Overview about About Atal Pension Yojana
Atal Pension Yojanan, popularly referred to as APY, is for all people of the unorganized sector who wants to join the National Pension Scheme. Put simply, this scheme is aimed at people working in private sector who wishes to get a fixed pension amount after retirement. Under Atal Pension Yojna, a member can receive a fixed amount of Rs.1000 to Rs.5000, in multiples of Rs.1000m after the age of 60 years. The pension amount is based on the contribution that the member makes and depends on the age of member when joining the scheme.
At present, Atal Pension Yojana has more than one crore subscribers and is viewed as a scheme that will facilitate the achievement of financial security for people in unorganized sectors.
Eligibility for Atal Pension Yojana
The eligibility for joining Atal Pension Yojana scheme is as described below.
- Only citizens of India can enroll in this scheme. Mainly, this scheme aims to cover Indian citizens who work in unorganized sector.
- People who wish to join APY scheme must have an operative bank account. The contributions and pension returns will be credited directly to the bank account and hence the condition.
- The person who wants to enroll in APY scheme must be aged between 18 to 40 years. The monthly contribution is based on the entry age. Young citizens will have lesser contribution amount.
- If the contributor is not a tax payer and is not a part of any social security scheme, the government will also contribute.
Benefits and Features of Atal Pension Yojana
- APY scheme will help the poor people and those working in unorganized sector to invest for their future. This scheme allows them to save a certain amount which otherwise they cannot, because of the nature of their sector.
- This scheme has pension amounts ranging from Rs.1000 to Rs.5000, allowing people to make flexible contributions.
- The lower the age of the applicant, the contribution amount is also lower. In a way, this scheme motivates young people in unorganized sector to save.
- If the contributor is found to be providing false proofs to get benefits from government, all his contributions will be made void and a penalty will also be charged.
- The contributor will also attract a penalty for delayed monthly payments. This is to ensure that the enroller makes constant payments towards APY.
- Any Indian resident can apply and enroll in Atal Pension Yojana by just contacting their nearest branch.
- To facilitate greater enrolment, government has made the application form for Atal Pension Yojana available in all regional languages and also online.
- The Government will invest 50% of the contribution or Rs.1000 whichever is lower for members who are not tax payers and who are not enrolled in other social security schemes.
Atal Pension Yojana - Pension Return
Atal Pension Yojana guarantees financial security in future for people working in unorganized sector. APY allows a monthly investment, which is based on age, and the return will be after the member turns 60. The investment will be directly returned to the bank.
The table below gives a snapshot of Atal Pension Yojana returns.
|Entry Age||Years of Contribution||Indicative Monthly Contribution Rupees||Monthly Pension in Rupees||Indicative corpus return to nominee of subscribers|
Table for Pension Payment Details
The member must contribute the amount mentioned in the table, according to their age and the amount that they wish to receive after they turn 60.
|Age||Years of Contribution||Monthly Pension of Rs.1000||Monthly Pension of Rs.2000||Monthly Pension of Rs.3000||Monthly Pension of Rs.4000||Monthly Pension of Rs.5000|
The member should request the concerned bank manager in application after they turn 60 to get the money back as monthly pension.
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