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:
- 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.
- 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.
- 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.
- 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.
- 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.