Atal Pension Yojana – Minimum Investment, Maximum Benefits
PM Modi will launch Atal Pension Yojana on 1st June 2015 to provide guaranteed pension at the age of 60. The pension amount will start from Rs1000/-,Rs2000/-,Rs 3000/-,Rs 4000/-,Rs 5000/- onwards depending upon the contribution made by you. The main objective behind this scheme is to the provide Pension to unorganized sector workers. Toll-Free Number for Atal Pension Yojana is 1800 180 1111.
- Eligibility-Any Indian Citizen whose age is in between 18 to 40 years having the bank account or in the process of opening bank account can enroll in this Pension Yojana.
- Government Contribution-The Govt contribution will be 50% or max of Rs 1000/- for 5 years i.e 2015-16 to 2019-20.This Government contribution will be given to those who have enrolled in this Yojana from 1st June 2015 to 31 Dec 2015. Tax Payer and Statutory Social Security Schemes will not get Government Contribution.
- List of Social Security Schemes under which no Government Contribution are made
(i) Employee`s Provident Fund & Miscellaneous Provision Act, 1952.
(ii) Assam Tea Plantation Provident Fund and Miscellaneous Provision Act, 1955.
(iii) The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
(iv) Jammu Kashmir Employee`s Provident Fund and Miscellaneous Provision Act, 1961.
(v) Seamen`s Provident Fund Act, 1966.
(vi) Any other Statutory Social Security Scheme.
- How much Guaranteed Pension-The guaranteed pension will be starting from Rs 1000/- onwards.The pension will start at the age of 60 years & the amount of pension would depend on the contribution made by you.
- Why to Join APY Scheme–There are two reasons to join in the APY Scheme
(i) Government will make 50% or Rs 1000/- contribution for five years from FY 2015-16 to 2019-20.
(ii) At the age of 60 you will get a guaranteed pension which will be from Rs 1000/-, Rs 2000/-, Rs 3000/-, Rs 4000/- or Rs 5000/-.
- Contributions of APY Invested-The APY Scheme is controlled by PFRDA/GOVERNMENT. The amount contributed in APY is invested as per the guidelines of Ministry of finance.
- Process to Open APY Yojana
(i) You have to approach to your bank where you have a saving Account.
(ii) Fill the API Registration form.
(iii) Provide Mobile number/Aadhaar Number.
(iv) For Monthly contribution keep sufficient amount in your saving account.
- Aadhaar Number non-Compulsory-To open the APY Account Aadhaar number is not compulsory.
- APY Account without Saving Account- If you don’t have a saving account you cannot open APY account. Saving account is compulsory.
- Mode of Contribution in APY-The mode of contribution in APY account will be auto-debit facility from your saving bank account on monthly basis.
- Due date of Monthly Contribution-The due date for monthly contribution will be the initial date of contribution into APY Account.
- Penalty In APY-If Monthly contribution is not done due to insufficient balance, then there is penalty.
(i) Rs 1 per Month for contribution upto Rs 100/-.
(ii) Rs 2 per Month for contribution upto Rs 101/- to 500/-.
(iii) Rs 5 per Month for contribution upto Rs 501/- to 1000/-.
(iv) Rs 10 per Month for contribution upto Rs 1001/-.
13 In case of Discontinuation- (i) If Monthly Contribution is not done till 6 months, the APY account will be frozen.
(ii) If Monthly Contribution is not done till 12 months, the APY account will be deactivated.
(iii) If Monthly Contribution is not done till 24 months, the APY account will be closed.
- Nominee Requirement-To open the APY account the Nominee name is required. The spouse details are also mandatory wherever applicable.
- Number of APY Account-Any Indian Citizen can open only one APY account.
- Option to Increase /Decrease Contribution-In APY you can increase or decrease the monthly contribution toward APY Account. This can be done only once in a year in the month of April.
- Withdrawal Process-You can get withdrawal at two stage
(i) You can exit from APY account at the age of 60 with 100% annutisation of pension Wealth.
(ii) In case of Death the Subscriber pension would be given to the spouse. But if both are dead the pension corpus would be returned to nominee.
(iii) You can exit before the age of 60 years in some exceptional circumstances like terminal disease.
- Status of Contribution-The status of monthly contribution will be received by periodic SMS Alert on the registered number. Apart from SMS you would be receiving Physical Statement also.
- In case of moving from Residence City, how contribution is done-In case of moving from residence city to some other city there will be no problem in contribution ,Because the contribution is done on Auto-Debit basis.
- What will happen to Swavalamban Yojana-All the subscribers under Swavalamban Yojana under 18 to 40 years will be automatically migrated to APY Account. But if he /she wants to stay with Swavalamban Yojana in case the automatically migration will not done.