APY: What is Atal Pension Yojana? How can this scheme become the support of old age?
Atal Pension Yojana is a very popular pension scheme among the people. Any person who is not in a government job can take advantage of this scheme. Under this scheme, a guaranteed monthly pension is given after retirement.
New Delhi: Today is the 96th birth anniversary of former Prime Minister Atal Bihari Vajpayee. At the same time, a pension scheme is also running in the country in the name of former Prime Minister Atal Bihari Vajpayee, which was launched by the Modi government in the year 2015.
The Modi government started the Atal Pension Yojana for the people of the weaker income group in the name of Atal Bihari Vajpayee. This pension scheme can prove to be helpful for people in old age.
Atal Pension Yojana is a very popular pension scheme among the people. Any person who is not in a government job can take advantage of this scheme. Apart from this, those who are already taking advantage of schemes like EPF, EPS, cannot become part of the Atal Pension Scheme.
Under this scheme, guaranteed monthly pension ranging from Rs 1000 to Rs 5000 after retirement. Those who want to take benefit under this pension scheme can open Atal Pension Account through the post office and bank.
What should be the age to avail?
At the same time, some rules and conditions are also required to be followed for the pension scheme. Age matters a lot in this pension scheme. Only those whose age will be between 18 and 40 years are eligible for Atal Pension Yojana.
Those whose age will be less than 18 years or more than 40 years, cannot be associated with this scheme. Apart from this, it is necessary to invest for at least 20 years to take advantage of this scheme. Pension starts from the age of 60 under this scheme.
At the same time, according to age, a different amount is deposited as an investment. The sooner a person joins the Atal Pension Yojana, the more benefit he gets. If a person joins this pension scheme at the age of 18, then he will have to invest 210 rupees every month and after retirement he will get a pension of 5000 rupees every month.
At the same time, if someone joins this scheme after the age of 18, then the amount invested every month will also be slightly higher according to his age.
What will happen when death occurs?
If the person associated with this scheme dies prematurely, then there is a provision to continue to benefit his family. If the person associated with the Atal Pension Yojana dies, then there is a provision for getting his wife a pension. On the other hand, if the wife dies, then in such a situation there is a provision for getting a pension for the children. Apart from this, only those people who are outside the income tax slab can take advantage of the Atal Pension Scheme. To take advantage of this scheme, a bank account is necessary and a bank account should be linked to an Aadhar card.
How to Register for Atal Pension Yojana?
- Visit the nearest Post Office OR Bank.
- Ask for the guidance on APY scheme.
- Fill up the form
- Wait for the confirmation
Atal Pension Yojana( APY) -Subscriber Information Brochure
- APY offers a choice of a minimum monthly pension guaranteed by Govt. of India of Rs. 1000, Rs 2000, Rs 3000, Rs 4000 and Rs. 5000 per month after 60 years of age.
- Subscriber’s Age should be between 18 – 40 years for joining APY.
- The subscriber can join APY through a bank branch/post-office.
- It is mandatory to provide nomination and spouse details in the APY account.
- Contributions can be made on a Monthly or Quarterly or Half-yearly basis through an auto-debit facility from a savings Bank account.
- Transaction statement and PRAN Card can be viewed and printed anytime, from anywhere, and free of cost by visiting www.npscra.nsdl.co.in
- The subscriber can request for issuance of a Physical PRAN card after paying the requisite sum at the website- https://enps.nsdl.com/eNPS/APYRePrintPRAN.html>>Atal
- Pension Yojana>>Print APY PRAN Card,
- After enrolling into Atal Pension Yojana, a Physical transaction statement will be sent once a year to the registered address i.e. the address provided by a subscriber after enrolling for Atal Pension Yojana.
Contribution Under APY
- All the queries regarding the APY account/contribution should be made to the APY-SP branch only.
- Information about the status of contributions will be communicated by CRA-NSDL through periodic SMS alerts on the registered mobile number of the subscriber.
Modification of Subscriber Details under APY
- Subscriber will have to make a written request which is to be submitted to the APY-SP branch along with the required documents for modification of personal information like address, phone number, etc.
- Switching facility is available once in a year during the month of April for which a “Form to upgrade/downgrade pension amount under APY” available at https://www.npscra.nsdl.co.in/ >>Home>>Atal Pension Yojana>>Forms>>Maintenance>> Forms to upgrade/downgrade pension amount under APY, is to be submitted to APY-SP branch. To upgrade the pension amount means to increase the pension amount of a subscriber and to downgrade the pension amount means to decrease the pension amount of a subscriber.
- Change in frequency of contribution e.g. from quarterly contribution to monthly contribution or from half-yearly contribution to quarterly contribution etc. may be done after submission of a written request by the APY subscriber to the APY-SP branch.
Exit from APY
- Pre-mature exit (Exit before 60 Years of age): For closure of APY accounts a duly filled “Account Closure Form (Voluntary Exit) form” and other relevant documents is to be submitted to the concerned APY-SP branch. The form is available at: www.npscra.nsdl.co.in>>Home>>Atal Pension Yojana>>Forms>>Withdrawal Form>>Voluntary exit APY withdrawal form. It will also be available at the APY-SP branch as well. Subscriber should not close the savings bank account linked with APY account even though the APY account gets closed because the closure proceeds which the subscriber will receive on the pre-mature exit is transferred into the APY linked savings bank account and closure of this account may create problem in transfer of closure proceeds.
- Exit due to Death: The claimant may submit the duly filled “APY Closure Form (Death)” along with a copy of the death certificate to the concerned APY-SP branch.
- The form is available at: www.npscra.nsdl.co.in>>Home>>Atal Pension Yojana>>Forms>>Withdrawal Form>>APY death form. It will also be available at APY-SP
- Branch as well: On the death of the APY account subscriber, the monthly guaranteed pension shall be payable to the spouse of the subscriber and in the absence or subsequent death of the spouse, the pension corpus as per the pension plan subscribed shall be payable to the nominee of the subscriber. The nominee has to be someone else other than the spouse of the subscriber. On the death of the subscriber before 60 years, the spouse has the option to continue the contribution in the APY account of the subscriber, which can be maintained in the spouse’s name, for the remaining vesting time, till the time the original subscriber would have attained 60 years of age.
APY Mobile Application
- APY mobile application is available for APY users free of cost, where, recent 5 contributions can be checked and transaction statement and e-PRAN can also be downloaded anytime without paying any charge. Android users can download APY mobile application from the Google play store by typing ‘APY and NPS Lite’ in the search option.
Raising Grievance Under APY
- Subscriber can anytime raise grievance free of cost and from anywhere by visiting: www.npscra.nsdl.co.in >>Home >> select: NPS-Lite
- Subscriber raising the grievance will be allotted a token number against the grievance raised. Subscriber may check the status of the grievance under “Check the status of Grievance / Enquiry already registered”.
- For Further Details:
- Please Call: Atal Pension Yojana Help desk (Toll Free): 1800 110 069
- Please Visit: PFRDA Website: https://www.pfrda.org.in/>>NPS>>Atal Pension Yojana>>APY Scheme details, https://www.pfrda.org.in/>>NPS>>Atal Pension Yojana>>FAQs
NSDL Website: www.npscra.nsdl.co.in>>Home>>Atal Pension Yojana>>Introduction>>APY Scheme details, www.npscra.nsdl.co.in>>Home>>Atal Pension
NPS Trust Website: http://www.npstrust.org.in >>Atal Pension Yojana >>APYSchemedetails.pdf, http://www.npstrust.org.in >>Atal Pension Yojana