Atal Pension Yojana: You Can Get ₹5000 Monthly From Government

Atal Pension Yojana- Scheme For Steady Income

Atal Pension Yojana (APY) is a pension scheme introduced and operated by the Government for the low income working class to get steady income after retirement.

Details Info

• Pension Amount- up to ₹5000
• Age Limit- Min. 18 years – Max. 40 years
• Contribution period- Maximum 20 years
• Exit- at age of 60

APY Contribution Chart

For PDF click here.

Atal Pension Yojana Withdrawal Process

Withdrawal process of APY is modified despite the fact that investors are not allowed to exit before the age of 60.

Two Conditions:

• After reaching 60 years of age: you can exit authentically as the contribution period will be over and the pension process will start. For pension to dispatch you will need to visit a bank and apply for the same.
• Before the age of 60 years: yes you can exit the pension but under extreme circumstances include terminal illness or death. If you die before reaching the age of 60 years your spouse will get the benefit of pension. And in case of the demise of both you and your wife the pension will be paid to the nominee.

APY-Penalty Charges

Delayed payments will attract some penalty charges according to the variations in contribution amounts.

• Contributions up to ₹100 per month if delayed then will attract the penalty of ₹1.
• ₹2 will be levied as the penalty charge for delayed contributions up to ₹101-₹500 monthly.
• Delayed contributions between ₹500-₹1000 monthly will cost you ₹5 as a penalty charge.
• In case your monthly contribution amount is above ₹1001 then ₹10 will be charged as penalty.

In Case of no monthly contributions being made towards APY scheme read the following points:

• If no contribution is received for 6 months then your APY account will be frozen.
• If no payments are paid for 12 months then your account will be declared deactivated.
• APY accounts will be closed permanently if no contributions are made for 24 months.

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Process To Apply For Atal Pension Yojana

Follow the below mentioned points to apply for Atal Pension Yojana:

• Visit any nationalised bank to apply for APY.
• Forms to open an APY account are available on bank websites you can download and fill.
• APY forms are “available in English, Telugu, Tamil, Odia, Marathi, Kannada, Gujarati, and Bangla.”
• APY forms must be filled and submitted to the bank only.
• Provide a valid mobile number to be registered in your APY account.
• Aadhaar photocopy will be required.