Atal Pension Yojana Details: Atal pension yojana (apy) is a central authority-run pension scheme for all citizens of india, particularly focusing on the unorganized quarter. apy is administered via the pension fund regulatory and development authority (pfrda) beneath the national pension machine (nps). under this scheme, rs 1000 might be given to the beneficiaries. to rs 5000. minimum monthly pension is guaranteed among rs.
Members can choose month-to-month pension that is rs 1000, rs 2000, rs 3000, rs 4000. or rs 5000. which can also start afterThe age of 60 years. the quantity of pension one gets is immediately associated with the age at which the person has joined apy and the monthly amount he has contributed.
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Contents
Information about Atal Pension Yojana 2024
| Name of the Scheme | Atal Pension Yojana |
| launched | year 2015 |
| started by | by central government |
| Beneficiary | People from unorganized areas of the country |
| Objective | grant pension |
Tax benefits under Atal Pension Yojana
In order to offer pensions to workers in the unorganized sector, the Atal Pension Yojana was established. Pension payments under this system range from ₹ 1000 to ₹ 5000 per month, depending on the applicant’s investment, when the applicant reaches 60 years of age. Customers will now receive tax advantages as part of this arrangement. The Pension Fund Regulatory and Development Authority sent out this information via Twitter. This tweet states that the advantages of this plan, as well as those provided by section 80CCD (1b) of the Income Tax Act, are available to all income tax payers who are between the ages of 18 and 40. Additionally, you may obtain
Objectives of Atal Pension Yojana
The following succinctly describes the primary goals of the Atal Pension Yojana:
- provisions for people’ safety and defense against illnesses, accidents, infections, etc.
- The unorganized sector of the country is the target audience for this program.
- They will get monthly payouts from their earned cash under APY. In the case of the beneficiary’s passing, their spouse will get the pension. In the case that both the beneficiary and their spouse pass away, the nominee will get a lump sum settlement.
Atal Pension Yojana Withdrawal
- Upon reaching 60 years of age: Customers are eligible to withdraw funds from the Atal Pension Yojana upon reaching 60 years of age. In this case, the consumer will get their pension upon pension withdrawal.
- In the event of the subscriber’s death: The subscriber’s spouse will receive the pension payment in the event of the subscriber’s death. Additionally, the pension corpus will be given to their nominee if they both pass away.
- Removal prior to reaching 60 years of age: The Atal Pension Yojana does not permit withdrawals prior to the age of sixty. However, the department has approved this in a few unique cases. For instance, in the case of a terminal illness or the beneficiary’s death.
Also Read: PMEGP Scheme
Fee in case of default under Atal Pension Yojana
| For contributions up to ₹100 per month | ₹1 |
| For contributions of ₹101 to ₹500 per month | ₹2 |
| For contribution of ₹501 to ₹1000 per month | ₹5 |
| For contributions above ₹1001 | ₹10 |
Benefits of Atal Pension Yojana 2024
- This plan is only available to Indian citizens.
- The Central Government would only offer a monthly pension under the Atal Pension Yojana to those who have reached the age of sixty. The payment might range from Rs 1000 to Rs 5000.
- The age and investment of the beneficiaries would determine the pension amount under the Atal Pension Yojana.
- The government will also make a personal contribution to this pension plan, just like with the PF account.
- If you are eighteen years old and wish to receive a monthly pension of Rs. 1000, you will need to make a 42-year premium deposit of Rs. 210.
- Nevertheless, those over 40 will have to pay an extra premium, which starts at Rs.
Who is not eligible to receive government co-ordination under APY?
The government co-contribution benefit under APY is not available to beneficiaries of any statutory social security programs. We’ve included a few Acts below for which there is no government coordination:
- The 1952 Workers’ Provident Fund and Miscellaneous Provisions Act.
- Act of 1948 on Coal Mines Provident Fund and Miscellaneous Provisions.
- The 1966 Simmons Provident Fund Act
- Miscellaneous Provisions and Assam Tea Plantation Provident Fund Act, 1955.
- Jammu & Kashmir The Miscellaneous Provisions and Employees’ Provident Fund Act of 1961.
- any other legally mandated social security program.
