ATAL PENSION YOJNA (APY)

Newz Fast, New Delhi

ATAL PENSION YOJNA (APY) : Basically when we talk about the meaning of “atal” it signifies something fixed or we can say that something which is firm or cannot be moved.

So, this Atal Pension Yojna aims at people who want to save a small amount of money for a fixed pension once they retire.

People working in the private sector who are neither tax-payees nor a part of any other social security scheme can also enjoy its benefits.

The persons of the family who are eligible can subscribe to this Atal Pension Yojna in their names for higher pension plan benefits to their family members.

ATAL PENSION YOJNA (APY)

The people are eligible to receive pension under this scheme after they become 60 years old.

The amount one get as a pension depends upon the contribution one has made towards this scheme.

So, basically in this scheme a person can decide to make larger contribution to get a higher amount of pension, the amount you contribute the pension you get means higher the amount and higher the pension or visa-versa.

FEATURES OF ATAL PENSION YOJNA

1. Automatic Debit: one of the best parts of this scheme is the feature of automatic debit.
   As a beneficiary of this scheme one can link his\her bank account with his\her Atal Pension Yojna
   account and then his\her monthly contribution is directly debited to that person’s account.
2. Guaranteed Pension: as a beneficiary of Atal Pension Yojna one is eligible to get a periodic pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, and Rs. 5000 as per his\her monthly contribution to their Atal Pension Yojna account.
3. Age Restrictions: as per this scheme people who are more than 18 years and are less than 40 years are eligible to invest in this scheme.Therefore, students of the college can invest in this scheme for creating corpus for their old age and 40 years is set as the maximum age to get this scheme to ensure that one can make contribution for at least 20 years.
4. Policies to Withdraw: as a beneficiary of this scheme when one attain the age of 60 years then he\she is eligible to withdraw the whole corpus amount viz. he\she can get the pension monthly after closing this scheme with their respective bank account.If one wants to exit this scheme before the age of 60 years then he\she can allowed doing
   so only in case of terminal illness or death.
   In case of death before 60 years the spouse of that person is entitled to get the pension.

Also Read This : PRADHAN MANTRI JAN DHAN YOJNA (PMJDY)

1. Penalty Terms: if one delay the payment of the contribution then they are liable to pay penalties.
2. 1 for monthly contributions of a maximum of Rs. 100.
3. 2 for monthly contributions within Rs. 101 and Rs. 500.
4. 5 for monthly contribution within Rs. 501 and Rs. 1000.
5. 10 for monthly contribution of Rs. 1001 or more.

If one fails to pay towards this scheme continuously for 6 months then the amount has to be
frozen and if it continues till 12 months then his\her account will be deactivated.

ELIGIBLITY CRITERIA

1. Consumers who hold a valid savings account qualify to open an Atal Pension Yojna.
2. The age of the applicant must be between 18 and 40 years.
3. Each applicant must have a mobile number that he has to register at the time of application.