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The Atal Pension Yojana is a government-sponsored pension scheme that was introduced in 2015 by the Modi government. The scheme offers a monthly pension of Rs. 1000 to the people aged 18-40 years, who are not earning or have an income of less than Rs. 15000 per month.
The APY offers two types of pensions:
1) Annuity Pension: This is where the person receives a fixed sum that remains constant throughout their lifetime and does not change with inflation
2) Life Annuity Pension: This is where the person receives a monthly annuity for life, which grows with inflation and can be withdrawn after retirement at any time
Table of Contents
Introduction to APY
The Atal Pension Yojana is a pension scheme introduced by the Government of India in 2015. It was launched by Prime Minister Narendra Modi with the aim to provide social security to the unorganized sector of the workforce.
The APY is a contributory, defined benefit pension scheme that guarantees retirement benefits to all its members. The APY has been designed in such a way that it would be able to provide adequate retirement benefits even when the contribution rate is low.
How Does APY Work?
APY is a new type of financial product that was created to help people who don’t have access to other types of credit. It’s a potential solution for people who don’t qualify for traditional loans, and it’s also an option for those who want to consolidate their debt.
The APY works by providing the borrower with a line of credit that they can use at any time. This means that they can borrow up to a certain limit and pay it back whenever they please. The borrower only pays interest on the amount that they borrow, which is typically lower than what you would pay on a monthly basis with a traditional loan or credit card.
What is the Eligibility Criteria for APY?
The Atal Pension Yojana (APY) is a government-sponsored pension scheme. The scheme was introduced in 2015 by the Indian government to provide pensions to the unorganized sector workers.
The eligibility criteria for APY are:
1. A person should be between 18 and 40 years of age.
2. A person should have an Aadhaar card or any other identity document that is valid under the provisions of the law relating to the identification of individuals.
3. The person should not be drawing any monthly pension from any source other than APY, including but not limited to, family pension, gratuity, etc., at the time of joining this scheme or at any point thereafter during his tenure in this scheme
Who is Eligible For APY?
The Atal Pension Yojana (APY) is a Government of India scheme for the unorganized sector and small workers. The scheme is targeted at the bottom of the pyramid and aims to ensure that all Indians, irrespective of their social or economic status, have access to a minimum pension.
To be eligible for APY, one must:
– Be 18-years or older on 1st January 2019
– Be a resident in India on 1st January 2019
– Have an Aadhaar Card on 1st January 2019
– Have a bank account with any bank in India on 1st January 2019
What are the Rules For Atal Pension Scheme Eligibility In India?
In order to be eligible for the Atal Pension Yojana, you need to fulfill a few requirements. One of them is that you need to be a resident of India and have a bank account. You should also have a PAN card.
The Atal Pension Yojana is one of the most comprehensive pension schemes in India. It has been designed with the intention of providing financial security to senior citizens in India and helping them lead active life.
Who can Apply For Atal Pension Scheme?
The scheme is open to all the employees of the government sector who are members of the All-India Services and Central Services.
Can I open Atal Pension Yojana online?
You can open your Atal Pension Yojana online by visiting the official website.
Visit APY and click on ‘Forms’
Fill in your Aadhaar number, the name of the nominee, and other details like date of birth, gender, etc.
Download the form with your personal details and fill it in with all the necessary information
Upload a scanned copy of your identity proof (passport or Aadhaar)
Submit the form by clicking on the ‘Submit Form’ button
Can I withdraw my APY?
Yes, you can withdraw your APY anytime before maturity. You can also start withdrawing the accumulated corpus after the completion of five years from the date of joining, subject to certain conditions.
Can I transfer Atal Pension Yojana account to another bank?
The government of India has made it easier for people with pension accounts to transfer their accounts. The online platform is called Pension Disbursement Portal and is used to manage payments from the Atal Pension Yojana, National Pension System, and Employee Provident Fund.
Atal pension yojana toll free number
Please check this website for all the numbers.
.https://www.npscra.nsdl.co.in/contact-us.php
Is the Atal Pension Yojana tax-free?
The Atal Pension Yojana is tax-free, as it falls under Section 80C of the Income Tax Act 1961.
Atal Pension Yojana Chart
Please download the APY file to check your contributions monthly, quarterly or half-yearly.
Conclusion
Atal Pension Yojana” is a scheme of the Government of India to provide a monthly pension to senior citizens. The scheme was named after former Prime Minister, Mr. Atal Bihari Vajpayee.
Prime Minister of India, Narendra Modi launched the Atal Pension Yojana on May 2015. The scheme is designed to provide an assured monthly pension to senior citizens aged 60 years or more. The pension amount will be Rs 1000 per month for those who do not have a house or land holdings, Rs 2000 per month for those with both house/landholders and Rs 3000 per month for those with
Frequently asked questions
What is Atal Pension Yojana?
Atal Pension Yojana (APY) is a pension scheme launched by the Government of India for the citizens of India, especially those who work in the unorganised sector. The scheme provides a guaranteed minimum pension of Rs. 1000 to Rs. 5000 per month to the subscribers after the age of 60 years, depending on their contribution amount and age of entry1234.
Who can join APY?
