FULL DETAIL ABOUT Atal Pension Yojana
In Atal Pension Yojana, for every contribution made to the pension fund, The Central Government would also co-contribute 50% of the total contribution or ₹1,000 (US$16) per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.
Under APY, the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/- per month as shown below: • Rs. 1 per month for contribution upto Rs. 100 per month. • Rs. 2 per month for contribution upto Rs. 101 to 500/- per month. • Rs. 5 per month for contribution between Rs 501/- to 1000/- per month. • Rs. 10 per month for contribution beyond Rs 1001/- per month. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber. 11.2 Discontinuation of payments of contribution amount shall lead to following: • After 6 months account will be frozen. • After 12 months account will be deactivated. • After 24 months account will be closed
The subscribers are required to opt for a monthly pension from Rs. 1000 – Rs. 5000 and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.\
In Atal Pension Yojana, for every contribution made to the pension fund, The Central Government would also co-contribute 50% of the total contribution or ₹1,000 (US$16) per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.
Under APY, the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/- per month as shown below: • Rs. 1 per month for contribution upto Rs. 100 per month. • Rs. 2 per month for contribution upto Rs. 101 to 500/- per month. • Rs. 5 per month for contribution between Rs 501/- to 1000/- per month. • Rs. 10 per month for contribution beyond Rs 1001/- per month. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber. 11.2 Discontinuation of payments of contribution amount shall lead to following: • After 6 months account will be frozen. • After 12 months account will be deactivated. • After 24 months account will be closed
The subscribers are required to opt for a monthly pension from Rs. 1000 – Rs. 5000 and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.\
