Atal Pension Yojana (APY) : Online Scheme & Eligibility
Atal Pension Yojana Scheme Overview
With the concern about the old age income security of poor working people government of India is focusing on enable the poor working people to join National Pension System. This scheme was launched with targeting the unorganized sector. Atal Pension Yojana was originally launched by the Indian Government in year 2010-11 and was named as Swavalamban Yojana.
Before 3 years on may 9, 2015 this scheme was re-launched by the Indian Government with the name of Atal Pension Yojana. This scheme was also mentioned in the Budget Speech of year 2015 by Finance Minister Arun Jaitley. Prime Minister Narendra Modi launched this scheme on May 9, 2015 in Kolkata. It was introduced on June 1, 2015.
This scheme provides a defined pension , which will only be depend on the time span and the contribution. This scheme focuses on all poor citizens of unrecognized sectors, all those citizens who have joined the National Pension System. This system is being regulated by Pension Fund Regulatory and Development Authority.
As per APY beneficiaries will get pension according to their contribution i.e. Rs. 1000 per month, Rs.2000 per month, Rs. 3000 per month, Rs.4000 per month and Rs.5000 per month. Contribution depends upon the age at the time of joining. To join the APY age limit should be 18-40 years. Minimum pension of APY is guaranteed by the government.
Features Of Atal Pension Yojana (APY)
There are some features which will clear the actual picture of PY which are as below:
- Monthly pension is guaranteed for all the subscribers of Rs.1000 to Rs.5000.
- 50% of subscriber’s contribute will also be co-contribute by the Government of India or rs.1000 which ever will be lower.
- Co-contribution will only be for those subscribers who are not an income tax payer or beneficiary of Statutory Social Securities.
- This co-contribution will only be for 5 years of Government of India to all those subscribers who had joined the scheme in the time period of June 1 to December 31, 2015.
- This co-contribution is limited for only 5 years it will not be exceeded even not for the subscribers of Swavalamban beneficiaries.
- Contribution of the subscribers will be auto deduct from the bank accounts of subscribers which they opened in Pradhan Mantri Jan Dhan Yojana.
Benefits of Atal Pension Yojana (APY)
APY was launched with the target to unorganized sector poor working people this Scheme holds many benefits which are as below:
- This benefit gives contributor’s benefit of tax saving under section 80 CCD this scheme gives relief from tax.
- Contributor will get the guaranteed pension of Rs.1000 to Rs.5000 per month.
- If pension contributors’ actual return is higher then pension will also be higher.
- In case contributor got died the pension is given to spouse of the contributor.
- In case both the contributor and spouse got dead then the pension corpus is given to nominee.
- The contribution level would be low if the subscribers join at their early age and contribution will be high if the subscriber will join late.
Eligibility for Atal Pension Yojana (APY)
- Subscriber should be an Indian.
- Subscriber need to join in age of 18-40 years.
- Subscriber should be KYC compliant.
- Subscriber should have Adhar Card as their Primary KYC.
- Subscriber can only have one APY account, he/she should not have any pre-existing account.
- Should have a bank account .
Penalty for Default under APY
Certain deduction will be there from subscribers’ accounts on periodic basis. In case the balance of subscribers’ account gets Zero due to any deductions or charges the account will be closed immediately. If there will be continuous default for 6 months then account will be freeze and if it will continue for 12 months it will be closed permanently and balance after all deduction will be given back to the subscriber.
Penalties are as below:
- 1 for every month Rs.100 contribution.
- 2 for every month Rs. 101 to Rs.500 contribution.
- 5 for every month Rs. 501 to 1000 contribution.
- 10 for every month beyond Rs.1000 contribution.
Check Here : Swachh Bharat Abhiyan
Check Here : Pradhan Mantri Suraksha Bima Yojana
How To Apply Online For Atal Pension Yojana (APY)?
- Visit on official website of your bank Account.
- As an existing account holder you need to click on ‘Apply Now’ button.
- Now you need to Input your Adhar No. and then Generate OTP and then Input OTP.
- Now you have to fill your personal and nominee details.
- Now you have to select the pension amount and frequency.
- Now to ensure the enrolment, you have to E-sign the Application.
How To Apply By Visiting Your Bank Branch?
- You can also apply by visiting your bank branch.
- you have to give your account no. to the concerned executive to enroll you for APY.
- Now you have to give all your personal and nominee details.
- Select your frequency and pension amount.
- Now sign the application form to ensure the enrollment.
How To Get Your APY Bank Account Statement?
You can also have a track on your APY account by downloading the bank account statement:
- Visit on your bank official site.
- Click on Home button and then select “Atal Pension Yojana”.
- Now click on “APY e-PRAN/Transaction Statement View”
- Now you have to enter you Name+ Bank a/c No.+ DOB & Print OR Enter PRAN + Bank a/c Number & Print.
Every bank account holder is eligible for APY, this yojana is also linked with Pradhan mantri Jan Dhan Yojana, because under PMJDY , government of India opened Zero Balance Account of every individual of India, due to this government tried to decrease these Zero balance accounts by launching APY through these accounts also.
Withdrawal Procedure of APY
Subscribers should also be known about the withdraw process of APY:
1.On Completion of 60Years of age
After attaining age of 60 years you need to visit your bank and ask them to withdraw you amount, they will start your pension, in case subscriber got died , spouse will get all the benefits after that nominee can take the benefit till age of 60 years in case both the spouse and subscriber got died.
2. Before attaining age of 60 years
as per the circular generated on May 6,2016 on PFRDA no one can exit from the PY account but in case of subscriber’s death spouse can exit from this but if the subscriber was also getting the government contribution, then the spouse will only be eligible for their contribution and the earning amount on that contribution, government co-contribution and the earned amount on that co-contribution will not be given to spouse.