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Atal Pension Yojana (APY) Pension Scheme

Atal Pension Yojana:

Atal Pension Yojana is introduced by the Indian government in June 2015. Under the national pension system, PFRDA (pension fund regulatory and development authority) is administrating the Atal Pension Yojana. This scheme is taken by the self-employees or private sector organizations. Atal Pension Yojana helps to the old age peoples and gives the monthly pension amount.

Atal Pension Yojana

This monthly pension amount is taken by the only above 60 age peoples. the government encourages to their citizens to create the Atal Pension Yojana account. Only in between the June 1st, 2017 and December 31st, 2017 Atal Pension Yojana subscriber accounts are opened. Who is taking the Atal Pension Yojana Those peoples are not considered as income taxpayers.

Atal Pension Yojana Penalty charges:

In this scheme, definitely, the subscribers have monthly contributions without any pending payments.If the subscriber does not continue their regular payments, then the charges are paid by you as per the Government rules. For every month the additional penalty charges are from 1 to 10 Rupees.

The government will take the penalty Rs.1 for every month when the contribution amount is below the Rs.100.The government will take the penalty Rs.2 for every month when the contribution amount is in between the Rs.100 to Rs.500.The government will take the penalty Rs.5 for every month when the contribution amount is in between the Rs.500 to Rs.1000.The government will take the penalty Rs.10 for every month when the contribution amount is above Rs.1000.

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Suppose the payments of Atal pension Yojana accounts are discontinued then the following measures will happen.If the transaction payments are not continued up to 6 months, then your account will be closed.If the transaction payments are not continued up to 12 months, then your account will be deactivated.If the transaction payments are not continued up to 24 months, then your account will be permanently deactivated.

You must pay the pension amount within the due date otherwise Atal pension Yojana module will send the request continuously, till the payment is done. You can recover that pension amount in any day of the month. In one month the bank can also recover the more than one contributions provided by the subscribers.

How to withdraw the amount of Atal Pension Yojana account:

As per the contribution, the fixed pension amount is given to the above 60 years age peoples.Suppose the subscriber suddenly or accidentally died before 60 years, then the pension amount is given to their nominees. As mentioned in the development authority regulations, these pensions are eligible.

Features of Atal pension Yojana:

  • After retirement their job at the age of 60 then the government will give to the monthly pension amount starting from Rs.1000 up to 5000.
  • This pension amount is decided to the subscribers with respective their jobs.
  • The government also gives the pension amount to the nominees even after the death of the subscriber.
  • Atal pension Yojana scheme gives the more benefits to their subscribers.
  • Individual subscribers should be joined in this Atal pension Yojana scheme at the age of 18 for getting the maximum benefits and contribute up to the age of 40.
  • So the contribution period of this scheme would be 20 years.

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