Atal Pension Yojana (अटल पेंशन योजना )2023-24

The Government of India is concerned about the old age income security of the working poor and focuses on encouraging and enabling them to save for their retirement. It aims to address longevity risks among unorganized sector workers and encourage unorganized sector workers to voluntarily save for their retirement.

Therefore, the Government of India has announced a new scheme called Atal Pension Yojana (APY) in the Budget 2015-16. APY targets all citizens of unorganized sector. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS framework.

1) Salient Features of Atal Pension Yojana Scheme:

• Atal Pension Yojana was established by the Government of India after 60 years to guarantee monthly pension to all Indians. Its targets are mainly the poor, disadvantaged and unorganized sector workers. It is regulated by the PFRDA (Pension Fund Regulatory and Development Authority) through the NPS (National Pension System) structure.
• Rs.1000 5000 to Rs. (in multiples of 1000) per month guaranteed minimum monthly pension for members.

• Government of India will guarantee minimum pension in the sense that if the actual return on pension contribution is less than the expected return for minimum guaranteed pension during the period of contribution, such shortfall will be funded by the government. On the other hand, the actual return on pension contributions exceeds the expected return on the minimum guaranteed pension

If so, during the contribution period, such excess amount will be credited to the customer’s account, thereby increasing the benefit of the scheme to the members.
• Government of India only for first 5 years 50% of customer contribution or Rs. 1000/- will be matched. Pay co-contribution every year, whichever is less.

• The benefit of contribution is for a period of 5 years and the scheme is applicable to account openers from 1.06.2015 to 31.03.2016.

2) Eligibility:

• Applicable to all citizens of India in the age group of 18-40.

• Aadhaar will be its primary KYC.
• If not available at the time of account opening, Aadhaar details can be submitted later.
• All bank account holders can join APY.

3) Who is not eligible for APY scheme?

The following persons are not eligible for government contribution on the following criteria.
1. Who joined the scheme on or after 01.04.2016.

2. If he is an income tax payer.
3. If he is covered under any Social Security Scheme or Employees Provident Fund Scheme.
4. Non-Resident Indians (NRIs) are not eligible to open an account. If an Indian citizen becomes an NRI during the tenure of the APS scheme, the account will be closed and the entire contribution and refund will be given to the account holder.

Atal Pension Yojana Apply Online Click Here

4) When will pension be received? :

• At the age of 60
• 100% annuity of pension wealth/corpus is allowed at this age. After withdrawal the customer will get pension.
• In case of death of subscriber, pension will be available to spouse and on death of both (subscriber and spouse), pension corpus will be given to his/her nominee.

• Voluntary withdrawal is allowed before the age of 60 years. In case of members who have availed Government co-contribution under APY, the net actual income earned on his contribution (after deducting account maintenance charges), Government co-contribution and income earned on Government co-contribution, will not be credited to him.

5)Atal Pension Yojana Bank Charges for Default:

Banks are required to collect an additional amount for late payment, such amount being at least Rs. 1 per month to Rs. 10/- per month may vary as shown below:

• 100 per month Rs. Rs. For contributions up to 1. per month.
• 101 to 500/- Rs. Rs. 2. per month for interim contributions.
• 501/- to 1000/- Rs. Rs. 5 per month for contribution meanwhile. Every month.

1001/- Rs. 10 per month for contributions above.
• Fixed amount of interest / penalty will remain as part of pension corpus of the customer.

6) Other Information:

Customer should ensure sufficient funds in bank account for auto-debit of contribution amount.

7) Indicative Monthly Contribution Charges:

NSDL CRA has launched a mobile application for the convenience of APY members. Mobile application customerswill enable to keep track of their APY account. The mobile application has been uploaded to the Google Play Store and is live and available for download. Listed below are the key features available in the mobile application that subscribers can use.

• View current holdings under APY.
• Download transaction statement under APY.
• View account details under APY.
• View last 5 contribution transactions under APY.

• e-PRAN: This facility enables customers to view and download e-PRAN.

Atal Pension Yojana Toll Free No. 1800 110 069

8) Atal Pension Yojana Form (अटल पेंशन योजना फॉर्म )

Atal-Pension-Yojana-Registration_Form

9) Atal Pension Yojana PDF(अटल पेंशन योजना PDF ):

Atal-Pension-Yojna pdf

For Government Scheme / Yojana / Suvidha :

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