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Atal Pension Yojana- All You Need To Know

By Author: Neha Sharma
Total Articles: 105

What is the Atal Pension Yojana Scheme?

The Government of India launched the Atal Pension Yojana Scheme in 2015, to inculcate the habit of saving amongst daily wage workers. According to this scheme, they can save a considerable amount of money for their pension once they retire. Not just daily wage workers, people who have private sector jobs can also enjoy this scheme’s benefits.

What is the eligibility for applying for the Atal Pension Yojana Scheme?

If you are looking to invest in the Atal Pension Yojana Scheme, then you
will have to fulfil the required eligibility criteria-

• The applicant must have a valid and registered mobile number
• The applicant must be aged between 18 years to 40 years
• Applicants, who have a valid and fully functional savings account, can only qualify for an APY account

What are the features of Atal Pension Scheme?

Before you apply for an APY account, read on to know the several features of the scheme.

• Customer contribution- If you start contributing from the age of 18 years, then you will have to pay 42 INR every month to score a pension of 1000 INR. You can also go for the auto-debit option. In case, you decline to make a payment then you can re-enter the scheme by paying the due principal amount and interest rate.

• Contribution by the government- In order to drive more people to invest in the Atal Pension Yojana, the government also contributed for the duration of 5 years i.e. from 2015 to 2020. All the contributions are to be sent to the accounts activated between June 1, 2015, to December 31, 2015. All the active customers must keep in mind that they will not be covered under the Statutory Social Security Schemes. Additionally, they should not be income taxpayers. If you are looking to secure the government’s investment, then you will need to invest regularly and on a monthly basis during the entire course of a year. If you are successful in doing this, then the Government of India will invest 50% of their monthly contribution in your account.

• Subscriber enrolment- If you have a functional and valid bank account, then you can use the auto-debit service for making payments to your APY account on a monthly, quarterly and half-yearly basis. However, keep in mind that you will have to make all your payments on time; otherwise, you will have to pay penalties. Additionally, in case you do not make any monthly investments, then the government will discontinue your account. In addition, all the money that the government provided you will be subject to penalties.

The Atal Pension Yojana Scheme is considered a godsend for many. This step by the government has been received with a lot of support and encouragement. Moreover, it is highly responsible for ensuring monetary stability for the post-retirement lives of wageworkers.

Author bio:
Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about Atal Pension Yojana. Through her work, she has given in depth information on the same

Total Views: 12Word Count: 505See All articles From Author

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