Atal Pension Yojana Maturity Amount 2024: Features, Coverage, How to Apply, Benefits and See Eligibility

Atal Pension Yojana Maturity Amount: In India, the government supports a retirement savings programme called the Atal Pension Yojana (APY). Though anyone who is an Indian citizen and is between the ages of 18 and 40 can join, it is intended for workers in the unorganised sector.

What is the objective of the Atal Pension Yojana (APY) Scheme?

The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of overseeing the Atal Pension Yojana programme, which attempts to give elderly people financial stability. Eligible subscribers may be eligible for government co-contributions.

You fund your pension account on a regular basis under the APY plan. Your monthly pension, which varies based on your payments, might be as much as ₹1,000 to ₹5,000 when you retire at age 60.

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Features of the Atal Pension Yojana

Below are the main characteristics of the Atal Pension Yojana (APY):

• Pension Options: Beginning at age 60, select a guaranteed monthly pension of ₹1000, ₹2000, ₹3000, ₹4000, or ₹5000.
• Yojana Atak Pension Eligibility: Available to anybody aged 18 through 40.
• Enrollment: Any bank branch, post office, or online platform that your bank offers can be used to sign up for APY.
• Nomination: When opening an APY account, you have to enter the details for the nominee and spouse.
• Contribution Frequency: Set up an auto-debit from your savings bank account to make contributions on a monthly, quarterly, or semi-annual basis.
• Accessing Statements: Go to the NSDL APY Portal to see and print PRAN cards as well as transaction statements.
• Annual Statement: Every year, your registered address receives a physical copy of the Atal Pension Yojana statement. To make sure you receive it, make sure your address is current.

Atal Pension Yojana Benefits – Advantages of APY

An appealing alternative for retirement planning, particularly for individuals working in the unorganised sector, is the Atal Pension Yojana (APY), which provides a multitude of benefits to its members.

• Guaranteed income: Depending on your payments, the Atal Pension Yojana Scheme ensures a minimum monthly income of ₹1,000 to ₹5,000 at age 60.
• Government Co-Contribution: For five years, for individuals who join between the ages of 18 and 40, the Indian government will co-contribute up to 50% of your monthly donations, or ₹1,000 annually.
• Benefits for Taxes: Under Section 80CCD(1) of the Income Tax Act of 1961, donations made to the Atal Pension Yojana Scheme are deductible from taxes.
• Death Benefit: The spouse will get the same pension in the event of the subscriber’s death. The nominee receives the accumulated corpus if the spouse has also passed away.
• Option to Leave: If you choose to leave the programme early after making at least ten years’ worth of contributions, you will only receive the interest-bearing corpus rather than the pension.

Atal Pension Yojana Age Limit Criteria

The following are the age requirements for enrollment in the Atal Pension Yojana:

• Minimum Age: 18 years old
• Maximum Age: 40 years old

NOTE: The Atal Pension Yojana benefits begin at age 60, and APY contributions must be made for at least 20 years.

APY and NPS Lite – Atal Pension Yojana Mobile Application

NPS Lite, developed by Protean, is the official mobile application for the Atal Pension Yojana Scheme. On behalf of PFRDA, NSDL e-Governance Infrastructure Limited developed it.

• verify Your Contributions: You can verify your most recent contributions for free by using the APY mobile app. Your last five transactions are always visible to you.
• Obtain Vital Documents: Download your e-PRAN and transaction statement at no additional cost. It is quick and easy.
• Android users: Search for “APY and NPS Lite” in the Google Play Store to get the APY mobile app.

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How to Open an Atal Pension Yojana Account?

There are two ways to open an account for the Atal Pension Yojana Scheme: online or at a Point of Presence-Service Provider (PoP-SP):

Atal Pension Yojana – Online Apply

• Step 1: Go to the website of the National Pension System Trust.
• Step 2: Locate the “Open APY Account” option and complete the online application for the Atal Pension Yojana. Enter the necessary information about yourself for the Atal Pension Yojana Scheme, such as your UID number, email address, and savings account number.
• Step 3: Your Atal Pension Yojana login credentials will be sent to you after you register. Utilise them to finish the online KYC requirements.
• Step 4: Upon completion, an email acknowledgement including your APY registration number will be sent to you.

