The Atal Pension Yojana Scheme is offered to Indian citizens belonging to the age group of 18 to 40 years. One will need to contribute a specific amount per month. He/she can change this amount once annually in the month of April.
Rules & regulations of Atal Pension Yojana Scheme
- Atal Pension Yojana rules are this scheme can only be availed by citizens who are above the age of 18. A minimum contribution period of 20 years is mandatory hence the maximum age at which users can start contributing towards the pension scheme is 40.
- Citizens must also compulsorily posses a savings account with a bank. This is because the contribution amount is auto debited from their account every month.
- Only customers who do not benefit from any statutory social security schemes or are not income taxpayers can avail a co-contribution from the Indian government. A co-contribution of 50% of the amount being contributed or Rs. 1000 is provided to the above subscribers.
- A co-contribution by Government of India for a period of 5 years can be procured by subscribers who join the scheme prior to December 31, 2015.
- The amount to be contributed by subscribers vary based on their age and the amount they wish to receive as pension after the age of 60. The table below illustrates the amount to be contributed.
- Customers need to also ensure that a minimum amount is maintained in their savings account as the contribution amount is directly debited from their account. Failure to do so will result in a fine being imposed as detailed in the table below -
- Only one Atal Pension Yojana account can be opened by the subscriber.
- Subscribers have to mandatorily provide a nominee while availing this scheme.
- Customers will have to compulsorily furnish their Aadhaar card details and mobile number as the documents to be eligible for Atal Pension Yojana Scheme.
- Customers can only exit the scheme after they attain the age of 60. Exiting the scheme before this is possible only in circumstances such as illness that is terminal or death.
|Age of entry||Number of contribution years||Monthly pension amount received - INR 1000||Monthly pension amount received - INR 2000||Monthly pension amount received - INR 3000||Monthly pension amount received - INR 4000||Monthly pension amount received - INR 5000|
|Contribution amount (per month)||Penalty charged (per month)|
|Upto Rs. 100||Re. 1|
|Rs. 101 - 500||Rs. 2|
|Rs. 501- 1000||Rs. 5|
|Over Rs. 1000||Rs. 10|
Features of Atal Pension Yojana Scheme
- This scheme was started with the intention of helping Indian citizens lead a life of dignity in their golden years, especially those who work in the unorganized sectors and do not benefit from any other schemes.
- The Atal Pension Yojana can be subscribed by all citizens between the ages of 18 to 40 and they can avail the pension amount after they attain the age of 60.
- The scheme is backed by the Pension Fund Regulatory and Development Authority (PFRDA) and subscription is being offered by banks within the country.
- Current subscribers of the Swavalamban Scheme will be transferred to the Atal Pension Yojana Scheme, unless they choose to withdraw their subscription.
- Customers receive an amount between Rs. 1000 to Rs. 5000 based on the contribution provided by subscribers during the contribution period.
- Users have the option of varying the amount that they contribute every month and this option is available only once a year in April.
- Customers will receive information about the status of their contribution on their registered cell number via SMS alerts. Apart from this they will also receive an account statement.
- In case subscribers discontinue payment, then the account will either be frozen, deactivated or closed based on the time for which payment has been discontinued.
Atal Pension Yojana Top Pages
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