Atal Pension Yojana 2018 Punjab & Sind Bank APY Pension Schemes

By | August 19, 2017

Atal Pension Yojana 2018

Atal Pension Yojana 2018: The APY will be focussed on all residents in the disorderly area, who join the National Pension System (NPS) controlled by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the endorsers would get the settled least annuity of Rs. 1000 every month, Rs. 2000 every month, Rs. 3000 every month, Rs. 4000 every month, Rs. 5000 every month, at 60 years old years, contingent upon their commitments, which itself would be founded on the time of joining the APY. The base period of joining APY is 18 years and most extreme age is 40 years. Along these lines, last time of commitment by any endorser under APY would be 20 years or more. The advantage of settled least annuity would be ensured by the Government. The APY would be operationalized from first June 2015. The organization for Subscriber Registration Form is encased according to Annexure ‘A’.

Atal Pension Yojana

2. The advantage of Atal Pension Yojana

Fixed benefits for the supporters running between Rs. 1000 to Rs. 5000, on the off chance that he joins and contributes between the age of 18 years and 40 years. The commitment levels would shift and would be low if endorser joins early and increment on the off chance that he joins late.

3. Qualification for Atal Pension Yojana

Atal Pension Yojana (APY) is interested in all ledger holders. The Central Government would likewise co-contribute half of the aggregate commitment or Rs. 1000 for every annum, whichever is lower, to each qualified endorser account, for a time of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the NPS between the period 1stJune, 2015 and 31st December, 2015 and who are not individuals from any statutory government managed savings plan and who are not pay citizens. However, the plan will proceed after this date yet Government Co-commitment won’t be available.The Government co-commitment is payable to qualified PRANs by PFRDA subsequent to accepting the affirmation from Central Record Keeping Agency at such periodicity as might be chosen by PFRDA.

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4. Time of joining and commitment period

The least time of joining APY is 18 years and most extreme age is 40 years. The time of exit and begin of benefits would be 60 years. Along these lines, last time of commitment by the supporter under APY would be 20 years or more.

5. Center of Atal Pension Yojana

Mainly focused on chaotic division workers.

6. Enrollment and Subscriber Payment

All financial balance holders under the qualified classification may join APY with the auto-charge office to accounts, prompting lessening in commitment gathering charges. The supporters should keep the required adjustments in their reserve funds ledgers on the stipulated due dates to evade any late installment punishment. Due dates for a month to month commitment installment has arrived in light of the store of first commitment sum. If there should arise an occurrence of rehashed defaults for indicated period, the record is subject for dispossession and the GoI co-commitments, if any might be relinquished. Likewise any false assertion about his/her qualification for benefits under this plan for at all reasonable, the whole government commitment should be relinquished alongside the corrective intrigue. For enrollment, Aadhaar would be the essential KYC record for recognizable proof of recipients, life partner and chosen people to stay away from benefits rights and qualification related question in the long haul. The endorsers are required to decide on a month to month annuity from Rs. 1000 – Rs. 5000 and guarantee installment of the stipulated month to month commitment routinely. The supporters can pick to diminishing or increment annuity sum over the span of aggregation stage, according to the accessible month to month benefits sums. Be that as it may, the exchanging choice might be given once in the year amid the long stretch of April. Every supporter will be given an affirmation slip subsequent to joining APY which would perpetually record the insured benefits sum, the due date of commitment installment, PRAN etc.

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7. Enrolment agencies:

All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would select supporters through the design of National Pension System. The banks, as POP or aggregators, may utilize BCs/Existing non-saving money aggregators, miniaturized scale protection specialists, and common reserve operators as empowering influences for operational exercises. The banks may share the motivators got by them from PFRDA/Government, as esteemed appropriate.

8. Operational Framework of Atal Pension Yojana (APY)

It is Government of India Scheme, which is managed by the Pension Fund Regulatory and Development Authority. The Institutional Architecture of NPS would be used to enlist supporters under APY. The offer report of APY has been defined by PFRDA.

9. Subsidizing of APY (Atal Pension Yojana)

The government would give (i) settled annuity ensure for the supporters; (ii) would co-contribute half of the aggregate commitment or Rs. 1000 for every annum, whichever is lower, to qualified endorsers; and (iii) would likewise repay the limited time and advancement exercises including motivation to the commitment gathering offices to urge individuals to join the APY.

10. Relocation of existing endorsers of Swavalamban Scheme to APY:

The existing Swavalamban supporter, if qualified, might be naturally moved to APY with a choice to quit. Be that as it may, the advantage of five years of government Co-commitment under APY would not surpass 5 years for all endorsers. This would suggest that if, as a Swavalamban recipient, he has gotten the advantage of government Co-Contribution of 1 year, at that point the Government co-commitment under APY would be accessible just 4 years et cetera. Existing Swavalamban recipients quitting from the proposed APY will be given Government co-commitment till 2016-17 if qualified, and the NPS Swavalamban proceeded till such individuals accomplished the period of exit under that scheme.The existing Swavalamban supporters between 18-40 years will be naturally relocated to APY. For consistent relocation to the new plan, the related aggregator will encourage those supporters for finishing the procedure of movement. Those supporters may likewise approach the closest approved bank office for moving their Swavalamban account into APY with PRAN details.The Swavalamban endorsers who are past the age of 40 and don’t wish to proceed may quit the Swavalamban conspire by the total withdrawal of the whole sum in singular amount, or may like to proceed till 60 years to be qualified for annuities there under.

