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Atal Pension Yojana was introduced by the Government of India in the budget of 2015. The original scheme was Swavlamban Yojana which was later merged with the Atal Pension Yojana. This scheme is targeted for the unorganized sector to promote them to voluntarily save for their retirement and provide financial assistance to them in their old age by contributing to the scheme as well. This scheme is available to the private sector employees too employed with such an organization that does not provide any financial assistance in the form of pension or retirement benefits to its employees.
Potential customers can find all the information regarding the scheme here.
About Atal Pension Yojana
The eligibility criteria for the potential subscribers is stated below,
The monthly contributions that the subscriber has to make will depend on the amount of pension that he/she expects to receive at the time of retirement as well as the age at which they start contributing. Following table shows the details of the amount needed to be contributed based on the age and the pension plan sought.
The above table can be explained with the following example,
In order to get a monthly pension of Rs. 1,000 to Rs. 5,000, subscribers will have to contribute Rs. 42 to Rs. 210 if they join the scheme at the age of 18 years, whereas the contribution will range between Rs. 116 to Rs. 577 if the subscriber joins the scheme at the age of 30.
The scheme allows the subscribers to modify their details like address, change in mobile number as well as the frequency of the contributions or to upgrade or downgrade the pension amount.
The scheme entitles the banks to collect a penalty ranging from Re. 1 per month to Rs. 10 per month depending up on the amount of contribution made by the subscriber. This fixed interest or penalty will remain part of the corpus fund of the subscriber. Following table shows the details of the penalty charged/levied under the scheme.
Up to Rs. 100 per month
From Rs. 101 to Rs. 500 per month
From Rs. 501 to Rs. 1000 per month
Beyond Rs. 1001 per month
If the subscribers fail to contribute to the scheme over a period of time, the following action will be taken as per the provisions of the scheme.
The subscriber has to ensure that the savings bank account that has been provided at the initiation of the scheme has to be continued so as to ensure regular auto debit as well as credit of the corpus fund.
www.npscra.nsdl.co.in -Home - select: NPS-Lite
Upon raising the grievance, subscribers will receive a token number (acknowledgement number) which has to be quoted in future correspondence regarding the same or can be used to check the status of the grievance registered.
The government’s website provides a detailed list of grievances and the mode of resolution provided for the same.
Closure of APY Account
APY-SP should obtain a written request from the subscriber. After due verification of the request, APY-SP should forward the request to NSDL-CRA. Once the letter of confirmation is received from APY-SP, CRA will take further action for closure of the account.
Contribution not deducted, Contribution deducted but not credited, Wrong amount deducted & Credit not reflected in account for latest contribution made
Since the amount is auto debited from the subscriber account, APY-SP should check the contribution details and upload the correct contribution towards subscribers account. If the error in contribution amount is due to incorrect capturing of Date of Birth etc, then the APY-SP should provide details of the same to CRA for rectification.
PRAN kit not received & PRAN card not received
Currently, there is no provision to issue PRAN card/I-PIN/TPIN to the subscribers registered under Atal Pension Yojana (APY) scheme. Accordingly, PRAN Card/Kit is not issued.
Transaction Statement not received
Transaction Statements are sent to APY subscribers on a yearly basis by CRA. However, if the subscriber has not received the Transaction Statement, APY-SPs can also log into the CRA website and print the Transaction Statement of the subscribers who are mapped with the APY-SP.
Incorrect/updating of subscriber details & Incorrect / no updating in Subscribers details
APY-SP can log into the CRA website and update the subscribers details who are mapped to the APY-SP.
Service not received
The APY-SPs are expected to look into the details of such cases and provide necessary services to the grievant.
How to open an APY Account?
APY-SP can guide the subscriber to refer the APY details available on CRA corporate website www.npscra.nsdl.co.in or PFRDA website www.pfrda.org.in
PRAN not Received
APY-SP can provide 12 digit PRAN to subscribers as same is auto generated at the time of registration.
1. Can the private sector employees also subscribe to the scheme?
The scheme is open to the private sector employees as well provided they are not the recipients or beneficiaries of any other scheme of the government. Also the government is not bound to co-contribute the amount as specified under the scheme for such subscribers.
2. What are the other social security beneficiary schemes whose subscribers are not eligible for the benefits under the APY scheme?
Beneficiaries who are covered under statutory social security schemes are not eligible to receive Government co-contribution. Following are the examples of the schemes members of which would not be eligible to receive Government co-contribution -
3. Is Aadhaar Number mandatory for subscribing to the scheme?
It is not mandatory to provide an Aadhaar number for opening an APY account. However, an Aadhaar card is the basic KYC document that is required for identification of spouses, nominees or beneficiaries. This is to ensure that any future disputes relating to the pension rights or entitlement are avoided.
4. Can a subscriber open an APY account without opening a savings bank account?
The savings bank account is a mandatory requirement for the scheme as the contributions for the scheme are to be accepted by auto debit from the savings bank account.
5. is the subscriber required to furnish the nomination details at the time of subscription?
The nomination and spouse details are a mandatory requirement of the scheme along with their Aadhaar card details wherever necessary.
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