Atal pension scheme:
Atal pension yojana is pension scheme targeted at the organised sector. Finance minister Arun Jaitley mentioned about this scheme in February 2015 in budget speech. It was formally launched in 9 May by PM Modi at Kolkata. Originally this scheme is meant to increase number of pension holders in india. APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority.
What are the bullet points to be considered
- In this pension scheme central government also contribute 50% or ₹1000 per annum whichever is lower to each APY holder for period of 5 years.
- Age limitations for this yojana 18 years to 40 years.
- APY holders will get pension at age of 60.
- Applicants have options of pension starts from ₹1000 to ₹5000 and applicants needs to emesis to pay monthly contribution.
- All applicants havs option to increase or decrease pension amount only once in a year.
- This scheme will linked to banked account opened under Pradhan Mantri Jan Dhan Yojana and monthly amount will automatically deducted from account.
Government of India targeted to reduce the amount of zero balance accounts by delivering option to link to bank account.
How to enroll for this scheme?
We were expecting that the Digital India will make it easy to register fir this scheme as well but there might be some issues due to which there is only offline facility available to register for this scheme.
- To enrol this scheme applicant need to visit bank with APY form for authorization of auto deduct of monthly amount from bank.
- The form will require complete details including account number, spouse and nominee details, and authorisation for auto debit of contribution amount.
- Applicants need to maintain balance in accounts failing to do so will attract a monthly fine of –
- ₹1 for monthly contribution up to ₹100
- ₹2 for monthly contribution between ₹101 and ₹500
- ₹5 for monthly contribution between ₹501 and ₹1,000
- ₹10 for monthly contribution beyond ₹1,001