11. Punishment for default:

Under APY, the individual endorsers should have an alternative to make the commitment on a month to month premise. Banks are required to gather extra sum for postponed installments, such sum will differ from least Rs. 1 every month to Rs 10/ – every month as demonstrated as follows:

Rs. 1 every month for commitment to Rs. 100 for each month.Rs. 2 every month for commitment up to Rs. 101 to 500/ – per month.Rs. 5 every month for commitment between Rs 501/ – to 1000/ – per month.Rs. 10 every month for commitment past Rs 1001/ – per month.The settled measure of intrigue/punishment will stay as a component of the benefits corpus of the subscriber.Discontinuation of installments of commitment sum should prompt after:

Following a half year record will be frozen.After a year record will be deactivated.After two years record will be closed.

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12. The operation of the extra sum for postponed payments:

The APY module will raise request on the due date and keep on raising interest till the sum is recuperated from the endorser’s account.The due date for the recuperation of month to month commitment might be dealt with as the main day/or some other day amid the timetable month for every supporter. Bank can recuperate sum any day till the most recent day of the month. It will infer that commitment are recuperated as and when reserves are accessible any point amid the month.The monthly commitment will be recouped on FIFO premise most punctual due portion will be recouped first alongside the settled measure of charges as said above.More than one month to month commitment can be recouped in a month subject to accessibility of the assets. Month to month commitment will be recuperated alongside the month to month settled due sum, assuming any. In all cases, the commitment is to be recouped alongside the settled charges.This will be banks’ inward procedure. The due sum will be recuperated as and when reserves are accessible in the account.

13. A venture of the commitments under APY:

The sum gathered under APY are overseen by Pension Funds designated by PFRDA according to the speculation design determined by the Government. The supporter has no alternative to pick either the venture example or Pension Fund.

14. Nonstop Information Alerts to Subscribers

Periodical data to the supporters in regards to adjust in the record, commitment credits and so on will be hinted to APY endorsers by a method for SMS cautions. The supporters will have the alternative to change the not – money related points of interest like chosen one’s name, address, telephone number and so forth at whatever point required.All endorsers under APY stay associated on their portable with the goal that auspicious SMS cautions can be given to them at the season of making their membership, auto-charge of their records and the adjust in their accounts.

15. Exit and annuity payment:

Upon culmination of 60 years, the supporters will present the demand to the related bank for drawing the ensured month to monthly pension.Exit before 60 years old is not allowed, nonetheless, it is allowed just in remarkable conditions, i.e., in the case of the demise of the recipient or terminal disease.

16. Time of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the candidate of subscribers:

The Table of commitment levels, settled the least month to month benefits to endorsers and his mate and return of corpus to chosen people of supporters and the commitment time frame is given beneath. For instance, to get a settled month to month benefits between Rs. 1,000 every month and Rs. 5,000 every month, the supporter needs to contribute on month to month premise between Rs. 42 and Rs. 210, on the off chance that he joins at 18 years old years.  For the same fixed pension levels, the contribution would range between Rs.291 and Rs. 1,454, if the subscriber joins at the age of 40 years.

Table of contribution levels, fixed monthly pension of Rs. 1,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of JoiningYears of ContributionIndicative Monthly Contribution (in Rs.)Monthly Pension to the subscribers and his spouse (in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
1842421,0001.7 Lakh
2040501,0001.7 Lakh
2535761,0001.7 Lakh
30301161,0001.7 Lakh
35251851,0001.7 Lakh
40202911,0001.7 Lakh

Table of contribution levels, fixed monthly pension of Rs. 2,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of JoiningYears of ContributionIndicative Monthly Contribution (in Rs.)Monthly Pension to the subscribers and his spouse (in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
1842842,0003.4 Lakh
20401002,0003.4 Lakh
25351512,0003.4 Lakh
30302312,0003.4 Lakh
35253622,0003.4 Lakh
40205822,0003.4 Lakh

Table of contribution levels, fixed monthly pension of Rs. 3,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of JoiningYears of ContributionIndicative Monthly Contribution (in Rs.)Monthly Pension to the subscribers and his spouse (in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18421263,0005.1 Lakh
20401503,0005.1 Lakh
25352263,0005.1 Lakh
30303473,0005.1 Lakh
35255433,0005.1 Lakh
40208733,0005.1 Lakh

Table of contribution levels, fixed monthly pension of Rs. 4,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of JoiningYears of ContributionIndicative Monthly Contribution (in Rs.)Monthly Pension to the subscribers and his spouse (in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18421684,0006.8 Lakh
20401984,0006.8 Lakh
25353014,0006.8 Lakh
30304624,0006.8 Lakh
35257224,0006.8 Lakh
402011644,0006.8 Lakh

Table of contribution levels, fixed monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under (APY) Atal Pension Scheme Yojana

Age of JoiningYears of ContributionIndicative Monthly Contribution (in Rs.)Monthly Pension to the subscribers and his spouse (in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18422105,0008.5 Lakh
20402485,0008.5 Lakh
25353765,0008.5 Lakh
30305775,0008.5 Lakh
35259025,0008.5 Lakh
402014545,0008.5 Lakh

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