All you need to know: What is Atal Pension Yojana? Eligibility, Benefits, Documents, How to Apply, How to Withdraw Monty in APY? Know API in Details at PrimeNewsly.
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If some is looking a secure pension scheme then Atal Pension Yojana really is a good option to invest, so let’s discuss in details on Atal Pension Youjna in details.
If you want to get a pension after retirement, then investing in Atal Pension Yojana (APY) can be a good solution. The main objective of this scheme is to provide pension facility to the people working in the unorganized sector after retirement. Under APY, monthly contribution has to be made, then after the age of 60 years, the facility of monthly pension from 1000 to 5000 rupees is available. If you also want to invest in Atal Pension Yojana (APY), then let's know about it in detail.
Atal Pension Yojana (APY) is a government pension scheme that aims to provide social security to all people.
This is especially for the poor, underprivileged and those working in the unorganized sector. Employees working in the private sector or with an organisation, who do not get the benefit of pension, can also apply for this scheme.
Under this scheme, there is an option to get a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 after the age of 60 years.
The pension is determined on the basis of the age of the person and the amount of contribution. The spouse of the subscriber can claim pension on the death of the subscriber. At the same time, on the death of both the contributor and his / her spouse, the nominee will receive the accumulated amount.
If the subscriber dies before completing 60 years of age, the spouse can either exit the scheme and claim the corpus or continue the scheme for the remaining period.
As per the investment pattern prescribed by the Government of India, the amount collected under the scheme is managed by the Pension Fund Regulatory Authority of India (PFRDA).
Indian Government Contribution to APY
In this scheme, the Government of India will also co-contribute 50% of the subscriber's contribution, which is Rs 1,000 per annum or less. However, government co-contribution is available only to those who are not covered under any statutory social security scheme and are not income tax payers.
Let us know that the Government of India will co-contribute for a period of 5 years only in the account of those eligible customers who joined the scheme during the period from 1 June 2015 to 31 March 2016. The benefit of the government's five-year co-contribution under APY will not exceed 5.
To take advantage of the Atal Pension Yojana, you must meet the following requirements:
However, those who are taking advantage of the Swavalamban Yojana will be automatically transferred to the Atal Pension Yojana.
The following documents are required to apply for Atal Pension Yojana:
You must have the Identity Proof (Aadhaar Card, Voter ID, etc.)
You must have documents to verify Date of Birth (SSLC Certificate) Account Number of Savings Bank
You should also have an active contact number through which you can get confirmation and other details.
There are two ways to open an APY account in a bank or post office.
1s method: First go to the branch of the bank or post office where you have a savings bank account. At the bank or post office, you have to submit the duly filled APY application form and also complete the process of KYC.
2nd Method: You can also open an APY account online using your bank's net banking facility. Banks like State Bank of India, ICICI Bank, etc. allow customers to open an Atal Pension Yojana account through internet banking facility. SBI's facility to open an APY account through net banking is under the Social Security Scheme option in the 'e-Services' tab.
For example, if you have a savings account in ICICI Bank and want to apply for Atal Pension Yojana online, then you can follow the steps given below:
Step-1: Log on to ICICIBank.com.
Step-2: Then click on 'Customer Service. "
Step-3: Then click on 'Service Request. "
Step-4: Then click on Enroll for Atal Pension Yojana from the 'Bank Account' section.
Step 5: Now you have to enter all the necessary details.
Step 6: After this, the Atal Pension Yojana account will be activated within one working day. Also, auto-debit will start automatically.
The amount of monthly contribution you want to make for the scheme will be automatically debited from your bank account, irrespective of whether the pension scheme account is opened through a bank branch or online. If you are not able to contribute on time, then a penalty will also be imposed. The penalty amount will be calculated as follows:
If they contribute Rs 100 per month, a penalty of Rs 1 per month will be levied.
If they contribute Rs 101-500 per month, a penalty of Rs 2 per month will be levied.
