30/04/2016
Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
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Atal pension Yojana
APY
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The Indian Government is striving
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people much easier and convenient by supporting them financially. Introduction of the ATAL PENSION
YOJANA is one such leap towards
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the betterment of the elderly people.
This welfare scheme involves providing income security to the poor who are working in the http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/ 1/10
30/04/2016
Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
unorganized sector. The plan includes encouraging them to save enough funds before they retire. No doubt, this would boost their financial confidence and would support them in old age when they actually need it the most.
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The APY scheme is being administered by the Regulatory and
Development Authority (PFRDA) and would greatly benefit people employed in the unorganized sector.
For the indepth knowledge about this welfare scheme, check out below. Check your CIBIL Score
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1. What is Atal Pension
Yojana?
Atal Pension Yojana or APY guarantees a minimum pension of
Rs. 1k, 2k, 3k, 4k and 5k to the workers who are the citizens of India and are employed in the unorganized sector. One could claim these monetary benefits once the 60 http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/ 2/10
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
years age threshold reaches. The amount of pension scheme varies from 1k to 5k, which is totally dependent on the subscriber’s amount of contribution to the scheme. 2. Who can subscribe to Atal
Pension Yojana?
Anyone who is a citizen of India can is welcome to join this pension scheme. However, one should need to meet the following eligibility criteria set by the Government of
India
1. The minimum age to be eligible is 18 years and must not exceed 40 years while applying. 2. The person must have a
Savings bank account in his/her name or he/she can opt to open a new one before applying to the scheme.
3. The potential applicant must possess a mobile number which must be registered with the bank with full details.
The Government cocontribution is available to the subscribers who apply from 1st June, 2015 till 31st
Dec., 2015. The Government is willing to support the workers who do not have any social security cover and not fall under the taxable income. http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
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Get 1 Cr Cover At Just Rs
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3. Who are the other social security schemes beneficiaries not eligible to receive Government co contribution under APY?
The persons who are covered under various statutory social security schemes do not qualify to get
Government’s cocontribution. The beneficiaries are currently the member of below mentioned social security covers would not get any monetary support from the authorities. The list includes:
1. The members registered under EPF scheme.
2. The persons registered with the Coal Mines PF security cover. 3. The beneficiaries of Assam
Tea Plantation PF scheme.
4. Seamen’s PF act.
5. J&K PF scheme.
Those individuals who are enjoying benefits of any other statutory social security scheme are also not eligible to apply and get benefits from the
Government.
http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
4. How much pension will be received under Atal
Pension Yojana?
The Indian Government has made it clear that the amounts of pension will range from 1k to 5k per month.
The amount will be greatly influenced by the beneficiary’s monthly contribution to the scheme, which means the greater the contribution the more the amount of pension in future.
5. What is the benefit in joining Atal Pension Yoajna scheme? Are you are wondering about the benefit of joining under this scheme?
Then, you will be likely to get impressed with the Government co contribution for the period of 5 years. The contribution amount will be either Rs. 1,000/ per annum or fifty percent of the total amount of contribution towards the scheme, whichever is lower. The account holders will benefit from this co contribution from the financial year starting from 2015 and till 2019.
How are the contributions of Atal
Pension Yojana invested?
The Government’s contribution to the scheme will be made in line to the instructions set by the Indian
Ministry of Finance. The whole scheme will be strictly administered and observed by the PFRDA which is the honourable authority of the
Government of India.
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
What is the procedure for opening APY Account?
1. Contact the bank where you have a savings account.
2. Ask for the APY registration form 3. Fill it carefully and provide the details of your Aadhaar card
4. Mention your mobile number and contact details mentioned in the form.
5. Make sure that you maintain the required minimum balance in your savings account, 6. Your contribution amount will get deducted from your account on the monthly basis.
Whether Aadhaar Number is compulsory for joining the scheme? To submit Aadhaar card while applying for the scheme is not a compulsion and neither this condition is set mandatory by the authorities. However, it is for the subscriber’s own benefit as this could act as a primary KYC document to identify the beneficiary and associated nominees. It could help you in claiming pension rights and settle down the disputes, if arise any in the future. This is the reason for recommending Aadhar card for the APY account opening. Can I open APY Account without savings bank account?
No, in order to be eligible for the
APY scheme, the savings bank http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/ 6/10
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
account is compulsory. There is no exception to this term and condition.
What is the mode of contribution to the account?
Regardless the amount of contribution of a subscriber, each payment must be submitted to the savings bank account of the beneficiary. From there, the contribution amount will be auto deducted every month. In case of doubt, you can ask the concerned bank for details.
12. What is the due date for monthly contribution?
Your initial date of deposit will be considered as the due date for the payment of the contribution amount for the APY scheme. This pre decided date is not flexible in any condition. 13. What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date? The subscriber’s savings bank account needs to maintain a minimum balance on the specified date which is equal to the one month’s contribution amount. In case the amount found to be lower than the required, the account will be measured as default. Banks are given the authority of penalizing those account holders by charging fine on them. The fine amount can http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/ 7/10
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
be anything between One Rupee to
Ten Rupees as the details mentioned below:
1. If the contribution amount is
Rs. 100/ per month, the fine charged would be One rupee per month
2. For contribution amount from
Rs. 101 to 500/ per month, the Two rupees per month would be fined.
For Rs. 501/ to 1000/ per month, there will be Rs. 5/ per month fine
1. 10 per month would be fined for the contribution above Rs.
1000/ per month
If for any reason, the payments get discontinued, the account would be frozen after the six months, deactivated after twelve months and would be completely closed after twenty four months.
Therefore, it is solely the subscriber’s headache to fund the account on the due date of contribution, to avoid penalties in the future. Other Schemes
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Posted by pradhanmantriyojana at 12:11 pm http://www.pradhanmantriyojana.co.in/atalpensionyojanaapy/
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Atal pension Yojana APY PRADHAN MANTRI YOJANA Schemes
One Response to “Atal pension Yojana APY”
1. Pintu Boral says:
August 15, 2015 at 7:15 pm
Dear Sir,
The SBI branches are not giving form of Pradhan Mantri Pension
Yojana. They are saying the don’t have the form of the same. How do I get the same.
Please help me out.
Thanking you,
Yours faithfully
Pintu Boral
Reply
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