Atal Pension Yojana

Govt. launched scheme in 2015-16 budget for old-age security of unrecognized sector workers and every Indian citizen who have wish to get pension after the age of 60 years of life called Atal Pension Yojana.

       As per this scheme, govt. will provide fixed monthly pension to subscriber between Rs.1000 to Rs. 5000  depending upon monthly contribution.

Monthly contribution chart

 

Age Of Entry	Monthly Pension In Rs.
	1000	2000	3000	4000	5000
18	42	84	126	168	210
20	50	100	150	198	248
25	76	151	226	301	376
30	116	231	347	462	577
35	181	362	543	722	902
40	291	584	873	1164	1454

Central govt. will contribute 50% of total contribution or Rs 1000 whichever is lower for the period of 5 years from FY 2015-16 to 2019-20 who joined the scheme between 1 june 2015 to 31 dec 2015. Contribution will not exeed 5 years for all subscribers. Contribution from govt is available for those who are not member of any statutory social security scheme and is not income tax payer. If contribution is not deposited within time, bank will charge minimum penalty for the delay in payment of Contribution.

                     

Per Month Contribution	Charges In Rs.
up to Rs. 100	1
From Rs. 101- 500 Rs.	2
From Rs. 501-1000 Rs.	3
Above 1000 Rs.	10

if subscriber failes to pay contribution upto six month 

After 6 months	Account will be frozen.
After 12 month	Account will be deactivated.
After 24 month	Account will be closed.

                

Upon completion of 60 years , guaranted monthly pension will start. Exit before completion of 60 years is not permitted however permitted only in exceptional circumstances, i.e. on death of beneficiary or terminal disease. Incase if  death of subscriber occurs due to any cause, pension would be available to the spouse and in the occasion of death of both of them (subscriber and spouse ) pension corpus would be returned to nominee .