If you make a contribution of Rs 501 to Rs 1000 per month, a penalty of Rs 5 per month will be levied.
If the contribution is more than Rs 1001 per month, a penalty of Rs 10 per month will be levied.
Withdrawal from APY scheme is not allowed before the age of 60 years, but in exceptional circumstances like death or incurable disease of the beneficiary.
If you reach the age of 60, exit from APY is allowed with 100% annuitisation of pension wealth. Upon exit, the customer will receive a pension.
If the subscriber dies due to any reason, the pension in this case will be available to his / her spouse and on the death of both of them (subscriber and spouse), the pension amount will be refunded to his / her nominee.
To check the status of your total contribution to the Atal Pension Yojana scheme, you can visit the NPS website or login through the mobile app. You will have to use your Permanent Retirement Account Number while logging in, but you can also enter your bank account number while logging in. Follow these steps to track your APY contributions:
Step-1: First of all, go to the official website of NPS.
Step-2: Then select Transaction Statement View option here.
Step-3: After that, the page will be redirected. Here you can choose the option with or without PRAN (Permanent Retirement Account Number).
Step-4: If you choose the option with PRAN, then enter the PRAN details and bank account number.
Step 5: If you chose the option without PRAN, then enter your name, date of birth, and bank account number.
Step 6: Now select Transaction Statement View or APY e-PRAN.
Step 7: Enter the captcha code and submit.
If you want to access it through the APY & NPS Lite app, all you need is a PRAN and a registered mobile number to login. Click here for more information related to APY in different languages.
To get a monthly pension of Rs 5000, you will have to contribute from Rs. 210 to Rs. 1318 per month. It offers a maximum nominal return of up to Rs 8.5 lakh
|
Age of investment |
Period of investment |
Monthly contribution |
Expected return |
|
18 years |
42 years |
Rs 210 |
8.5 Lakhs |
|
25 years |
35 years |
Rs 376 |
8.5 Lakhs |
|
32 years |
28 years |
Rs 689 |
8.5 Lakhs |
|
39 Years |
21 years |
Rs 1318 |
8.5 Lakhs |
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To open an APY account, the person can contact the bank branch / post office where the savings account is held. If not, then it is necessary to open a savings account.
No, a bank savings account / post office savings account is required to join APY.
Atal Pension Yojana (APY) is now covered under Section 7 of the Aadhaar Act. As per the provisions of the Act, any person who is eligible to receive benefits under APY will have to furnish proof of Aadhaar number or get enrolled under Aadhaar authentication. So that's important.
Only one APY account can be opened by an individual. It is not allowed to open more than one APY account.
One should be at least 18 years old to open a APY accounts.
No, in the present situation, a person who falls in the age group of 18 to 39 years 364 days can join the Atal Pension Yojana.
Atal Pension Yojana (APY) provides a pension of Rs 1,000 to Rs 5,000 every month on attaining the age of 60 years. Anyone between the age of 18 to 40 years can invest in the scheme. At least 20 years will have to be invested in this scheme (Atal Pension Yojana).
Any citizen of the country, who is not a taxpayer, can take advantage of the Atal Pension Scheme run by the government. It was only in October 2022 last year that this rule was implemented, before which everyone was eligible to invest in it. You can get a guaranteed pension by making small investments under this scheme.
The beneficiaries of Atal Pension Yojana who want to withdraw their money or close the account, they have to first go to their bank / post office, where their Atal Pension Yojana savings account has been opened. After reaching the bank branch, you have to get the APY account closure form from the bank officer. And then you can deposit the money.
Let us tell you that under the Atal Pension Scheme, if the applicant dies due to any accident, disease or any other reason, then in such a situation the amount deposited in it is not wasted. The amount of pension received under the scheme is given to the dependent or spouse of that citizen.
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At the age of 18, the minimum contribution to get Rs 1000 as pension amount is Rs 42 per month, while the maximum contribution of Rs 1454 is for the pension amount of Rs 5000 at the age of 40.
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