Why You Should Enroll For Atal Pension Yojana?

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About APY
Atal Pension Yojana is one of the popular Social Security Schemes launched by Govt. of India. You will get guaranteed pensions of Rs.1000- Rs. 5000. APY is a guaranteed pension scheme and is administered by Pension Fund Regulatory and Development Authority (PFRDA).


Features of APY
APY offers guaranteed pension for subscribers ranging from the amount of Rs. 1000 to Rs. 5000 per month on attaining the age of 60. The contributor needs to be of age 18 years to 40 years. The minimum period of contribution by subscriber under APY would be 20 years or more.
What is the Eligibility for Atal Pension Yojana?
  • You must be citizen of India
  • The age should be between 18-40 years
  • You need to make contributions for minimum 20 years
  • A valid mobile number is required
  • A bank account linked with Aadhar is also necessary
Atal Pension Yojana


Penalty for Default
The individual needs to make contributions on a monthly basis. For delayed payments, banks are required to collect additional amounts. The penalty ranges from minimum Rs. 1 per month to Rs. 10 per month.
Contribution
Penalty
For up to Rs. 100 per month
Re. 1 per month
From Rs. 101 to Rs. 500 per month
Rs. 2 per month
From Rs. 501 to Rs 1000 per month
Rs. 5 per month
Beyond Rs. 1001 per month
Rs. 10 per month

If you discontinue payments:
Discontinuation
Effect
 For 6 months
Account freeze
For 12 months
Account deactivated
For 24 months
Account closed

How to Exit from the Plan?
Existing before the age of 60 years is not allowed. It is permitted only in the event of death or terminal disease of beneficiary. After completion of 60 years the subscribers will submit the request for drawing guaranteed monthly pension to the bank.


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