In budget 2015-16 Govt. of India has introduced a pension scheme called Atal Pension Scheme for people of India,specially for poor peoples.This step has been taken to support financially to poor people at the time of old age.This is a voluntarily saving for their retirement.
Atal Pension Yojana (APY) administered by Pension Fund Regulatory and Development Authority (PFRDA).They are trying to focus on the people who are in National Pension System (NPS).We will take a look on the benefits,age limit,investment amount and more.
Atal Pension Scheme
1. Eligibility of APY :
Atal Pension Scheme is applicable to all Indians who have a bank account.Govt. of India will also contribute 50% of the total contribution or Rs. 1000 annually (whichever will be less) for 5 years (FY 2015-16 to FY 2019-20) only to eligible candidates.Eligible candidate mean the candidates who are not the member of any statutory social security scheme and also who are not paying Income Tax.This special facility will be available to those who join NPS between 1st Hune ,2015 to 31st December,2015 .Eligibility will be verified by Fund Regulatory and Development Authority (PFRDA) as per record from Central Record Keeping Agency.
2.Age Limit :
Minimum age limit is 18 years and maximum age limit is 40 years for Atal Pension Scheme.However the facility of pension will start from 60 years age.Minimum period of contribution will be 20 years.
3.Documents Required :
Adhara Card is required to open Atal Pension Yojana. Bank will link your Aadhar card no with your account.
Except all above details some important points to be noted –
- After completion of 60 years the candidate have to submit the application of request to Bank for starting monthly pension.
- Before 60 year of age you can not exit this Atal Pension Scheme.In special cases like serious health problem,death etc. you can exit from the scheme.
- If you fail installment then you have to pay delay fine as Rs. 1 for contribution upto Rs.100/-,Rs. 2 for contribution from Rs.101/- to Rs.500/-,Rs. 5 for contribution from Rs.501/- to Rs.1000/- and Rs. 10 for contribution above Rs.1001/- .
- If you discontinue your monthly installment then after 6 month account will be frozen,after 12 months account will be deactivated and after 24 months account will be closed.
- Existing Swavalamban Scheme subscribers will be automatically migrated to Atal Pension Yojana (APY) if they are between age 18 to 40 years.
Now come to the monthly installment amount and monthly pension amount as per variation of age.
Atal Pension Yojana Chart
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Return Amount (For Monthly Pension of Rs. 1000)
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Return Amount (For Monthly Pension of Rs. 2000)
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Return Amount (For Monthly Pension of Rs. 3000)
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Return Amount (For Monthly Pension of Rs. 4000)
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Return Amount (For Monthly Pension of Rs. 5000)
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So Download Application Form (All Language Forms are Available) and Apply For Atal Pension Yojana.
Also Download State wise Telephone Nos for detail information.
All the above data has been collected from official website of Govt. of India.Before investment confirm all details from their websites.