Atal Pension Yojana - APY Online Scheme - Eligibility & Benefits
Atal Pension Yojana is great news for those who are working in unorganized sector and are not covered under any pension scheme. This way, they would enjoy. Atal Pension Yojana (APY) is open to all bank account holders. Due dates for monthly contribution payment is arrived based on the deposit of first contribution . Here's everything you want to know about Atal Pension Yojana . for APY with a few clicks, but there's no option to unsubscribe for it online. under APY, chooses to voluntarily exit APY at a future date, he shall only be.
It would carry forward the much popular campaign, Swavalamban Scheme.
- Atal Pension Yojana – APY Scheme Eligibility & Benefits
- Atal Pension Yojana (APY) for Social Security in India
- Pradhan Mantri Atal Pension Yojana Details
Eligibility Any Indian national between the age group of 18 years to 40 years is eligible to join Atal Pension Yojana. Since, pension starts from the age of 60 years, the minimum contribution that anyone has to do is at least 20 years.Atal Pension Yojna - for all Citizens - How to apply in West Bengal - How to Withdraw Benefit ?
The individual should have an active saving bank account and should not be a member of any other statutory social security scheme. Read More for APY Eligibility Mode of payment of premium under It is mandatory for all subscribers to have a saving bank account in order to contribute to their pension scheme.
The monthly premium for their pension scheme would be auto-debited from their saving bank account. Benefits As per Atal Pension Yojana, anyone who joins the scheme between the age group of 18 to 40 years is entitled for a pension of Rs 1, to Rs 5, Read More for APY Benefits Target population The scheme is best suited for those working as workers in unorganized sector and not availing any other social security scheme.
Thus, they could start investing in little amounts for the scheme while they are earning and secure their old age to a larger extent.
The overdue interest amount collected will remain as part of the pension corpus of the subscriber. In all cases, the contribution is to be recovered along with the overdue charges if any.
Pradhan Mantri Atal Pension Yojana (APY) Details : Statement, Calculator
This will be bank's internal process. The due amount will be recovered as and when funds are available in the account. Deduction would be made in the subscribers account for account maintenance charges and other related charges on a periodic basis. For those subscribers, who have availed Government co-contribution, the account would be treated as becoming zero when the subscriber corpus minus the Government co-contribution would be equal to the account maintenance charges, fees and overdue interest and hence the net corpus becomes zero.
Last date in Atal Pension Yojana - Atal Pension Yojana
In this case, the Government co-contribution would be given back to the Government. Withdrawal procedure from APY On attaining age of The same amount of monthly pension is payable to spouse default nominee upon death of subscriber. Nominee will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the subscriber and spouse.
In case of death of the subscriber due to any cause after the age of Exit before the age of The Government co-contribution, and the accrued income earned on the Government co-contribution, shall not be returned to such subscribers.
Death of subscriber before age of The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber until death of the spouse. Monthly Contributions The monthly contribution depends upon the amount of pension you want to receive upon retirement and also the age at which you start contributing. The following table tells you how much you need to contribute per annum based on your age and pension plan.
APY — Monthly contribution 5.
Pradhan Mantri Atal Pension Yojana (APY) Details : Statement, Calculator - PM Jan Dhan Yojana
Important Facts to know about APY Since you will be making periodic contributions, the amounts will be debited automatically from your account. You need to make sure that you have sufficient balance in your account before each debit. You can increase your premium at your will. You just have to visit your bank and talk to your manager and make the necessary changes.
In case you default on your payments, a penalty will be levied. A penalty of Rs. In case you default on your payments for 6 months, your account will be frozen and if the default continues for 12 months, the account will be closed and the remaining amount will be paid to the subscriber. Early withdrawal is not entertained. In the event that you close the scheme before the age of 60 for any other reason, only your contribution plus interest earned will be returned.
Can I apply for APY online? No, currently there are no provisions to apply for APY online. You need to go to your bank and fill out the forms. What are the documents required to apply for the APY Scheme?
To apply for the APY scheme, you need to fill out the form and submit a photocopy of your Aadhar Card.