Any Indian citizen between the age of 18 and 40 years who has a savings bank account or a post office savings bank account can join APY1234.
How much do I need to contribute to APY?
The monthly contribution amount depends on the age of entry and the pension amount chosen by the subscriber. The contribution amount ranges from Rs. 42 to Rs. 210 per month for a pension of Rs. 1000 per month, and from Rs. 210 to Rs. 1054 per month for a pension of Rs. 5000 per month1234. You can find the contribution chart for APY on the official website of NSDL4 or CSB Bank2.
How can I join APY?
You can join APY by filling an application form and submitting it to your bank or post office along with a copy of your Aadhaar card or any other proof of identity and address. You can also enroll online through the e-NPS portal1234.
What are the benefits of APY?
The benefits of APY are: You will receive a guaranteed minimum pension of Rs. 1000 to Rs. 5000 per month after the age of 60 years until your death. Your spouse will receive the same pension amount after your death until his/her death. Your nominee will receive a lump sum amount equal to your accumulated corpus after the death of both you and your spouse. You will get tax benefits on your contributions under Section 80CCD(1) of the Income Tax Act, subject to the overall limit of Rs. 1.5 lakh under Section 80CCE1234.
Can I change my pension amount or contribution frequency in APY?
Yes, you can change your pension amount or contribution frequency in APY once in a year during the month of April1234. However, you will have to pay an additional amount or get a reduced amount depending on the revised pension amount or contribution frequency.
What happens if I miss my monthly contribution in APY?
If you miss your monthly contribution in APY, you will have to pay a penalty along with your regular contribution amount. The penalty ranges from Rs. 1 to Rs. 10 per month depending on your contribution amount1234. If you miss your contribution for six consecutive months, your account will be frozen. If you miss your contribution for 12 consecutive months, your account will be deactivated. If you miss your contribution for 24 consecutive months, your account will be closed.
Can I withdraw my money from APY before the age of 60 years?
No, you cannot withdraw your money from APY before the age of 60 years except in case of terminal illness or death.
What happens to my APY account after the age of 60 years?
After the age of 60 years, you will stop making contributions to your APY account and start receiving your monthly pension amount. You will have to submit a request to your bank or post office along with a copy of your Aadhaar card or any other proof of identity and address to activate your pension account .
What happens to my APY account in case of my death before the age of 60 years?
In case of your death before the age of 60 years, your spouse will have the option to continue the scheme by making regular contributions or exit the scheme by receiving the accumulated corpus. If your spouse chooses to continue the scheme, he/she will receive the same pension amount as you after the age of 60 years. If your spouse chooses to exit the scheme, he/she will receive a lump sum amount equal to your accumulated corpus .
What happens to my APY account in case of my death after the age of 60 years?
In case of your death after the age of 60 years, your spouse will receive the same pension amount as you until his/her death. After the death of both you and your spouse, your nominee will receive a lump sum amount equal to your accumulated corpus .
Who can be my nominee in APY?
You can nominate any person as your nominee in APY. However, if you are married, your spouse will be the default nominee. You can change your nominee at any time by submitting a nomination form to your bank or post office .
Can I have more than one APY account?
No, you can have only one APY account in your name. If you have more than one savings bank account or post office savings bank account, you can choose any one of them to open an APY account .
How can I check the status of my APY account?
You can check the status of your APY account by visiting the official website of NSDL or by calling the toll-free number 1800-110-069. You can also get periodic statements of your APY account from your bank or post office.
How can I update my personal details in APY?
You can update your personal details such as address, phone number, email id, etc. in APY by submitting a modification form to your bank or post office along with the relevant documents .
How can I close my APY account?
You can close your APY account only after the age of 60 years or in case of terminal illness or death. You will have to submit a closure form to your bank or post office along with a copy of your Aadhaar card or any other proof of identity and address to close your APY account .
What are the risks involved in APY?
APY is a government-backed pension scheme that provides a guaranteed minimum pension to the subscribers. However, there are some risks involved in APY such as:
The pension amount may not be sufficient to meet your financial needs in the future due to inflation or other factors. The pension amount may be reduced or delayed due to unforeseen circumstances such as natural disasters, war, etc. The pension amount may be taxable depending on the prevailing tax laws at the time of receiving the pension.
What are the advantages of APY over other pension schemes?
Some of the advantages of APY over other pension schemes are:
APY is a simple and easy-to-join pension scheme that does not require any intermediaries or agents.
APY provides a guaranteed minimum pension that is backed by the government.
APY offers tax benefits on the contributions under Section 80CCD(1) of the Income Tax Act, subject to the overall limit of Rs. 1.5 lakh under Section 80CCE .
Can I transfer my APY account from one bank or post office to another?
Yes, you can transfer your APY account from one bank or post office to another by submitting a transfer form to your existing bank or post office along with a copy of your Aadhaar card or any other proof of identity and address. You will also have to submit an application form to your new bank or post office along with the same documents to open a new APY account .
Where can I get more information about APY?
You can get more information about APY by visiting the official website of NSDL or by calling the toll-free number 1800-110-069. You can also visit the official website of PFRDA or by calling the toll-free number 1800-222-080. You can also contact your bank or post office for any queries related to APY .
References:
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