Take a look at the following Atal Pension Yojana features before applying under this scheme:
This scheme allows you to link your bank account to the Atal Pension Yojana scheme. The monthly payment is automatically debited from your account. Beneficiaries must ensure sufficient balance in their savings bank account to avoid payment failure, which leads to a penalty payment.
As an applicant, you are eligible to close the scheme with your concerned financial institution after attaining 60 years. The Government also entertains early withdrawal in case of terminal illness or death. However, you will only receive your cumulative contributions and earned interest if you withdraw from the scheme before turning 60.
Terms of Penalty
For delayed monthly contributions, you must pay a penalty charge. Take a look at the penalty charges against their respective monthly contributions:
- ₹100: Penalty of ₹1.
- ₹101-₹500: Penalty of ₹2.
- ₹500-₹1,000: Penalty of ₹5.
- ₹1000 and above: Penalty of ₹10.
Note that if you fail to provide monthly contributions for 6 consecutive months, the Government will freeze your account. If it continues for a year, the Government will deactivate it and return the accumulated corpus with the earned interest.
Candidates aged 18-40 years are eligible to invest in the Atal Pension Yojana scheme. Hence, if you are a recent graduate or have just taken admission in a college, you can ensure a risk-free retirement phase by investing in this scheme. Also, individuals in their 30s are eligible to make contributions for the next 30 years to secure financial stability after attaining 60.