Atal Pension Yojana Kya Hai

Atal Pension Yojana (APY) is a pension scheme in India designed for unorganized sector workers, providing a guaranteed minimum monthly pension at the age of 60. Here are key details about APY:

Eligibility Criteria:

Age: 18 to 40 years.
Savings Bank Account: Must have a savings bank account in a post office or a bank.
Aadhaar and Mobile Number: While not mandatory, providing Aadhaar and a mobile number facilitates communication.

Government Contribution:

Co-contribution is available for subscribers joining between June 1, 2015, and March 31, 2016, not covered by other social security schemes.
The government co-contributes 50% of the total contribution or Rs 1000 per annum, whichever is lower, for 5 years.

Benefits:

Guaranteed minimum pension by the government.
Government co-contribution enhances scheme benefits.
Excess returns on contributions credited to the subscriber’s account.

Opening an APY Account:

Contact the bank or post office where you have a savings account.
Provide account details and fill the APY registration form.
Provide Aadhaar and mobile number for communication.
Maintain the required balance for contributions.

Contribution Process:

Contributions can be monthly, quarterly, or half-yearly.
Auto debit from the savings account/post office account.
Default results in overdue interest, and the bank charges Rs 1 per month of delay for every Rs 100.

Withdrawal Process:

At 60 years: Guaranteed minimum monthly pension or higher withdrawal.
Death after 60 years: Pension payable to the spouse; on both deaths, the accumulated pension wealth is eligible for withdrawal.
Exit before 60: Refund of subscriber’s contribution minus earnings and charges; government’s co-contribution not refunded.

Other Important Facts:

Nomination is mandatory; spouse is the default nominee.
Only one APY account per customer.
Subscriber can change pension amount once a year.
Regular SMS alerts and an annual physical statement are provided.
Auto debit can continue seamlessly after a change of residence.
The scheme is for Indian citizens only.

These details encompass the key aspects of Atal Pension Yojana, providing a comprehensive understanding of its features, eligibility, benefits, and processes.