ATAL PENSION YOJANA
PENSION- THE NEED OF THE
HOUR
A pension provides people
with a monthly income when they are no longer earning
The government of India has announced
the launch of the momentous Guaranteed monthly Pension Scheme “ Atal Pension Yojana
Scheme” in FY 2015-16 budget. The scheme will be operational zed from June
2015.
INTRODUCTION TO ATAL
PENSION YOJANA
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Atal
Pension Yojana (APY) is a Government of India Scheme administered by PFRDA
through NPS.
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The objective of the APY is to encourage the persons to save small amounts during
their productive years to enable them to draw a pension in old age.
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APY
is based on defined benefit for providing fixed minimum pension ranging from Rs
1000 to Rs 5000 p.m.
Honorable Finance Minister
of India, Shri Arun Jaitely had declared the launch of Atal Pension Yojana in the
budget FY 2015-16 to secure the old age income of Citizens of India
specifically from the unorganized sector.
Atal Pension Yojana is to
be launched on 1st June 2015.
ATAL PENSION YOJANA –
SALIENT
FEATURES
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Under
the APY, a fixed monthly pension ranging between Rs. 1000 to Rs. 5000 for the
subscribers, if he/she joins and contributes between the age of 18 years and 40
years, depending on their contributions.
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The benefit of a fixed minimum pension is guaranteed by the GoI.
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GoI
will also co-contribute 50% of the contribution amount or Rs. 1000 per annum,
whichever is lower.
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GoI
co-contributes to each eligible subscriber’s account, for a period of 5 years,
i.e., from 2015-16 to 2019-20. who joins on or before 31st December 2015.
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GOI
co-contribution is available for the subscribers who are not covered under any
statutory social security scheme and are not income taxpayers
ELIGIBILITY CRITERIA
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Any
Citizens of India in the unorganized sector .
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Age
of joining – 18 years - 40 years. Date
of Birth Proof is mandatory.
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Aadhar
No. to be preferred at the time of
opening APY account.
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Non
Aadhar bank account customers can also join the scheme but Aadhar details are to
be provided later.
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Valid
mobile number mandatory
CHARGES/CONTRIBUTION
UNDER APY
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Contributions
are to be deposited by selecting a monthly auto-debit facility.
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Non-maintenance
of required balance in the savings bank account for contribution on the
specified
ü
date
will be considered as default. Banks are required to collect an additional amount
for delayed payments, such amount will vary from minimum Re 1 per month to Rs
10/- per month up to Rs. 100 per
ü
month.
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Re.
2 per month for contribution upto Rs. 101 to 500/- per month. Re 5 per month
for contribution
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between
Rs 501/- to 1000/- per month.
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Rs
10 per month for contribution beyond Rs 1001/- per month.
HOW TO OPEN APY ACCOUNT
BANK ACCOUNT HOLDER
Submit the APY Form
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Provide
Aadhaar No and Mobile Number
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Deposit
the initial contribution according to the type of pension opted.
NON BANK ACCOUNT HOLDER
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Provide KYC Documents and open a Bank account
by providing KYC document and
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Aadhaar
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Submit
a signed APY proposal form
Mandatory to provide
Savings Bank account details, mobile number, and authorization letter to the
bank for the monthly auto-debit option for remittance of contribution.
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Mandatory
to provide Spouse/Nominee details in APY form.
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Receive
Permanent Retirement Account Number (PRAN) immediately.
Migration from Swavalamabn
Scheme to APY
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All
the registered subscriber aged between 18-40 yrs will be automatically migrated
to APY.
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Other
subscribers beyond 40 yrs and do not wish to continue may opt-out with a lump sum
withdrawal.
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Subscribers
may also opt to continue till the age of 60 Yrs and eligible for annuities. Remittance
of Fund
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Due
date of subscriber contribution will be the anniversary date. For Ex: 15- July
is the initial date of deposit, the next contribution date will be 15-August.
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In
case of default, the next contribution date will be 15-September along with arrears/applicable
penalty.
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The
Banks should remit the funds by the next day to the trustee bank.
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The
trustee bank to transfer the funds to PFs as per the trustee bank regulations
Discontinuation of
payments of contribution amount shall lead to the following:
a) After 3 months account
will be frozen.
b) After 12 months account
will be deactivated.
c) After 24 months account
will be closed.
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Subscribers should ensure that the Bank account to be funded enough for auto-debit of contribution amount.
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The fixed amount of interest/penalty will remain as part of the pension corpus
of the subscriber.
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