Atal Pension Yojana or APY is one of the centrally sponsored schemes in Karnataka for workers in unorganized sector. Under APY, the beneficiary will be paid a guaranteed monthly pension amount between INR 1,000 and INR 5,000 based on the scheme he selected.
This pension payment starts once the scheme subscriber reaches 60 years of age. Irrespective of the social group and the economic condition, all Indians can join thee APY pension scheme.
Eligibility Criteria For APY
- An Indian citizen
- Age group 18-40 years
- A savings account in any bank or post office bank
Is Aadhaar Mandatory?
At the time of submission of the application with the banks/ post offices, the applicant needs to provide his Aadhaar number and the Aadhaar seeded mobile number. It is for the periodic updating of the scheme details.
Atal Pension Yojana – An Overview
Atal Pension Yojana provides a monthly income to the people who are no longer earning. It assures monthly income to the People who earn decreased income earning potential with age. This ensures dignified life in old age.
It is designed for workers in the unorganized sector. A guaranteed minimum pension of INR 1,000 or 2,000, or 3,000 or 4,000, or 5,000 per month will be disbursed at the age of 60 years depending on the contributions by the subscribers.
Aadhar is not mandatory for enrolment. An applicant can provide Aadhar and mobile number to the bank in order to receive periodic updates on APY account.
The Government will contribute money for the scheme for up to five years. The government will credit its contribution to the subscribers saving account and later bank will transfer that amount to APY scheme. Government’s contribution can’t be used for other purposes other than APY.
Members of other social security schemes are not eligible to receive co-contribution from the government.
How To Apply For Atal Pension Yojana
- Approach the bank branch where the applicant holds a savings bank account
- Fill the APY registration form with the help of bank staff
- Provide Aadhar/Mobile number for further communication
- There should be sufficient money in your account to transfer the amount to the APY scheme.
- An applicant can be made monthly/quarterly or half-yearly contribution through auto-debit from his saving bank account.
- The subscriber of a scheme should maintain a required balance in his account to avoid overdue for delayed contribution.
- If subscribers account becomes zero due to deduction of account maintenance charges, then the scheme account will be treated as zero The government will stop its contribution
- If the subscriber is married then the spouse will be the default nominee. Unmarried persons can nominate anyone as a nominee
- The subscriber can decrease or increase the pension amount are available once a year during the month of April.
How To Withdraw Money From Atal Pension Yojana?
After completion of 60 years, the subscribers will submit the request to the concerned bank for drawing the guaranteed minimum monthly pension. If a subscriber has invested more money then s/he can draw more.
The spouse of a subscriber can draw the same amount of monthly pension after the death of a subscriber. Nominees will receive the accumulated amount after the death of a subscriber and his spouse.
Subscriber can’t exit from the scheme before 60 years of age. It is provided only under exceptional circumstances.
If any subscriber voluntarily exits from APY in the middle, government co-contribution shall not be returned to such subscribers.
In case of death of a subscriber before 60 years, the entire accumulated amount under APY will be returned to the spouse/nominee but not the pension.
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