Friday, June 19, 2015

5 Facts Everyone Should Know About "Atal Pension Yojana (APY)"- National Pension System (NPS)

Atal Pension Yojana (APY) is another New Government Universal Social Security Scheme. Announced by Our Financial Minister Arun jaitley in 2015-16 budget speech.It was formally launched by Mr. Narendra Modi Prime Minister of India, on 9th May in Kolkata. The Atal Pension Yojana (APY) is focused on all Citizens in the unorganised Sector. The Government of India is extremely concerned about the old age income security to the working poor and focused on encouraging and enabling them to join the National Pension System (NPS) . To address the longevity risk among the workers in unorganised sectors and encourage the workers in unorganised sectors to voluntarily save for their retirement.. The Atal Pension Yojana (APY) Scheme is administered by the Pension fund Regulatory and Development Authority (PFRDA) through National Pension System (NPS) architecture.



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5 Facts Every one Should Know "Atal Pension Yojana (APY) - National Pension System (NPS)

1. Under the "Atal Pension Yojana (APY)" , there is guaranteed minimum monthly Pension for the Subscribers. The Subscribers would receive the fixed minimum Pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs 5000 per month .if he join and contributes between the age of 18 to 40 years . The Contribution levels would vary would be low, if  Subscriber's join early and increase if he join late.

2. The benefit of minimum pension will be guaranteed by the Govt of India.

3. Government of India Co-Contribute to each eligible subscriber, for a period of  five years who join the scheme between the period 1st June 2015 to 31st December 2015. The Benefits of five years of government Co-Contribution under Atal Pension Yojana (APY) would not exceed 5 years for all subscribers. including migrated swavalamban beneficiaries.

4. Government of India will also co-contribute 50% of the Subscriber's contribution or Rs. 1000 per Annam, whichever is lower, Government Co-Contribution is available for those who are not covered by  any statutory Social Security scheme and is not income tax players.

5. All bank account holders may join Atal Pension Yojana Scheme with auto debit facility .This scheme will be linked to the bank bank account and the contributions will be deducted automatically.

Complete Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) 

What is the Age limit to Join Atal Pension Yojana (APY) Scheme ?

Atal Pension Yojana (APY) Scheme is applicable to all Citizen of India aged between 18-40 years.
Subscriber's should have Saving bank account.
The Prospective applicant should be in possession of mobile number and its details are to be finished to the bank during registration.
Aadhaar card will be primary KYC. Aadhaar and Mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhaar details may also be submitted later stage.

Aadhaar Card link with Voter ID Card 


What is the procedure for opening Atal Pension Yojana (APY) Scheme?

 Approach the bank branch where Personal Saving account is held.
 Fill up the Atal Pension Yojana (APY) scheme registration form.
 Provide Aadhaar card and Personal Mobile Number.
 Ensure the keeping the required balance in the saving bank account for transfer of monthly contribution. with out Saving bank account not possible to joining APY scheme. Saving Bank account mandatory.

What is the withdrawn procedure from Atal Pension Yojana (APY) Scheme ?

On attaining the age of 60 years :
The Exit from APY is permitted at the age with 100% annuitisation of pension wealth.
On exit,Pension would be available to to the subscriber.

In case of death of the subscriber due to  any cause :
In case of death of subscriber pension would be available to the spouse and on the death of  both of them ( Subscriber and Spouse ) the pension corpus would be returned to his nominee. It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable. their aadhaar details are also provided.

Exit before the age of 60 years :
The Exit before the age of 60 years would be permitted only in exceptional circumstances,i.e. in the event of the death of beneficiary or terminal disease.

Online Calculation Tools for Calculate APY Scheme 

 Charges under APY Scheme:

Bank are require to collect additional amount for delayed payments, such amount will very from minimum Re 1per month to Rs. 10 /- per month as shown below.

Re. 1 per month for contribution up to 100per month.

Re 2 per month for contribution  up to Rs 101 to 500/- per month 

Re 5 per month for contribution between Rs. 501/- to 1000 /- per month.

Rs. 10/- per month for contribution beyond Rs 1001 /- per month.

The fixed amount  of interest / penalty will remain as a part of the pension corpus of the subscriber.
 Important information for subscribers :
Discontinuation of payments of contribution amount shall leads to following.

After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

Download Atal Pension Yojana (APY) Registration Form in  English 
Download Atal Pension Yojana (APY) Registration Form in   Hindi
Download Atal Pension Yojana (APY) Registration Form in  Telugu
Download Atal Pension Yojana (APY) Registration  Form in  More language 

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