- The APY Contribution Chart
Atal Pension Yojana Eligibility
The following are the requirements for the Atal Pension Yojana:
- You have to be a citizen of india.
- You need to be among the a while of 18 and 40.
- You need to be the use of a working cellphone wide variety.
- You need to link your aadhaar range to a operating bank account range.
- All of the ‘recognise your purchaser’ statistics ought to be submitted.
- An apy account have to not already be open for you.
- Contributions to the apy machine need to be made for a minimum of two decades.
- There should be no other social welfare software for that you qualify.
- Moreover, those who benefited fromThe swavalamban yojana at the moment are eligible for the apy scheme.
Indicative APY Monthly Contribution Chart
The accompanying chart, which is based on your age at scheme entry and the monthly pension amount after retirement, will show you how much you will have to contribute each month if you invest in the APY plan. The amount you really need to contribute to the Atal Pension Yojana may change in the future; this estimate is only suggestive. Your monthly contribution requirements for this pension plan are shown in the following chart:
| Age of entry | Years of contribution | First Monthly pension of Rs.1000/- | Second Monthly pension of Rs.2000/- | Third Monthly pension of Rs.3000/- | Fourth Monthly pension of Rs.4000/- | Fifth Monthly pension of Rs.5000/- |
| 18 | 42 | 42 | 84 | 126 | 168 | 210 |
| 19 | 41 | 46 | 92 | 138 | 183 | 224 |
| 20 | 40 | 50 | 100 | 150 | 198 | 248 |
| 21 | 39 | 54 | 108 | 162 | 215 | 269 |
| 22 | 38 | 59 | 117 | 177 | 234 | 292 |
| 23 | 37 | 64 | 127 | 192 | 254 | 318 |
| 24 | 36 | 70 | 139 | 208 | 277 | 346 |
| 25 | 35 | 76 | 151 | 226 | 301 | 376 |
| 26 | 34 | 82 | 164 | 246 | 327 | 409 |
| 27 | 33 | 90 | 178 | 268 | 356 | 446 |
| 28 | 32 | 97 | 194 | 292 | 388 | 485 |
| 29 | 31 | 106 | 212 | 318 | 423 | 529 |
| 30 | 30 | 116 | 231 | 347 | 462 | 577 |
| 31 | 29 | 126 | 252 | 379 | 504 | 630 |
| 32 | 28 | 138 | 276 | 414 | 551 | 689 |
| 33 | 27 | 151 | 302 | 453 | 602 | 752 |
| 34 | 26 | 165 | 330 | 495 | 659 | 824 |
| 35 | 25 | 181 | 362 | 543 | 722 | 902 |
| 36 | 24 | 198 | 396 | 594 | 792 | 990 |
| 37 | 23 | 218 | 436 | 654 | 870 | 1087 |
| 38 | 22 | 240 | 480 | 720 | 957 | 1196 |
| 39 | 21 | 264 | 528 | 792 | 1054 | 1318 |
| 40 | 20 | 291 | 582 | 873 | 1164 | 1454 |
Also Read: Post Office Senior Citizen Scheme
How to download APY form?
The Atal Pension Yojana (APY) account opening form is available through any of the following channels:
- The paperwork is available for pickup at the closest branch office of any bank that is involved.
- If participating banks provide the option, you can download and print the form from their official websites.
- The Pension Fund Regulatory and Development Authority’s official website has the APY account opening form available for download (PFRDA).
Process to apply for Atal Pension Yojana
The following procedures must be taken in order to profit from the scheme:
- Apy is available at all nationalized banks. to open an apy account, human beings can visit these establishments.
- At the financial institution’s web sites, you may additionally find on-line account establishing paperwork. people have the capability to download the program.
- There are variations of the utility shape accessible in bengali, telugu, tamil, oriya, marathi, kannada, and gujarati.
- It’s miles required that the software be finished and sent to the financial institution.
- You need to deliver a operating cellular phone number.
- An aadhar card photocopy ought to beGiven.
You’ll get a confirmation message after your application gets accepted.
How to fill Atal Pension Yojana form?
Step 1: Addressing the form
The branch manager need to be the recipient of the form. with the aid of contacting the bank or moving into person, you may discover the name of your branch supervisor. input the branch and call of your financial institution.
