BackAtal Pension Yojana: Pay pending APY contributions by September 30, without penalty
In April, PFRDA had temporarily stopped auto-debiting savings account of the subscribers for APY contribution till June 30.
PremiumPending Atal Pension Yojana (APY) contributions for April to August 2020 can be paid by September 30 without any penalty, said PFRDA in a tweet. In April, PFRDA had temporarily stopped auto-debiting savings account of the subscribers for APY contribution till June 30. This was done to protect the subscribers from financial impact of coronavirus crisis. Auto debit for APY contributions resumed from July 1.
"Pending APY contributions for April to August 2020 can be paid without any penalty by 30th September, 2020; if sufficient balance in SB account is available for auto-debit of such pending APY contributions," tweeted PFRDA on August 21.
A subscriber can make contributions to Atal Pension Yojana account on monthly or quarterly or half yearly basis through auto debit facility from savings bank account.
Atal Pension Yojana completed its five years of implementation in May this year with over 2 crore workers under its ambit. The scheme was launched in 2015 by Prime Minister Narendra Modi to deliver old age income security particularly to the workers in the unorganised sector. APY aims to provide a guarantee of minimum pension after 60 years of age.
Any Indian citizen between 18 and 40 years of age can subscribe to Atal Pension Yojana. The scheme provides a minimum guaranteed pension ranging from ₹1,000 to ₹5,000 on attaining 60 years of age. Also, the amount of pension is guaranteed for lifetime to spouse on death of the subscriber and lastly, in the event of death of both the subscriber and the spouse, entire pension corpus is paid to the nominee.
The minimum period of contribution by the subscriber under Atal Pension Yojana is 20 years or more. The premium would be low if subscriber joins early.
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