What Are The Charges Under Atal Pension Yojana?

Posted By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Atal Pension Yojana (APY) is a government scheme announced by the Indian Government in the 2015-16 budget. The APY is focussed on all citizens in the unorganized sector which is administered by the Pension Fund Development Authority (PFRDA) through NPS architecture.

    APY ensures a guaranteed minimum monthly pension for the subscribers ranging between Rs 1000 and Rs 5000 per month.

    Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs 1000 per annum, whichever is lower, to each eligible subscriber account, for 5 years.

    What Are The Charges Under Atal Pension Yojana?

    Charges for default

    Under APY the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect an additional amount for delayed
    payments under APY. The amount will vary from minimum Rs 1 per month to Rs 10/- per month as shown below:

    • Rs 1 per month for the contribution up to Rs 100 per month.
    • Rs 2 per month for the contribution up to Rs 101 to 500/- Per month.
    • Rs 5 per month for contribution between Rs 501/- to 1000/- per month.
    • Rs 10 per month for contribution beyond Rs 1001/- per month.

    The fixed amount of interest or penalty will remain as part of the pension corpus of the subscriber.

    If the subscriber discontinues the payments of contribution amount, will lead to the following:

    • After 6 months account will be frozen.
    • After 12 months account will be deactivated.
    • After 24 months account will be closed

    Goodreturns.in

    Read more about: atal pension yojana
    Story first published: Friday, May 26, 2017, 14:48 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more