May 28
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Atal Pension Yojana

The Atal Pension Yojana is administered by the PFRDA (Pension Fund Regulatory and Development Authority) under the National Pension System (NPS). The scheme was launched to encourage individuals from the weaker section to opt for pension, which would immensely benefit them during their old age. The Atal Pension Yojana scheme can also be taken by individuals working in private sector organizations or by anyone who is self-employed. The Atal Pension Yojana scheme helps the weaker section to save up for their old age and get a guaranteed monthly pension amount. Under this plan, the subscriber will receive a fixed pension after the age of 60, depending on his contribution amount and tenure.

Restrictions on Government contribution

Individuals who are registered under other social security schemes are not eligible for contributions from the government. Subscription to the following are some of the schemes that would make an individual ineligible for the Atal Yojana Pension:

  • The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
  • Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
  • Seamens’ Provident Fund Act, 1966.
  • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
  • Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
  • Other Statutory Social Security schemes

Registering a grievance

Grievances can be registered in person or online. For online registration, employees should log in to the CRA-NSDL platform and select the option for registering a grievance. The website allows subscriber the ability to register a new grievance and check the status of grievance that has already been registered. Employees will have to enter their PRAN details to register a grievance on the website. The description of the grievance will have to be provided in the form in 20 characters or less.

Downloading the account statement

Subscribers can also download their account statements online. This can be done through the NPS-Trust platform. The process can be completed by entering the PRAN number and bank details of the subscribers. Once the details are entered and submitted, subscribers can view and download their account statement. If the subscriber does not know their PRAN, they can also request viewing account statement by entering their name, date of birth and bank details.

State Government co-contribution

State Governments are also authorized to provide an additional co-contribution to Atal Pension Yojana subscribers, in their respective states. As required, the procedure for this would be given by the Pension Fund Regulatory and Development Authority, in accordance to the Central Government rules.

Atal Pension Yojana Application Form

To register for the Atal Pension Yojana scheme, customers have to submit the application form available online to the concerned bank along with the list of other documents required. The Aadhaar card would be the primary KYC document required for identifying nominees, beneficiaries and the subscriber’s spouse in order to avoid entitlement disputes. The Atal Pension Yojana subscriber registration form is available in various languages namely, Hindi, Bangla, English, Gujarati, Telugu, Kannada, Odia, Tamil and Marathi.

The Atal Pension Yojana subscriber registration form contains the following fields that have to be filled in by the applicant/subscriber –

Section 1 (Bank Details) Section 2 (Personal Details) Section 3 (Pension Details) Additional Details – If nominee is a minor
Bank Account Number Name of the applicant Pension Amount selected – 1000/2000/3000/4000/5000 Date of Birth
Bank Name Date of Birth Monthly Contribution Amount Guardian’s Name
Bank Branch Email ID Is the minor a beneficiary of other statutory social security schemes?
Marital Status Is the minor an income tax payer?
Name of the spouse
Name of the nominee
Relationship of the nominee with the subscriber
Age
Mobile Number
Aadhaar Card Details for the subscriber, spouse and the nominee

Atal Pension Yojana Interest / other charges

Atal Pension Yojana subscribers have to bear extra charges, fees and overdue interest for delayed payments and non-payments of the monthly contribution amount, from time to time. These charges will be levied and applied according to the norms of the Pension Fund Regulatory and Development Authority, with authorisation from the Government of India.

Fees and charges for maintaining Atal Pension Yojana account

Intermediary Charges
Point of Presence APY Subscriber Registration Rs.120 to 150, based on the number of subscribers
Recurring Charges Per Annum Rs. 100 / subscriber
Central

Recordkeeping

Agencies

APY Account

opening charges

Rs. 15 / account
Account

Maintenance

Charges

Rs.40/account/annum
Custodian Investment

Maintenance Fee (per annum)

0.0075% for electronic /

0.05% for physical segment of AUM

Pension Fund Managers Investment

Maintenance Fee (per annum)

0.0102% of AUM

Atal Pension Yojana eligibility

Citizens of India are eligible to join the Atal Pension Yojana scheme. The following eligibility criteria have to be met by every applicant.

a) Customers holding valid savings accounts are eligible to open an Atal Pension Yojana account.

b) The applicant should be aged between 18 and 40 years.

c) Every applicant should have a mobile number, which has to be registered at the time of application.

d) A co-contribution amount will also be given by the Government to certain Atal Pension Yojana subscribers.

Atal Pension Yojana penalty charges

The Atal Pension Yojana scheme requires subscribers to make regular monthly contributions without any break in payments. If the subscriber does not make regular payments or completely stops contributing, then the concerned bank can levy penalty charges as stipulated by the Government. The additional penalty charges that are levied range from Rs.1 to Rs. 10 every month. This fixed penalty amount or interest shall be a portion of the pension corpus of the contributor.

  • If the contribution amount is up to Rs.100, then the penalty amount would be Rs.1, every month.
  • If the contribution amount is between Rs.101 and Rs. 500, then the penalty amount would be Rs.2, every month.
  • If the contribution amount is between Rs.501 and Rs. 1000, then the penalty amount would be Rs.5, every month.
  • If the contribution amount is above Rs.1001, then the penalty amount would be Rs.10, every month.

On Atal Pension Yojana accounts where payments are discontinued the following measures will be taken –

  • If payments are not done for six months, the subscriber’s account would be frozen.
  • If payments are not done for twelve months, the subscriber’s account would be deactivated.
  • If payments are not done for twenty-four months, the subscriber’s account would be permanently closed.

 

 

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