Atal Pension Yojana was launched by the Indian government in June 2015. This scheme is administrated by the Pension Fund Regulatory and Development Authority under the National Pension System (NPS). Atal Pension Yojana will focus all Indian citizens in unorganized sector who join the NPS. Under this Atal Pension Yojana subscribers would receive a fixed minimum pension of Rs 1000 to Rs 5000 per month at the age of 60 years depending on their contributions.

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Features for Atal Pension Yojana:

• Any candidate has age group of 18 years to 40 years can subscribe this pension scheme
• Pension amount is Rs 1000 to Rs 5000 depending on the amount premium paid
• This scheme provides the pension for unorganized sector workers after retirement
• Premium ranges per month depending upon the age of entry and chosen pension amount
• You can’t withdraw out of scheme before retirement
• Only 7.8 to 8% returns are available
• This scheme is not available for income taxpayers
• Employees who are covered EPF scheme can’t subscribe to this scheme
• People who registered National Pension Scheme will automatically migrate to the Atal Pension Yojana
• Subscriber reached 60 years and he applies for the regular pension will payable
• Indian government will contribute to extent of 50% of the premium

Atal Pension Yojana Eligibility:

• Applicant must have at least 18 years and not more than 40 years
• The minimum contribution period is 20 years
• Have a valid bank account

Charges for Atal Pension Yojana:

If a subscriber doesn’t make the regular payments then the concerned bank can levy penalty charges as stipulated by the Indian government. The additional charges are levied range from Rs 1 to Rs 10 per month.

• If contribution amount is up to Rs 100 then interest would be Rs 1 per month
• If contribution amount is up to Rs 101 to Rs 500 then interest would be Rs 2 per month
• If contribution amount is up to Rs 501 to Rs 1000 then interest would be Rs 5 per month
• If contribution amount is up to Rs 1001 then interest would be Rs 10 per month

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In Atal Pension Yojana accounts payment are discontinued for following measures

• After 6 months then the account would be frozen
• After 12 months then account should be deactivated
• After 24 months then account would be permanently closed