Pradhan Mantri – Atal Pension Yojana (PMAPY)
The Finance Minister announced a new initiative, Pradhan Mantri – Atal Pension Yojana (PMAPY), in his speech for 2015-16. This scheme is named after our Ex. Prime Minister Shri. Atalji Bihari Vajpayee. The motto behind launching Pradhan Mantri – Atal Pension Yojana (PMAPY) scheme is to provide a fixed pension to each & every citizen of India.
Pradhan Mantri – Atal Pension Yojana (PMAPY) scheme ensures a fixed pension to the scheme holder, ranging from Rs. 1000 to Rs. 5000. The contribution amount would vary depending upon the age of the scheme holder. It would be low if he joins early and would be high if he joins late.
The minimum age for joining the Scheme is 18 and maximum 40. However, the minimum period for contribution is 20 years and above.
Government will co-contribute to each eligible scheme holder for a period of 5 (five) years, who joins the scheme before December 31, 2015. The government contribution will be 50% of the scheme holder’s contribution or Rs. 1000 a year (whichever is lower) for a period of five years.
However, the scheme holder will not be eligible for Government Contribution, if he is
1) a tax payer,
2) contributing in EPF or
3) having any other statutory social security scheme
Charges for delayed payment:
Fine/Charges For Monthly Contribution
Rs. 1 Upto Rs. 100
Rs. 2 Between Rs. 101 and Rs. 500
Rs. 5 Between Rs. 501 and Rs. 1000
Rs. 10 Beyond Rs. 1001
No/Discontinuation of payments towards the scheme leads to
For 6 Months Account will be frozen
For 12 Months Account will be deactivated
For 24 Months Account will be closed
Scheme holder should ensure that, his account to be funded with enough for auto debit of contribution amount.
Exit from Pradhan Mantri – Atal Pension Yojana (PMAPY) Scheme
The exit from Pradhan Mantri – Atal Pension Yojana (PMAPY) scheme is
1) on attaining the age of 60 years
2) in special circumstances like death of scheme holder (pension would be available to the spouse). On the death of both of them, the nominee will get the corpus amount.
Application Form/ How to Apply
Application form is available on http://www.jansuraksha.gov.in/
The Pradhan Mantri – Atal Pension Yojana (PMAPY) forms are available in Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil & Telugu language.
1) Download the online form or Approach the bank where your bank account is held, for form
2) Fill up the form
3) Provide the Mobile no./Aadhaar no.
(For joining Pradhan Mantri – Atal Pension Yojana (PMAPY), Saving bank account is mandatory)
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