Benefits of Atal Pension Scheme
Income security during old age.
The purpose of this scheme is to invest in voluntary retirement.
Will be focused on workers in the unorganized sector.
Implementation will take place from 01-09-2018.
Eligibility: Minimum age will be 18 years and maximum age limit will be 60 years.
The administration will be done by the Pension Fund Regulatory and Development Authority (PFRDA).
The Atal Pension Scheme is like a protection umbrella for aging Indians. At the same time the scheme promotes a culture of saving among the lower and lower middle class of the society. The biggest feature of this scheme is that it benefits the poor citizens of the country. In this too, the Government of India is giving the facility to those who are involved in this scheme till 31st December 2018 to pay 50% of the amount to be paid for it or Rs.1000 whichever is less.
Eligibility of beneficiaries of Atal Pension Scheme
The Atal Pension Scheme (APY) is for all Indian citizens between the ages of 18 and 30. To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years. Any bank account holder who is not a member of any such social security scheme can avail this scheme.
For monthly pension of Rs.1000 / - to Rs.3000 / - the beneficiary will have to pay age based contribution from Rs.5 / - to Rs.21 / -.
The level of contribution will depend on the age of the person. A person who joins at a younger age will have less contribution and more for older age.
Incentives for investment in this scheme will be credited by the Central Government to the account holder before 31-12-2017 to the account holder within a maximum limit of Rs.1000 / - per annum or whichever is less than 50% of the total contribution in the account. (From 2013-14 to 2017-20) The savers of the present Rashtriya Swavalamban Yojana will be automatically transferred to the Atal Pension Yojana.
To take advantage of this scheme
The account holder has to fill up the authorization form and submit it to his bank.
In which details of account number, spouse and nominee (heir) have to be written. Under this scheme, the account holder has to ensure that there is a fixed amount in his account every month. If that doesn't happen, it's time to dump her and move on. These penalties are normal, such as Rs 1 for every Rs 100, Rs 5 for 101 to 200 contributions, Rs 5 for Rs 201 to Rs 1000 and Rs 10 for more than Rs 1001.
If payment is not made ...
If payment is not made within 6 months, the account holder's account may be sealed. If payment is not made within 15 months, the account holder's account is deactivated. The account of the person who does not make this payment for 6 months is completely closed.
What about those who have no account
Anyone who has to open a bank account first has to provide Aadhaar card and KYC information. At the same time, an APY form has to be submitted.
If you want to get out of the plan ...
Under normal circumstances, the account holder in Atal Pension Scheme cannot opt out of Atal Pension Scheme till the age of 60 years. The account can be closed only in certain special circumstances, such as after his death.
State Level Bankers Committee - Gujarat
Frequently Asked Questions - Atal Pension Scheme
What is a pension? Why do I need it?
Pensions provide people with a monthly income in their retirement.
Pension requirement
Decreased ability to earn income with age
Making New Nuclear Family - Migration of Income Members
Increase in subsistence costs
Longevity
Ensuring a monthly income ensures a dignified life in old age.
What is Atal Pension Scheme?
The Atal Pension Scheme (APY) is a pension scheme for the citizens of India focusing exclusively on unorganized sector workers. Under this Atal Pension Scheme, customers can avail a minimum of Rs. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years.
Who can become a member of APY?
Any citizen of India can join APY scheme. The criteria for eligibility are as follows.
The age of the customer should be between 18 to 40 years.
They should have / open a savings account in the bank.
The prospective applicant should have a mobile number and the details of which should be given at the time of registration with the bank.
Customers who have joined the scheme between 1st June, 2015 to 31st December, 2015 and who are not covered under the Legal Social Security Scheme and have not paid income tax, are entitled to five years from the government i.e. from 2015-16 to 2019-20. Co-contributions are available.
Which other social security scheme beneficiaries are not eligible for government co-contribution under APY?
Beneficiaries who are covered under a legal social security scheme are not eligible to receive co-contributions from the government. For example, members of social security schemes covered under the following structures are not eligible for co-contributions from the government.
Employees Provident Fund and Various Provisions Act, 1952.
Coal Mine Provident Fund and Various Provisions Act, 1948.
Assam Tea Plantation Provident Fund and Various Provisions Act, 1955.
Marine Farmer Provident Fund Act, 1966
Jammu and Kashmir Employees Provident Fund and Various Provisions Act, 1961.
Any other legal social security plan.
How much pension will be received under APY?