Step 2: Bank Details
Complete the form with uppercase letters. To begin with, you must supply your bank account information. Enter the name of the bank, the branch, and the account number. This field has to be filled out.
Step 3: Personal Details
- Mark the right field corresponding to your identification: “mr,” “mrs,” or “kumari.” mark ‘shri’ in case you are a male candidate. pick out “smt” if you are a married woman candidate. ‘kumari’ have to be marked if you are a woman candidate who’s unmarried.
- Applicants who are married need to include the name of their partner.
- Put your age, date of delivery, and entire call right here.
- Deliver your e-mail cope with, aadhaar quantity, and cellular telephone range.
- After that, you can ask the character you nominated approximately theirConnection. in the event of your loss of life, your contributions may be provided to a nominee.
- You need to offer the nominee’s date of delivery and the call of their felony guardian if they are a minor.
- Indicate if the candidate is in possession of any additional statutory social protection benefits.
Step 4: Pension Details
With choices like Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000, you can pay anywhere from Rs 1,000 to Rs 5,000 towards your pension. The ‘Contribution amount (monthly)’ box below should be left empty as the bank will fill it in after they’ve determined how much you have to pay each month in order to get your pension.
Your entering age will serve as the basis for the computation. For instance, if your entrance age is 25, you would be required to pay Rs 151 each month for a pension of Rs 2,000.
Step 5: Declaration and Authorization
The location and date must be entered. You may leave a thumb impression or sign the paper. By completing the paperwork, you attest that you have read and comprehended the terms and conditions of the program and that you satisfy the requirements to participate in the Atal Pension Yojana. You certify that, to the best of your knowledge, everything you have written is accurate. Should there be any modifications required for the provided data, you will get in touch with the bank right away. Additionally, you must state that you have no accounts with the National Pension System (NPS). If you willfully give out any fraudulent or inaccurate information, you will be held accountable.
Step 6: To be filled by the Bank
The bank is required to complete the last component of the Atal Pension Yojana form, which is named “Acknowledgment – Subscriber Registration for Atal Pension Yojana (APY)”. This is the bank’s acknowledgement that they will sign you up for the Atal Pension Yojana program. The bank representative will fill the form when you submit it.
Also Read: Mukhyamantri Kisan Kalyan Yojana
Atal Pension Yojana Withdrawal Process
Although you were formerly prohibited from leaving the Atal Pension Yojana before reaching sixty, the withdrawal procedure has been somewhat modified:
- You can leave this plan with full annuitization of the pension amount if you are 60 years of age or older. You must apply for your pension in person at the bank.
- The only situations in which you can leave the plan before turning sixty are when you pass away or have a serious illness. Your spouse will get your pension if you pass away before turning sixty. Your nominee will get the pension if both you and your spouse have passed away.
Atal Pension Yojana Penalty Fee:
Penalty charges as listed below (APY) will be assessed on a monthly basis in the event of payment delay:
- A penalty of Re 1 will be charged for contributions up to Rs 100 per month.
- If the monthly payment falls between Rs 101 and Rs 500, there will be a penalty of Rs 2.
- For payments made monthly between Rs. 500 and Rs. 1,000, there will be a penalty of Rs. 5.
- Over Rs 1,001 in monthly payments, there will be a penalty of Rs 10.
The APY penalty fee will be a predetermined sum based on the pension amount.
The following points are applicable if payment is stopped:
- The account will be locked after six months if no payments are received.
- The account will be closed if no payments are received for a full year.
- The APY account will be canceled after 24 months if no payments are received.
FAQs
Q: How many Atal Pension Yojana accounts can a subscriber open?
Ans: Only one Atal Pension Yojana account may be opened by a single subscriber, and it must stay exclusive to him.
Q: Can I open Atal Pension Yojana account without maintaining a savings account?
Asn: No, in order to apply for this plan, candidates must have a savings bank account.
Q: Can I join Atal Pension Yojana without Aadhaar number?
Ans: An Aadhaar number is not needed to register an Atal Pension Yojana account, but it is needed to nominate beneficiaries, identify candidates, and provide spouse information.
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