ATAL PENSION YOJANA is a virtue for old poor and underprivileged people who have no pension scheme benefits. Those who enrolled in this scheme have money paid regularly by the Government who has stopped working because of old age.
In Article 41 of the constitution, we talk about Public assistance rights for people in case of unemployment, old age, or sickness. On the bases of this Article, the Government has launched some schemes.
Overview
| Name of the Scheme | ATAL PENSION YOJANA |
| Scheme type | Central Government |
| Under Authority | Pension Fund Regulatory and Development Authority (PFRDA) |
| Age group who join | between the 18 to 40 age group people |
| Beneficiaries | People from Unorganised sectors and informal workers |
| Benefit | Fixed pension between Rs1000 to Rs 5000 |
| Mode of Application | ONLINE/OFFLINE |
| Official website | http://npscra.nsdl.co.in |
Introduction
ATAL PENSION YOJANA scheme for the unorganized Workers. Under this scheme guaranteed minimum pension of rupees 1000/- or 2000/- or 3000/- or 4000/- or 5000/- per month will be given at the age of 60 depending on the contribution by the contributor.
Eligibility
- He should be an Indian citizen.
- The age of the contributor should be between 18 to 40 years.
- He/She should have a savings bank account/post office saving bank account.
- They have an Aadhar number and a valid phone number.
Why the need for pension
A pension is a money that provide by the government/company on a regular basis when a person retired in old age.
- Earning potential decreases when the age is increase so we need a pension.
- Assured monthly income makes Grace in old age.
- Increase longevity.
Benefits
- The minimum pension benefit under the pension scheme will be guaranteed by the government which means that the during the contribution period, if the pension is earned on contribution and if the actual return is less than the approved return for the minimum guaranteed monthly pensions such shortfall will be met by the Government.
- If the actual return earned on pension contribution during the contribution period is more than the estimated return for the minimum guaranteed pension, such an increase will help the contributor to get more pension benefits in the form of enhanced scheme benefits.
Who is not eligible after 1st October 2022
- 1st October 2022, any citizen who is or has been an income tax payer, shall not be eligible to join this scheme.
- In case a contributor, who joined on or after 1st October 2022, is subsequently found to have been an income tax payer or on before the date of application the Atal Pension Yojana account shall be closed and the accumulated pension wealth till date would be given to the contributor.
Charges/Contributions under this scheme
- Contributions are to be deposited by a selected monthly auto debit facility.
- Non-maintenance of the required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amounts for delaying payments, such amounts will differ from a minimum of 1/- rupees per month to 10/- rupees per month up to 100/- rupees per month.
- 2/- Rupee per month for contribution up to 101/- to 500/- per month.
- 5/- Rupee per month for contribution between rupees 501/- to rupees 1000/- per month.
- 10/- Rupee per month for contribution beyond 1001/- rupees per month.
How to open an Atal Pension Yojana account
The contributor will contact Bank branches under the core banking platform
| BANK ACCOUNT HOLDER | NON-BANK ACCOUNT HOLDER |
| • Submit an Aadhar Pension Yojana form and provide an Aadhaar number and mobile number | • Provide KYC documents and open a bank account by providing KYC documents and Aadhar card. |
| • Deposit the initial contribution according to the type of pension opted. | • Submit a signed Aadhar Pension Yojana proposal form. |
NOTE:- It is mandatory to provide Saving Bank Account details, mobile number, and authorization letter to the bank for the monthly auto debit option for remittance for contribution.
° And provide spouse nominee details in the form.
° And receive Permanent Retirement Account Number (PRAN) immediately.
Activation of PRAN
- When the Atal Pension Yojana registration is done by all the branches.
- The file is passed through the utility provided by CRA and uploaded into a CRA system.
- All the prawns are activated in the CRA system.
- CRA send SMS alert to all the contributor confirming the activation of PRAN.
When your account will be closed
- Discontinuation of payment of contribution amount shall we leave the following:-
- If you do not continue in your account after 3 months account will be frozen.
- And after 12-month the account will be deactivated.
- And after 24-month the account will be closed.
- Contributors should insure that the bank account is funded enough for auto debit of the contribution amount.
- Fix the amount of interest penalty will remain as part of the pension corpus of the contributor.
Some other features of the Atal Pension Yojana
- Periodical mobile alerts to the contributor for subscriptions, balance, and credits.
- The contributor can only have one NPS-APY account.
- The initiative is payable to banks up to Rs 120/- per month account.
- The contribution under Atal Pension Yojana is invested as per the investment patterns specified by the government of India for Non-Government PFs, superannuation funds/Gratuity funds.
- The contributor does not have any other choice on investment pattern or Pension Fund.
FAQs
QUESTION 1: WHAT HAPPENED IN CASE OF DEATH OF THE CONTRIBUTOR DUE TO ANY CAUSE?
ANS:- IN THE CASE OF THAT OF CONTRIBUTOR PENSION WOULD BE AVAILABLE TO THE SPOUSE AND ON THE DEATH OF BOTH OF THEM (CONTRIBUTOR AND SPOUSE) THE PENSION CORPUS WOULD BE RETURNED TO HIS NOMINEE.
QUESTION 2: CAN WE OPEN AN ATAL PENSION YOJANA ACCOUNT WITHOUT A SAVING BANK ACCOUNT?
ANS:- NO, THE SAVING BANK ACCOUNT/POST OFFICE SAVING BANK ACCOUNT IS MANDATORY FOR JOINING.
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