Atal Pension Yojana

Atal Pension Yojana

Under the Atal Pension Yojana, the emphasis will be on all those citizens working in the unorganized sector who are included in the National Pension System (NPS) run by the Pension Fund Regulatory and Development Authority and those who are not connected to any statutory social security scheme.  Under the pension scheme, the subscribers will get a pension of Rs 1,000 to Rs 5,000 on the completion of 60 years, depending on their contribution.  The contribution will depend on the age at which the concerned person joins the scheme.

The minimum age for Atal Pension Yojana is 18 years and the maximum age is 40 years.  In this, the maximum period of contribution for the subscriber is 20 years.  Fixed pension benefits will be guaranteed by the government.  The government will contribute 50 percent of the annual premium or Rs 1,000 on behalf of the shareholders participating in this pension scheme.  Whichever is less in these, the government will give that amount.  This contribution will be made by the government for five years.

Key things related to Atal Pension Yojana :-

Any person from 18 years to 40 years can join this scheme.

If you join this scheme, then when your age will be 60+ years, then you will start getting monthly pension.
To join the Atal Pension Yojana, you must have an Aadhar card.  But if you do not have an Aadhaar card yet, then you can give your Aadhaar number to the bank within a certain time frame of joining the scheme.

You have to deposit money in this scheme till 60 years, and after 60 years you will start getting monthly pension.

Those people who pay income tax, who have a government job or who are taking advantage of schemes like EPF, EPS, they cannot join the Atal Pension Yojana.

People who have opened an account in an old scheme of the Government of India "Swavalamban Yojana" will automatically be linked to the Atal Pension Yojana.

It is very easy to deposit Monthly Premium in Atal Pension Yojana.  There should be money in your bank account, the premium amount automatically goes from your bank account to Atal Pension Yojana on the due date.  For this reason, once you join this scheme, you do not have to go to the bank again and again to deposit Monthly Premium.

If you join Atal Pension Yojana by 31st December 2015, then till 2020 the amount you invest in this scheme will be 50% of your deposited amount till 2020 or Rs 1000 per year (whichever will be less)  That much money will be invested in your pension scheme on its behalf.

There are 5 amounts of pension available in this scheme.  1000, 2000, 3000, 4000, and 5000. You have to choose how much monthly pension you want to get after 60 years.  Example: If you are 18 years old and you want to get 1000 monthly pension after 60 years, then you have to deposit Rs 42 every month, same way you are 18 years old and you want to get 5000 monthly pension after 60 years  , then you have to deposit Rs 210 every month.  In this way, according to the age and amount of pension, different people will have to pay different Monthly Premium.

From the chart given below, understand how much monthly installment you will have to pay:-

If you die before 60 years, then your nominee will get the entire amount deposited in your account with interest.

Late Fee in Atal Pension Yojana :-

If your Monthly Premium is up to Rs.100, then Late Fee will be Rs.1 per month.

If your Monthly Premium is up to Rs.500, then Late Fee will be Rs.2 per month.

If your Monthly Premium is up to Rs 1000, then Late Fee will be Rs 5 per month.

If your Monthly Premium is more than Rs 1000, then Late Fee will be Rs 10 per month.

Special Terms and Conditions :-

If money is not deposited in the account for 6 months, then the account will be frozen.

 If money is not deposited in the account for 1 year, then the account will be deactivated.

If money is not put in the account for 2 years, then the account will be closed. So save your money from now and get the support of pension in old age.  This article is just an information, before joining the pension scheme, confirm everything with the bank that what are the terms and conditions of this scheme at present.