How to invest into Atal Pension Yojana monthly pension scheme of Government?

Are you looking for ways to invest your earned money and get a monthly pension from Government of India? Check this article to know more of the Atal Pension Yojana (APY) – a scheme for workers under the unorganized sector in India.

Workers categorized under the unorganized sector were until now not having any proper scheme to invest their money and earn a monthly pension for their post – retired life. Now, the central government has opened a scheme which is open for all Indian citizens, but is more aimed for workers under the unorganized sector. All such investments will be done so under the guidelines by Ministry of Finance, GoI and is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

Am I eligible for Atal Pension Yojana?

To be eligible for Atal Pension Yojana, you need to comply with the following requirements:

  1. You should be aged in between 18 and 40 years.
  2. You should have a savings bank account in any bank, although you will be able to participate through only 1 savings bank account. Any attempts to register for the Atal Pension Yojana through your other bank accounts will be rejected and you may stand cancelled of your existing investment in APY.
  3. You will have to provide one valid mobile cell phone contact number.

Features of Atal Pension Yojana

Government co-contribution

If you register by 1st June 2015 to 31st December 2015, you will be eligible for co-contribution by the Government for a period of 5 years from Financial year 2015-16 to Financial year 2019-20. This co-contribution will not be awarded if you are already a subscriber to the following social security schemes:

  • The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948
  • Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
  • Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
  • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
  • Seamens’ Provident Fund Act, 1966.
  • Any other statutory social security scheme

Pension amounts

Depending on the contributions made by you, you will receive pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 or Rs. 5000 per month from your age of 60 years. You can change your investment amount once in a year in the month of April.

Exiting from APY Scheme

You cannot exit the scheme in normal circumstances. Exit can be permissible under event of death of beneficiary or being detected with a terminal disease.

Non Payment penalties

if you make delays in payments or stop payments in your APY scheme account, then you will face the following penalties:

  1. Re. 1 will be deducted from your savings bank account if you were paying Rs. 100 per month in to the scheme.
  2. Rs. 2 will be deducted from your savings bank account if you were paying in between Rs. 101 – to Rs. 500 per month in to the scheme.
  3. Rs. 5 will be deducted from your savings bank account if you were paying in between Rs. 501 – to Rs. 1000 per month in to the scheme.
  4. Rs. 10 will be deducted from your savings bank account if you were paying in between Rs. 1001 and above per month in to the scheme.
  5. Account will be frozen after 6 months of continuous non payment.
  6. Account will be deactivated after 12 months of continuous non payment
  7. Account will be closed after 24 months of continuous non payment.

How to open Atal Pension Yojana Account?

Opening an account in Atal Pension Yojana is a simple procedure.

  1. Approach your bank where you have a
    Savings Bank account.
  2. Fill up the requisite APY registration form.
  3. Give details of your Aadhar Number and your mobile cell phone contact number. You may later be asked to verify your cell phone number through a designated officer.
  4. Provide details about spouse, nominee and their aadhar card details as well.

Contact Information of PFRDA

Pension Fund Regulatory and Development Authority
1st Floor, ICADR Building,
Plot No. 6, Vasant Kunj Institutional Area, Phase-II,
New Delhi-110070
Website: http://pfrda.org.in/

For more information call the national toll free number: 1800-110-001 / 1800-180-1111

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