Atal Pension Yojana is the Central Government that implemented the scheme for people. This pension program is for people who are doing business or running own lives they should not face financial difficulties in their old age. This scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under NPS (National Pension System)
Earlier this APY was implemented for no tax benefits. And at present, it is treated for tax benefits under section 80CCD 1 and 1B. APY was launched a lifelong pension to underprivileged also workers in the Unorganized sector. Applicants will receive his pension from the age of 60 years until death. This pension will guarantee by the central government.
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About APY:
This APY was first known as the Swavalambam scheme. And the applicants who are ta the members of this Swavalambam scheme will get benefits according to this APY scheme.
| Scheme name | Atal Pension Yojana |
| Launched by | PM Narendra Modi |
| Date | March 31st, 2016 |
| Objective | Social Security |
| Target Audience | Unorganized sector |
Eligibility:
- Applicant must be Indian
- Applicant should have minimum age 18 years and maximum age 40 years
- The minimum contribution period is 20 years
- Applicant should maintain the bank account towards APY
- A co-contribution amount will also give the Government to applicants
- Every applicant should have registered mobile number
- NRIs are not eligible for this scheme
The below-mentioned subscribers will not get government contribution:
- If you are any state government employee
- If you are an income taxpayer
- If you work in the Private company and have EPF account
Benefits for Atal Pension Yojana (APY):
- Subscribers under this scheme can earn monthly pension as Rs 1000, 2000, 3000, 4000 and Rs 5000 per month
- The APY applicants have an option to make the contribution on a monthly, quarterly, half-yearly basis as per their convince
- Pensions will depend on the amount that you contribute over the years
- The monthly pension will be available after the applicant reaches the age of 60 years
- Subscribers who joining under this scheme before 2015, they are eligible to receive the contributions from Government
- Candidates who have a low-income level they no need to pay income tax and that will contribute to an Indian government
Why is this scheme needed?
This scheme is helpful for the weaker sections of society and makes the pension at an old age. The Central Government also encourage the people by proving the bonus
Steps to apply for Atal Pension Yojana:
To register the Atal Pension Yojana customers need to submit the application form to a concerned bank with required documents. This Pay registration form will be available in different languages like Hindi, English, Bangla, Gujarati, Kannada, Telugu, Tamil, Odia, and Marathi
- All Nationalized banks provide the Atal Pension Yojana scheme
- Applicants can visit these banks or else you can get your own bank
- These scheme application forms are available at banks or you can download the form through online https://npscra.nsdl.co.in/download/non-government-sector/all-citizens-of-india/forms/APY-Subscriber%20Registration%20Form.pdf
- Fill the form manually and submit it to a concerned person
- Along with the application form submit your Aadhar card and active mobile number
- You will receive a confirmation message after application form procedure
- Keep the required balance in your account for the transfer of monthly contribution
How to enroll for Atal Pension Yojana:
Applicants need to maintain sufficient balance in their accounts. If they are not maintaining the minimum amount of account they will attract the monthly fine as mentioned below:
If the contribution amount is
- Rs 100 then pay fine Rs 1 per month
- Rs 101 to Rs 500 then pay fine Rs 2 per month
- Rs 501 to Rs 1000 then pay fine Rs 5 per month
- Rs 1001 then pay fine as Rs 10 per month
What happens there are no payments made towards the scheme?
Discontinuation of payments of contribution amount shall lead as follow:
- After 6 months then the account will freeze
- After 12 months then account will be deactivated
- Payments not made for 24 months then account will close
Atal Pension Calculator:
If the subscribers join this scheme at the age of 18 years then they need to pay the monthly premium will be less. Depending on the age of joining the fixed pension amount will be decided. If the person joins this scheme at the age of 40 then the contribution period will be lesser. This fixed amount will pay to subscribers and his family
| Monthly Pension amount | Return of corpus amount to the nominee |
| Rs 1000 | Rs 1,70,000 |
| Rs 2000 | Rs 3,40,000 |
| Rs 3000 | Rs 5,10,000 |
| Rs 4000 | Rs 6,80,000 |
| Rs 5000 | Rs 8,50,000 |
How to make withdrawals from APY:
Under this scheme users successfully complete 60 years of age then the fixed pension amount would be given to him with 100% annuitisation benefits. In case the subscriber will untimely death or illness before 60 years then the pension amount will hand to the nominee. The bank will refund the contribution amount by him also including the interest earns on contributions. The co-contribution amount from the government also interest earned for the amount will not refund
About Atal Pension Yojana interest or other charges:
Under this scheme, subscribers have beat extra charges, over dues, fees for over delay payments and non-payments from time to time. These charges will be levied based on the norms of pension fund regulatory also development authority with the Indian Government.
Also Read: National Scholarship Portal NSP
