Atal Pension Yojana (APY)

 

• The Government of India is worried about the advanced age pay security of the functioning poor and is centered around empowering and empowering them to put something aside for their retirement. To address the life span takes a chance among the specialists in sloppy area and to support the laborers in chaotic area to put something aside for their retirement willfully.

• The GoI has in this manner reported another plan called Atal Pension Yojana (APY) in 2015-16 financial plan. The APY is centered around all residents in the disorderly area.

• The plan is directed by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS mode.

Special features:

• Under the APY, there is ensured least month to month pension for the endorsers running between Rs. 1000 and Rs. 5000 every month.

• The advantage of least pension would be ensured by the GoI.

• GoI will likewise co-contribute half of the endorser's commitment or Rs. 1000 for each annum, whichever is lower. Government co-commitment is accessible for the individuals who are not covered by any Legal Federal retirement aide Plans and isn't annual citizen.

• GoI will co-add to each qualified endorser, for a time of 5 years who joins the plan between the period first June, 2015 to 31st December, 2015. The advantage of five years of government Co-commitment under APY wouldn't surpass 5 years for all endorsers including relocated Swavalamban recipients.

• All bank account holders might join APY.

Eligibility criteria:

• APY is appropriate to all resident of India matured between 18-40 years.

• Aadhaar will be the essential KYC. Aadhar and portable number are prescribed to be acquired from endorsers for the simplicity of activity of the plan. If not accessible at the hour of enrollment, Aadhar subtleties may likewise be submitted later stage.

Charges for default:

Banks are expected to gather extra sum for postponed installments, such sum will change from least Re 1 every month to Rs 10/ - each month as displayed beneath:

• Re. 1 every month for commitment upto Rs. 100 every month.

• Re. 2 every month for commitment upto Rs. 101 to 500/ - each month.

• Re 5 every month for commitment between Rs 501/ - to 1000/ - each month.

• Rs 10 every month for commitment past Rs 1001/ - each month.

The proper measure of interest/punishment will stay as a component of the pension corpus of the supporter. Significant data for supporter: End of installments of commitment sum will prompt following:

• Following a half year record will be frozen.

• Following a year record will be deactivated.

• Following two years record will be shut.

Endorser ought to guarantee that the Bank record to be funded enough for auto charge of commitment sum.

Exit from the Scheme :

On accomplishing the age of 60 years:

The exit from APY is allowed at the age with 100 percent annuitisation of pension abundance. On leave, pension would be accessible to the spouse.

In the event of death of the Spouse because of any reason:

In the event of death of spouse pension would be accessible to the mate and on the demise of the two of them (endorser and companion), the pension corpus would be gotten back to his candidate.

Exit Before the age of 60 Years:

Exit before 60 years old isn't allowed anyway it is allowed exclusively in remarkable conditions, i.e., in case of the demise of recipient or fatal sickness.

Characteristic Month to month Commitment Outline

Age of Entry	Monthly pension of Rs 1000.	Monthly pension of Rs 2000	Monthly pension of Rs 3000	Monthly pension of Rs 4000	Monthly pension of Rs 5000
18	42	84	126	168	210
20	50	100	150	198	248
25	76	151	226	301	376
30	116	231	347	462	577
35	181	362	543	722	902
40	291	582	873	1164	1454

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