Atal Pension Yojana is one of India best scheme National Pension Scheme. Atal Pension Yojana (“APY”) was passed in the Union Budget of 2015-16 by our honorable Finance Minister Mr. Arun Jaitley. It has like as Pradhan Mantri Jan Dhan Yojana scheme. Atal Pension Yojana is a pension scheme, it is mainly aimed at the unorganized sector such as maids, gardeners, delivery boys, etc.
The scheme is to ensure that any Indian citizen has to don’t worry about any illness, accidents or diseases in old age, giving a sense of security. Private sector employees or employees working with such an organization that does not provide them pension benefits can also apply for the scheme. There is an option of getting a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 on attaining the age of 60. This will be determined based on the individual’s age and the contribution amount. The contributor’s spouse can claim the pension upon the contributor’s death and upon the death of both the contributor and his/her spouse, the nominee will be given the accumulated corpus. unexpectedly, if the contributor dies before completing 60 years of age, the spouse is also given an option to either exit the scheme and claim the corpus or continue the scheme for the balance period.
Eligibility Of the Scheme
The benefits from the Atal Pension Yojana, you must fulfill the below requirements
- Must be a citizen of India.
- Must be between the age of 18-40
- Should make contributions for a minimum of 20 years.
- Must have a bank account linked with your Aadhar
- Must have a valid mobile number
How to Apply?
Follow these steps to avail the benefits of APY
- All nationalized banks provide the scheme. You can visit any of these banks to start your APY account.
- Atal Pension Yojana forms are available online and at the bank. You can download the form from the official website.
- The forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.
- Fill up the application form and submit it to your bank.
- Provide a valid mobile number, if you haven’t already provided to the bank.
- Submit a photocopy of your Aadhaar card.
Important Facts to Know about APY
- Since you will be making periodic contributions, the amounts will be debited automatically from your account. You need to make sure that you have sufficient balance in your account before each debit.
- You can increase your premium at your will. You just have to visit your bank and talk to your manager and make the necessary changes.
- In case you default on your payments, a penalty will be levied. A penalty of Rs. 1 per month for a contribution of every Rs. 100 or part thereof.
- In case you default on your payments for 6 months, your account will be frozen and if the default continues for 12 months, the account will be closed and the remaining amount will be paid to the subscriber.
- Early withdrawal is not entertained. Only in cases like death or terminal illness, the subscriber, or his/her nominee will receive the entire amount back.
- In the event that you close the scheme before the age of 60 for any other reason, only your contribution plus interest earned will be returned. You will not be eligible to receive the government’s co-contribution or the interest earned on that amount.