firm pension Scheme (APY) is a retirement program primarily aimed at employees in the unorganized sector. One person is limited to a single opening, apy account, Use of multiple accounts is prohibited.

Here is a look at important frequently asked questions about APY Atal Pension Yojana Website.

Best Offer : Smartwatches, Headphones, Mobile, Camera, Computer, Best Books for Digital Media, Business & Economics,

Who can subscribe to APY?

Any citizen of India can join the APY scheme. Following are the eligibility criteria,

i. The age of the subscriber should be between 18 – 40 years.

ii He should have a Savings Bank Account / Open a Savings Bank Account.

iii. The potential applicant should have a mobile number and its details should be submitted to the bank during registration.

How much pension will be received under APY?

At the age of 60 years, Atal Pension Yojana will provide guaranteed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 and 5,000 per month depending on the payout of the subscribers.

pension contribution description

A savings bank account is required to join an open APY account. All payments should be made through auto-debit from the customer’s savings account on a monthly basis.

Due date for monthly contribution

The initial date for submission of payment in APY will serve as the due date for monthly contribution.

Once a year, during the accumulation phase, customers have the option to choose between increasing or decreasing pension amount, However, the swap option will be available only once every year in April.

Penalty for not keeping sufficient amount in savings

If the required balance is not maintained in the savings bank account for the contribution on the stipulated day, it will be treated as a default. The additional amount that banks should collect for overdue payments ranges from a minimum of Re 1 per month to Rs 10 per month, as detailed below:

I. Ray. 1 per month for contributions up to Rs. 100 per month.

ii. again. 2 per month for contributions up to Rs. 101 to 500/- per month.

iii. Rs.5 per month for contribution between Rs.501/- to Rs.1000/- per month.

iv. Rs.10 per month for contribution above Rs.1001/- per month.

APY closure details

The following consequences will follow the closure of contribution payments:

• Accounts get frozen after six months.
• The accounts are terminated after 12 months. Accounts are terminated after 24 months.
• Subscriber should ensure that there is sufficient money in their bank account to cover the auto-debit of their contribution.
• A predetermined amount of interest or penalty will continue to be included in the pension fund of the subscriber.

Basis for joining the scheme

It is not necessary to provide Aadhaar number while opening APY account. However, for enrollment, Aadhaar will be the primary KYC document to identify the beneficiaries, spouse and nominees, to avoid conflicts of long-term pension entitlements and entitlements.