Atal Pension Yojana Advantages:
Atal Pension Yojana launched by the Indian Government was initiated in the year of 2015. The pension scheme was administered by the PFRDA or the Pension Fund Regulatory and Development Authority under the NPS or the National Pension System. Under the Atal Pension Yojana, all the Indian citizens in the unorganized sector who join the NPS will be under the main focus. The pension amount of this yojana is of the different amount from Rs 1000, Rs 2000, Rs 3000, Rs 4000 up to Rs 5000 per month once the person has retired. To encourage the masses to apply for Atal Pension Yojana, the government has mentioned a bonus contribution to the subscribers who have the APY account. The government will contribute this sum to their pension account of 5 years.
Features for Atal Pension Yojana:
The Atal Pension Yojana has a plethora of features. Here are the most important features of this scheme.
- Any candidate has an age group of 18 years to 40 years can subscribe this pension scheme.
- Pension amount can be between Rs 1000 to Rs 5000 depending on the premium that was paid.
- The scheme efficiently provides the pension for different workers after they retire.
- The Premium ranges every month depending upon the age of application and chosen pension amount.
- Applicants cannot withdraw out of scheme before they retire unless there is an emergency.
- Under this scheme, only 7.8 to 8% returns are available to the applicants.
- Any employee who is covered under the EPF scheme can’t subscribe to this scheme.
- People registered under the National Pension Scheme will be able to migrate to the APY.
- Once the subscriber reached the age of 60 years he will be able to apply for the regular monthly pension.
- The government of India will contribute to extent of 50% of the premium that will be received.
Eligibility for Atal Pension Yojana:
Here are the important eligibility criteria to apply for the Atal Pension Yojana.
- You will be required to have an active and valid bank account.
- The candidate’s bank account will be required to be linked with the Aadhar card.
- Anyone who is interested to apply for the Atal Pension Yojana should have the minimum age of 18 years and up to a maximum of 40 years.
- The minimum contribution period for the Atal Pension Yojana is 20 years.
Charges for Atal Pension Yojana:
The Atal Pension Yojana has some charges attached to it in the form of monthly payable interest. Here are the most important charges.
- For Rs 100 as contribution amount, the payable interest would be Rs 1 per month.
- For Rs 101 to Rs 500 as contribution amount the interest payable would be Rs 2 per month.
- For Rs 501 to Rs 1000 as contribution amount then interest payable would be Rs 5 per month
- For Rs 1001 then the payable interest would be Rs 10 per month.
Here is the important information which you should be knowing about the Atal Pension Yojana.