Atal Yojana Pension Scheme Details, The Government of India launched the Atal Pension Yojana, a pension system, in 2015–16. The goal of its implementation was to give unorganised sector workers pension benefits. The Pension Funds Regulatory Authority of India (PFRDA) is in charge of overseeing and managing this plan. This scheme replaces the established Swavalamban Pension Yojana, which was poorly received by the general population, and is an extension of the formally recognised National Pension Scheme. All accounts opened in 2015, the program’s debut year, were eligible for co-contributions from the Indian government for a period of five years.
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What is Atal Pension Yojana?
The Indian government started the Atal Pension Yojana, a social security program, with the intention of providing every Indian citizen with a stable source of income after the age of sixty. Put another way, it is essentially a pension plan meant for employees in the unorganised sector, such as delivery boys, maids, gardeners, and others.
The main objective of the program is to provide a sense of security by ensuring that no Indian citizen needs to worry about unanticipated illness, accidents, or chronic ailments in their old age. Individuals working for private enterprises or companies without pension benefits are also able to apply for the program; the unorganised sector is not the only target audience.
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What is the Objective of the APY Scheme?
By promoting savings from a young age, this pension plan aims to lessen the basic financial commitments that people have when they reach retirement. An individual’s age and the amount of monthly contributions they choose to make determine how much of a pension they will receive.
Monthly payments will be made to beneficiaries of the Atal Pension Yojana (APY) based on their accumulated corpus. If a beneficiary passes away, their spouse will continue to receive pension payments; if both of them pass away, the beneficiary’s nominee will receive the money in one lump sum.
APY Scheme Details and Features
Below is a discussion of the APY scheme’s features:
Automatic debit
The automatic deduction feature of the Atal Pension Yojana is one of its main advantages. A beneficiary’s pension accounts are connected to their bank accounts, and monthly contributions are deducted straight from those accounts. Those who have signed up for this program must make sure their account has enough funds to support such an automated debit; otherwise, they will be penalised.
Facility to increase contributions
As previously stated, the amount of pension that an individual is eligible to receive at age 60 is based on the contributions they have made. Different pension amounts are equivalent to different contributions.
Additionally, people may choose to raise their payments to their pension accounts in order to boost their chances of receiving a greater payout at a later time in the plan, provided that they have the extra financial means to do so. The government offers the option to alter the corpus amount once a year by increasing or decreasing payments, in order to support this requirement.
Guaranteed pension
Depending on their monthly contributions, program participants can choose to receive a periodic pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000.
Age restrictions
Anyone over the age of eighteen but under forty years old may choose to invest in the Atal Pension Yojana. Thus, in order to build a corpus for their later years, college students can also invest in this plan. Since payments to this plan must be made for at least 20 years, 40 years has been chosen as the maximum age to join the program.
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How to Apply for Atal Pension Yojana?
Underneath the atal pension yojana, every bank in india has the authority to begin the procedure of beginning a pension account. the steps to apply for apy are as follows:
- Go to the financial institution’s closest department in which you’ve got an account.
- Entire the utility shape via providing the vital records.
- Include it with copies of your aadhar card whilst you post it.
- Give us your operating cell cellphone wide variety.
How to Download the APY Form
The following ways can be used to obtain the Atal Pension Yojana (APY) account opening form:
- The nearest branch office of any participating bank will have the form for you.
- If the involved banks provide this service, you can download and print the form from their official websites.
- The official website of the Pension Fund Regulatory and Development Authority (PFRDA) offers a form for opening an APY account for download.
Atal Pension Yojana Withdrawal Process
The Atal Pension Yojana withdrawal procedure has been slightly amended, despite its initial restriction to individuals over 60:
- You have the option to fully annuitise your pension and opt out of this plan once you turn 60. You have to apply for your pension at the bank.
- You cannot withdraw from the program before turning 60 unless there are exceptional reasons, including a terminal illness or death. If you pass away before turning sixty, your spouse will get your pension. Your nominee will receive the pension in the event that both you and your spouse pass away.
Penalties for Late Payments
The following (APY) penalty fees will be assessed on a monthly basis for late payments:
- A penalty of Rs. 1 would be imposed for contributions up to Rs. 100 each month.
- A penalty of Rs. 2 will be imposed if your monthly payment falls between Rs. 101 and Rs. 500 or more.
- There will be a penalty of Rs. 5 for contributions made in the range of Rs. 500 to Rs. 1,000 every month.
- There will be a penalty of Rs. 10 if your monthly payment exceeds Rs. 1,000.
Eligibility for Atal Pension Yojana Scheme
In order to invest in the Atal Pension Yojana Scheme and obtain a pension from it, persons must meet the prerequisites listed below:
- Has to be a citizen of India.
- ought to have a working cell phone number.
- must make at least 20 years’ worth of contributions to the program.
- Should fall between the ages of 18 and 40 years.
- must possess a bank account connected to their Aadhaar.
- must not get benefits from any other social welfare program.
- Aside from that, people who received benefits under the Swavalamban system are moved to this system immediately and become eligible.
Recent Government Notification on Atal Pension Yojana
As per the announcement released by the Ministry of Finance’s Department of Financial Services, those who have been or are presently subject to income tax would not be eligible to participate in the Atal Pension Yojana program. Starting on October 1, 2022, the Centre will prohibit income taxpayers from utilising the APY in order to guarantee that the scheme’s advantages are distributed to the less fortunate. “Provided that any citizen who is or has been an income-tax payer, shall not be eligible to join APY,” the notification read.
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Faq’s
Q. Is it feasible to register for an APY pension account without first opening a savings account?
Ans: No, in order to open a pension account under APY, you must first have an active savings account.
Q. Is naming a nominee required when applying for the Atal Pension Scheme?
Ans: Yes, in order to apply for the Atal Pension Scheme, one must first nominate another person and then submit their KYC information.
Q. Is it feasible to use this system to open multiple pension accounts?
Ans: No, under this arrangement, a single person is only allowed to have one pension account.
Q. Is it possible to apply online for APY?
Ans: No, there isn’t an online application for APY available right now. Filling out the forms requires going to the branch of the relevant bank.
Q. What age range is required to participate in this scheme?
Ans: The scheme’s application deadline is 18 years old, and the maximum age is 40 years old. College students, however, are also eligible to enrol for this program. The APY system has a minimum contribution duration of 20 years. When you turn sixty years old, your pension will begin to be paid.
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