Atal Pension Yojana: Govt to give Rs 36,000 per year against Rs 126 per month

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New Delhi : The Narendra Modi government’s Atal Pension Yojana (APY) aims to provide financial security after the age of 60. The government-run scheme launched in 2015 has come up with a new fixed deposit policy. Now, under the scheme a person can begin investing between the age of 18 to 40 years. They will get a fixed minimum monthly return ranging from Rs 1000 to Rs 5000. The return, however, depends on the contribution and the age when the investment was started by the depositor.

Under the Modi’s pension scheme, a contributor has three payment modes of contributions which are monthly, quarterly and half-yearly. If a person chooses to do a monthly investment of Rs 126, s/he will get a minimum guaranteed return of Rs 3000 per month after the age of 60. When the return is added up, it adds up to Rs 36,000 yearly pension after investing for 42 years. The only requirement for Atal Pension Yogna is to open a savings account either with a bank or in a post office.

It must be noted that the amount deposited in quarterly and half-yearly will vary.

How to apply online for Atal Pension Yojana

All bank websites has the APY subscriber form. Interested people can download the form, fill in the required details and submit it to their banks. Bank official will guide through the necessary documents to be submitted and applicants can then easily open an Atal Pension Yojana account.

The concerned bank will collect an additional amount for delayed payments. Such amount will vary from minimum Re 1 per month to Rs 10 per month.

  • Re. 1 per month for a contribution up to Rs. 100 per month.
  • Re. 2 per month for a contribution up to Rs. 101 to 500/- per month.
  • Re 5 per month for contribution between Rs 501/- to 1000/- per month.
  • Rs 10 per month for contribution beyond Rs 1001/- per month.
  • It must be noted that the fixed amount of interest/penalty will remain as part of the pension amount of the subscriber.
  • If a person fails to do the payment of contribution amount for six months, his/her account will be frozen. After 12 months the account will be deactivated and after 24 months the account will be closed.

How to withdrawal fixed amount in Atal Pension Yogna

On attainment of the age of 60 years, exit from the yogna is legitimate at the age with 100 per cent annuitisation of pension wealth. On exit, the pension amount would be made available to the applicant.

In case of death of the applicants due to any cause pension would be made available to the spouse and on the death of both of them (applicant and spouse), the pension money would be returned to his nominee.

However, exit before 60 years of age is not permitted till there is a condition of death of the beneficiary or terminal disease.