1000 per month – Penalty of Rs. The objective under providing this scheme is to ensure that no one in India should worry about the illness, accidents, diseases in old age, giving a sense of security. However, the private sector employees who do not receive any such benefit from their employers can also subscribe to it. Applicant should have a bank account and bank account should be linked to Aadhar card. If in case, the contributor dies, then his/her spouse can claim the pension and if both of them die (contributor and his/her spouse) then the nominee receives the pension. The same amount of monthly pension is payable to the spouse (default nominee) upon the death of the subscriber. APY Scheme is not only beneficial for the applicant, but also for his /her spouse. March 16, 2020 September 26, 2020 - by admin “Atal Pension Yojana – For a better future after retirement!” Are you worried about the source of your income after your retirement? The government informs the subscribers about the status of their contribution usually via SMS alerts and account statements. Required fields are marked *. To join the Atal Pension Yojana 2020 , it is mandatory for the beneficiaries to have a bank account and the bank account should be linked to the Aadhar card. Atal Pension Yojana 2020:Apply Online, benefits eligibility Criteria. Under the scheme, the subscriber will get a fixed pension that ranges between Rs. It is mandatory to provide nominee details in the APY account. The periodical information to the applicant regarding activation of PRAN, balance in the account, contribution credits, etc. Every Indian citizen has to save money for the benefit of their future. Atal Pension Yojana is a replacement to Swavalamban Yojana which was a failure earlier. Save my name, email, and website in this browser for the next time I comment. Every nationalized bank provides this scheme, so you can approach the nearest branch of a nationalized bank and open an APY account there. Like the PF account, the government will contribute to this pension scheme on its own. Besides this, withdrawal from the scheme before reaching the age of 60 years is only possible in case of terminal illness or death. To apply, first, you need to log in to SBI. Also, provide a valid mobile number and submit a photocopy of your Aadhar card in the bank. Candidate must be the native member of India. To apply in this scheme, the beneficiaries should be between 18 to 40 years of age, only then they can avail the scheme. This scheme is very affordable and hence the best for the unorganized sector. will be intimated to APY applicant by way of SMS alerts. Furthermore, the amount received by the subscriber depends upon his age and the amount contributed by him. Further, you need to fill the Atal Pension Yojana form which is available online on the bank’s website as well as at the bank. Your email address will not be published. Only an Indian citizen is eligible to subscribe. After that, you will have to fill your complete details. Preparing for the future is a smart move and above all, a pension plan has always been the first way to do so. Also, for subscribers who joined the scheme between June 2015 to December 2015 for the next 5 years i.e. 2, Between Rs. 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On account of Covid-19 outbreak, we are operating with considerably reduced employee strength. The contribution may be remitted through auto-debit uninterruptedly even in case of change of residence/location. Under the Atal Pension Yojana, only after completing the age of 60 years, the Central Government will provide a monthly pension ranging from Rs 1000 to Rs 5000. After that, your monthly contribution will be decided based on your age. This scheme was launched by the Prime Minister of India in the year 2015. These are –, Also read, what is Pradhan Mantri Jhan Dhan Yojana, Applying for APY is quite easy; just follow the below-mentioned steps –, The amount paid as a contribution for the scheme depends on the age of the subscriber. There exists a provision of deductions for Income tax up to Rs. The nominee will be eligible for the return of pension wealth accumulated till age 60 of the subscriber upon the death of both the subscriber and spouse. All Copyrigh Reserved, Website is Created by. Ensure keeping the required balance in the savings bank account/post office savings bank account for the transfer of monthly/ quarterly/ half-yearly contribution. After the launch of Atal Pension Yojana by the Indian government, one doesn’t need to worry much now! Otherwise, the applicant will face following issues. What are the benefits of Atal Pension Yojana? 501 to Rs. Provide Aadhaar/Mobile Number. 500 per month – Penalty of Rs. The subscriber must make contributions regularly for a minimum of 20 years. The applicant must be between 18-40 years of age. Atal Pension Yojana (APY) Discontinuation of payment. After filling the APY form submit it to the bank. 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