Through PoP-SP (Bank Branch/Post Office)

• Find a PoP-SP: Look for a PoP-SP in your area. This might be the post office, your bank branch, or any other authorised organisation.
• Form Collection: Get the PoP-SP to give you the Atal Pension Scheme form.
• Yojana for Atal Pension Form Completion: Make sure the APY application form is fully filled out.
• Submission: Send the completed form to the PoP-SP representative together with the required paperwork.

Atal Pension Yojana Contribution (APY Premium)

Save More by Joining the Early

When you join a pension plan earlier in life, your contribution is reduced. You pay less when you enrol in the Atal Pension Plan early.

Contribution Rates by Age

A comparison of the monthly contribution rates under the Atal Pension Yojana Scheme between a 40-year-old and an 18-year-old based on their selected pension slab is mentioned below:

Age 18:

• Contributing ₹42 per month will get you a pension slab of ₹1,000.
• Contributing ₹210 per month will get you a pension slab of ₹5,000.

Age 40:

• Contributing ₹291 per month will get you a pension slab of ₹1,000.
• Contributing ₹1,454 per month will get you a pension slab of ₹5,000.

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Potential Pension Savings for Your Family

Depending on your contributions and pension options, your family’s total pension savings in the Atal Pension Scheme might be anywhere between ₹1.70 lakh and ₹8.50 lakh. With stable payments and market conditions, these values can change.

Co-contribution by the Government of India to the Atal Pension Yojana (APY) Scheme

New participants in the Atal Pension Yojana (APY) cannot now access the Government of India’s co-contribution. Here are a few of the main points:

• donation Match: Up to ₹1000 annually, the government matched 50% of your APY donation.
• Qualifications for Atal Pension Yojana:
• Enrollment is open from June 1 through December 31, 2015.
• Social Security: No statutory social security programme was available to you.
• Taxpayer Status: Income taxation is not an option for you.
• Co-Contribution Period: The government co-contribution was offered from the 2015–16 fiscal year to the 2019–20 fiscal year for a period of five years.

Atal Pension Yojana Table

You must make the monthly contributions shown in the table below if you wish to participate in the Atal Pension Yojana Scheme benefits. The entry age and the desired monthly income after retirement determine the monthly contribution amount.

Age at Entry (Years)	Total Years of Contribution	Required Monthly Contribution Amount
		Monthly Pension of ₹1000	Monthly Pension of ₹2000	Monthly Pension of ₹3000	Monthly Pension of ₹4000	Monthly Pension of ₹5000
18	42	42	84	126	168	210
19	41	46	92	138	183	228
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

Charges for Default in APY Contribution Payment

Default fees are gathered for overdue payments and added to the Atal Pension Yojana Scheme subscriber’s pension corpus:

Contribution Range (Monthly)	Default Penalty (Monthly)
Up to ₹100	Re. 1
₹101 – ₹500	Re. 2
₹501 – ₹1,000	Re. 5
Above ₹1,001	₹10

Key Points to Remember for Subscribers:

• After six months, if you don’t contribute any more, your account becomes frozen.
• Your account will be closed after a 12-month period in which you have not contributed.
• Your account is cancelled after 24 months if you haven’t made any contributions.

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Atal Pension Yojana Calculator

You can calculate how much you would need to contribute each month to the Policybazaar Atal Pension Yojana in order to receive the appropriate pension amount after retirement.

Here’s how to use Policy Bazaar’s Atal Pension Yojana Calculator:

• Look for “Policybazaar Atal Pension Yojana Calculator” or simply “APY Calculator Policybazaar”.
• You will be prompted by the calculator to select the amount of pension you would like to receive after you retire. For ₹1000, ₹2000, ₹3000, ₹4000, and ₹5000, there are alternatives.
• The calculator will provide the range of monthly contributions that, depending on your present age, you would need to make once you enter your desired pension amount.

FAQs

Q. What is the pension of APY 5000?
Ans: The Atal annuity Yojana Scheme’s “APY 5000” option allows you to select a contribution plan that, upon reaching 60 years of age, will guarantee you a minimum monthly annuity of ₹5,000. Compared to other APY options, this option usually has a larger monthly contribution requirement.

Q. Does the 8.5 lakhs Atal Pension Yojana benefit anyone?
Ans: The Atal Pension Yojana Scheme does not provide a ₹8.5 lakh fixed pension. The benefit you get is determined by the contribution plan you have selected. The highest pension amount each month is ₹5,000.

Q. An APY account: what is it?
Ans: No distinct APY account exists. Your current savings bank account or post office savings bank account is connected to the contributions you make to the Atal Pension Yojana Scheme.

@MAN