A subscriber of Atal Pension Yojana will have to pay penalty charges if he/she misses the payment date. The subscriber will need to pay Re.1 for missing a monthly contribution of Rs.100, Rs.2 for missing a contribution of Rs.101 to 500, and so on.
Atal Pension Yojana was launched by the Indian Government on 9th May, 2015. This is a scheme which offers guaranteed pension to Indian citizens, especially employed under the unorganized sector. This is meant to improve the social security of people post-retirement. People falling under the age group of 18-40 years can apply for the Atal Pension Yojana scheme.
Penalty will be levied on a subscriber’s APY account if he/she fails to pay the required amount on the due date - this would happen in the event of non-maintenance of required balance in the savings bank account. Contribution to Atal Pension Yojana Scheme will be drawn from the individual’s linked savings bank account on the date specified and if the amount is unavailable, there will be a default in payment. If such a case arises, then the concerned Bank should levy a penalty for the same and this could vary between a minimum Re. 1 to a maximum of Rs. 10/- per month.
This Atal Pension Yojana would be charged as per the penalty slab given below:
- For monthly contributions worth upto Rs. 100, Re. 1 will be charged per month.
- For monthly contributions worth upto Rs. 101 to 500/- per month, Rs. 2 will be charged per month.
- For monthly contributions worth between Rs 501/- to 1000/- per month, Rs. 5 will be charged per month.
- For monthly contributions worth more than Rs 1001/- per month, Rs. 10 will be charged per month.
If the subscriber discontinues payment towards the APY Scheme account, the following rules are applied on the related account:
- Subscriber’s APY account will be deactivated after 12 months of non-payment.
- Subscriber’s APY account will be frozen after 6 months of non-payment.
- Subscriber’s APY account will be closed after 24 months of non-payment.
If the subscriber wishes to continue his/her APY account and benefit from the scheme then he/she has to make sure the savings Bank account has enough funds for auto debit of the required contribution amount. Both the interest and penalty will remain a fixed part of the subscriber’s pension corpus.
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