Customers are required to pay a minimum of Rs. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years. The minimum pension benefit under the Atal Pension Scheme is guaranteed by the government which means that if the return on contribution required for the minimum guaranteed pension is less than the actual return estimated, the reduced compensation will be provided by the government. In addition, if the actual return of the pension contribution is higher than the estimated return, it will be credited to the customer's account, thereby increasing the benefit to the customer.
What are the benefits of joining APY scheme?
In APY, the government will contribute 50% of the customer's contribution or Rs.1000 / - per annum, whichever is less, to each eligible customer who joins the scheme from 1st June, 2015 to 31st December, 2015. Co-contributions are available from the government for five years i.e. from 2015-16 to 2019-20.
How are APY contributions invested?
The APY contribution will be invested in accordance with the investment policy laid down by the Ministry of Finance, Government of India. This APY scheme is administered by PFRDA / Government.
How to open an APY account?
Contact the bank branch in which you have a savings account.
Filling the APY registration form.
Provide support / mobile number.
Ensure that the required amount is deposited in the bank savings account for monthly contribution transfer.
Is Aadhaar number mandatory for joining the scheme?
Aadhaar number is not mandatory for opening APY account. However, for admission, Aadhaar number will be the primary KYC document for long term avoidance of disputes related to pension rights and entitlement as well as identification of beneficiaries, spouses and nominees.
Can I open an APY account without a Savings Bank account?
No, to join APY, a bank savings account is mandatory.
How will the contribution be credited to the account?
All contributions will have to be paid monthly through auto debit facility from the customer's bank savings account.
What will be the due date for monthly contribution?
The due date for monthly contribution will be as per the date of initial contribution submitted in APY.
What will happen if required or sufficient amount for contribution is not maintained in Savings Bank account on due date?
Failure to keep the required amount for contribution in the savings account on the due date will be considered as default. In case of late payment, the bank will have to levy an additional penalty of at least Rs. 1 to 10 per month as shown below.
Penalty of Rs. 1 per month for monthly contribution of Rs.
A penalty of Rs 2 per month for contributions ranging from Rs 101 to Rs 500 per month.
A penalty of Rs. 5 per month for contributions ranging from Rs. 501 to Rs. 1000 per month.
A penalty of Rs. 10 per month for contributions exceeding Rs. 1001 per month.
The following will be the situation when the payment of contribution is stopped.
The account will be frozen / frozen after 6 months.
Account will be deactivated after 12 months.
The account will be closed after 24 months.
The customer should ensure that the required contribution amount in the bank account is sufficient for auto debit.
The fixed penalty / interest amount will be part of the customer's pension fund.
Is it necessary to give / do nomination while joining the scheme?
Yes. It is mandatory to provide nominee details in APY account. Where applicable, spouse details are mandatory. Their Aadhaar number is also required.
How many APY accounts can I open?
Only one APY of the customer can open an account and it is unique.
Will there be any option to increase or decrease the pension amount, increase or decrease the monthly contribution?
Depending on the monthly pension available to the customer, during the accumulation phase, the pension amount can be increased or decreased. However, the switching option will be offered once a year during the month of April.
How to quit APY? How to opt out of APY?
At the age of 60 years: The scheme can be dropped at any age after completion of 100% pension contribution and pension will be available to the customer.
In case of death of the customer for any reason: In case of death of the customer the pension will be given to his spouse and in case of death of both (customer and spouse) the pension fund will be returned to his nominee.
Exit from the scheme before the age of 60 is not permitted, however, except in exceptional circumstances such as death of the beneficiary or terminal illness.
How do I know the status of my contribution?
Contribution status will be periodically notified via SMS to the customer's registered mobile number. The customer will also receive a physical account statement.
Will I receive a statement of account transactions?
Yes .. APY account statement will be made available to the customer from time to time.
If I change my residence / city, how can I make a contribution to the APY account?
Even in case of such relocation, the contribution can be paid from the customer's bank savings account through auto debit facility without any omission.
What will happen to customers connected to Swavalamban Yojana?
Customers registered in all self-help plans between the ages of 18-40 will automatically migrate to the APY plan with an option. However, the benefit of the government's five-year co-contribution under the APY will only be available until the self-reliance is determined by the consumer.
Important link
ગુજરાતી માં વાંચવા અહી ક્લિક કરો
This means that if the benefit of co-contribution from the government as a self-reliant beneficiary is received for 1 year, then the co-contribution of the government under APY will be available for only 4 years and will be indicated accordingly. Other customers who are above 40 years of age will be able to opt out of the plan with a lump sum deposit from the plan. Customers over the age of 40 will also be able to choose to continue till the age of 60 and be eligible for pension.
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