Atal Pension Yojana

The Government of India introduced the Atal Pension Yojana (APY), a pension scheme focusing on the unorganized sector of the country. APY can be joined by individuals who are having a bank account, and who are non- tax payers, thereby enabling all citizens in the unorganized sector the benefit of minimum pension guaranteed by the Government of India. It is a defined benefit scheme and guarantees you a minimum pension of ₹1000, ₹2000, ₹3000, ₹4000 or ₹5000 every month, depending on your contributions.

The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, the minimum period of contribution by any subscriber under APY would be 20 years or more.

Subscriber can join through online or offline

1. Physical

· APY forms are available online on the official websites of banks or Post office.

· The forms are available in various languages.

· Fill up the application form and submit it to your bank.

2. Net banking – Login into your online banking account and register OR Go to your bank’s web-portal and join APY through OTP.

3. Mobile Application

4. eAPY- You can also join or subscribe to APY online through Aadhaar eKYC/XML by

https://enps.nsdl.com/eNPS/ApySubRegistration.html

Benefit of Atal Pension Yojana

· Minimum guaranteed Pension of Rs 1000, 2000, 3000, 4000 to 5000 at 60+ years.

· The same pension is payable to Spouse after death of Subscriber.

· Return of indicative pension wealth to nominees after death of spouse.

· Tax Benefits 80CCD (1)

· If the actual returns on the pension contributions are higher, then higher pension.

Himachal Pradesh Gov has notified APY and the State Government will co-contribute 50% of the

total contribution by a Subscriber or Rs. 1000/- per annum. Whichever is lower to each eligible

subscriber's account for a period of 3 years, for persons who join the Atal Pension Yojana. The Cocontribution is available to the subscriber who joins APY before 31.03.2018. Presently the cocontribution is available for one year i.e FY 2017-18 only.

And the financial year 2017 to 2018 Himachal Pradesh Gov provides co-contribute 50% of the total

contribution by a Subscriber or Rs. 2000/- per annum.

Important Points:

Government Co Contribution (50% of the total contribution r Rs. 1000 per annum, whichever is lower, to each eligible subscriber account) for the period of 5 years from Financial Year 2015-16 to 2019-20 who join the NPS between the period 1st June'15 to 31st March'16.

If subscriber account balance is zero (0) then account will close.

If you are or have ever been an income tax payer from 1st October 2022 onwards, then you will not be eligible to join the APY scheme.

In case you join the APY scheme on or after 1st October 2022, and it is later found out that you have been an income tax payer on or before the date of application, then your APY account will be closed. You will receive all the wealth accumulated in your account until the date of closure.

Applying Procedure APY

All Indian Citizens of 18-40(1day before 40) years of age
Join through any Bank where savings account is maintained or Post office.
Fill up a simple one-page form & KYC form along with SB account details.
Choose Pension options Rs 1000, 2000, 3000, 4000, Rs 5000.
Opt for Auto Debit facility in the mode of Monthly/Quarterly/Half Yearly
Banks is to issue acknowledgement number/PRAN number against their subscription application
Aadhaar card is mandatory to open APY A/C.

After Applying subscriber will get acknowledgement slip in which PRAN number mentioned and also received annual statement.

Customer can download ePRAN card & APY statement from below mentioned link

https://npslite-nsdl.com/CRAlite/EPranAPYOnloadAction.do

Charges

Sr. No	CRA Charges	Amount (₹)
1	Account Opening Charges	15
2	Annual Maintenance Charges	20
3	Downgrade/Upgrade Charges	25
4	Transaction Charges	NIL

APY Account Upgradation

• Under APY, the Subscriber is required to select the minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month that will be given at the age of 60 years depending on the contributions by the Subscribers. Accordingly, the contribution is deducted from Subscriber’s Bank Account as per the frequency opted i.e. monthly/quarterly/half yearly.

• As per PFRDA guidelines, APY Subscribers have an option to upgrade/downgrade the opted pension amount. The account upgradation/ down gradation facility can be opted by the subscriber only once a year. The facility to upgrade or downgrade is available online as well.