This is scheme introduced by the central government where A Pension is provided to people when they are not working or retired. Atal Pension Yojana (APY), a pension scheme is for Indian citizen under which guaranteed pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions.
Need for Pension:
To avail benefits from the Atal Pension Yojana, you must fulfil the below requirements:
Central Government introduced this scheme with a goal to ensure that covered people are protect for there month pension when they are no longer working. This scheme helps in illness , accidents etc. The Government would also make co contribution of 50% of total contribution or Rs 1000/- which ever is lower.
Follow is process to avail the benefits of APY
Can I open APY Account without savings bank account?
The savings bank account/ post office savings bank account is mandatory for joining APY.
How much to contribute towards APY?
The monthly / quarterly / half yearly contribution depends upon the intended / desired monthly pension and the age of subscriber at entry
How many APY accounts I can open?
A subscriber can open only one APY account and it is unique. Multiple accounts are not permitted
How will I know the status of my contribution?
The periodical information to the subscribers regarding activation of PRAN, balance inthe account, contribution credits etc. will be intimated to APY subscribers by way of SMS alerts. The subscriber will also be receiving physical Statement of Account once a year.
What will happen if a subscriber becomes non-citizen of the country?
10 The scheme is open to the Indian citizens only. Hence, in that event the APY account will be closed and contribution will be returned to the subscriber as mentioned above in the case of voluntary exit before the age of 60 years