of 60 years which depends on the contributions by the scheme holder.
All account holders who are interested can join under this Government APY Scheme and can pay premium through savings bank account or open a savings bank account to join in this Government Pension Scheme. Premiums are based on the Pension selected by the scheme holder and based on the starting age of APY scheme. Detailed information about Monthly Premiums to be paid, entry age, starting age of Pension and other benefits of Atal Pension Yojana Scheme are given below.
Government Atal Pension Yojana Scheme Eligibility Conditions
|Entry age to join in APY Scheme||
|Guaranteed Monthly Pension||
|Starting Age to receive Pension||
|Mode of Paying Premium||
|Date of Implementation||
Government APY Scheme Monthly Contribution Chart
|EntryAge||Number of Years of Paying Contribution (in Years)||Based on Pension Needed, the Monthly Contribution has to Pay in Rs.|
|For Monthly Pension of Rs. 1000||For Monthly Pension of Rs. 2000||For Monthly Pension of Rs. 3000||For Monthly Pension of Rs. 4000||For Monthly Pension of Rs. 5000|
Atal Pension Yojana Government Scheme Key Features
Main Key features of Government Atal Pension Yojana Scheme are as follows
- Any Citizen of India from un-organized sector can join in this Atal Pension Yojana Scheme.
- Monthly Contribution will be Auto-debited by the bank from the Scheme holder’s account.
- Guaranteed Minimum monthly pension of Rs. 1000 and Maximum Rs. 5000 is given to the scheme holder and spouse with return of corpus to the nominees after 60 years of age.
- Government Co-contribution is 50% of the total contribution amount or Rs. 1000 per annum, whichever is lower, for a period of 5 years.
- In case of Discontinuation of payments
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
APY Scheme Delay Charges
In case of late payments, banks are required to collect additional amount as penalty. This for delayed payments will vary from minimum Rs. 1 per month 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.
Note: The fixed amount of interest or penalty will remain as part of the pension corpus of the subscriber.
Atal Pension Yojana Government Scheme Withdrawal
On attaining the age of 60 years:
- Exit will be permitted at the age of attaining 60 years only.
- After exit, Pension will start to scheme holder based on his contribution.
In case of death of the Subscriber due to any cause:
- In case of death of scheme holder, pension would be available to the spouse
- On the death of both of them (subscriber and spouse), then the pension corpus would be returned to his nominee.
Exit Before the age of 60 Years:
- In case of exit before 60 years of age then such conditions are not permitted.
- But, in case of death of Scheme holder or terminal disease such cases are exceptional under this APY Scheme.
Govt. Atal Pension Yojana Scheme Forms and Documents
Required documents to join in Atal Pension Yojana Government Scheme are attached below