10 Lesser Known Facts Of Atal Pension Yojana

Atal Pension Yojana (APY) is a pension plan backed by the government of India for unorganised employees in the sector that allows subscribers to receive a guaranteed monthly pension of Rs 1,000-5,000 after retirement. The Atal Pension scheme is accessible at branches of India Post that facilitate basic banking approaches. For anyone between 18 and 40 years of age at the time of subscription, the scheme is accessible. By considering the contribution to the retirement fund under the Atal Pension scheme a predefined amount is withheld from the bank account of the eligible and registered subscriber. Based on considerations such as the subscriber's age and the preference of monthly pension, the deposit amount differs. The 10 facts you need to know about the Atal Pension Scheme are as follows:

1. Eligibility required: Employees can apply for the Atal Pension scheme in the age range of 40 years and can have only one APY account. It is important for the individual to have a savings account either in a bank or post office.

2. Fixed monthly options: Five fixed monthly pension alternatives are currently offered by the Atal Pension Scheme: Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000.

3. Deposit amount: The amount chosen at the time of account activation is withheld on a monthly, quarterly or half-yearly basis from the subscriber's account. The amount ranges every month between Rs 42 and Rs 1,454. At the time of opening the APY account, the first installment is withheld from the savings account of the subscriber.

4. Payment Method: By means of auto debits facility linked with the savings account of the subscriber, the contributions are paid at selected periods i.e. monthly, quarterly or half-yearly.

5. Assured pension benefit: A minimum pension is assured by the Atal Pension plan, which ensures that the government addresses any deficit in the overall determined returns as opposed to the expected returns over the contribution span. Any higher returns, on the other side, are provided to the subscriber in his or her savings account.

6. Maintenance of APY account: After active approval of the account, in order to ensure serviceability, the subscriber only has to maintain the instalment balance in the associated savings account on set deadlines.

7. In case of late contribution: In the event that a subscriber does not have an adequate amount in his or her savings account at the deadline, the alternative to compensate a delayed instalment along with outstanding interest is offered by the APY scheme. The deposit amount, along with overdue interest, is reimbursed the next month, which is Rs 1 per month for every Rs 100 for each overdue monthly deposit amount.

8. In case of default: In the event of a persistent failure, account maintenance costs and other related charges are periodically deducted from the Atal Pension account. Once the account balance hits zero, the account is terminated automatically.

9. Monthly contribution flexibility: It is allowed, under some conditions, to adjust to a lower or higher monthly contribution amount. This period is only open in the month of April, once a fiscal year.

10. Contribution amount: For subscribers of varying age categories, the deposit amount differs. Below is the APY chart of monthly estimated contributions mandated for various age categories:

Age groups	Contribution years	Monthly pension of Rs 1000	Monthly pension of Rs 2000	Monthly pension of Rs 3000	Monthly pension of Rs 4000	Monthly pension of Rs 5000
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1,087
38	22	240	480	720	957	1,196
39	21	264	528	792	1,054	1,318
40	20	291	582	873	1,164	1,454