Auto debit facility for Atal Pension Yojana holder starting from July 1

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Auto debit facility for Atal Pension Yojana holder starting from July 1
Atal Pension Yojana

About Atal Pension Yojana

Atal Pension Yojana is a scheme launched by the Government of India. The government of India provide pension benefits to citizens working in the unorganized sector. Any Indian citizen who is between 18 and 40 years of age can invest in the scheme.

Atal Pension Yojana scheme

A bank account is mandatory to contribute to the scheme. Under the pension scheme, a citizen is guaranteed a minimum monthly pension between Rs 1,000 and Rs 5,000.

If you are also investing in this scheme, before July 1, put the required amount in your account, which deducts the installment of your Atal Pension Yojana.

The Pension Fund Regulatory and Development Authority has stopped the auto-debit facility till June 30 for the beneficiaries of the Atal Pension Scheme. If you know this scheme, put the required amount in your account before July 1, which cuts the installment. Your Atal Pension Scheme.

According to the official APY website, these are punitive fees for late contributions:

  • first – Rs 1 for contribution up to Rs 100 per month
  • Rs 2 per month for contributions between Rs 101 and Rs 500
  • Rs 5 per month for contribution between Rs 501 and Rs 1,000
  • Last – Rs 10 per month for contributions above Rs 1,001

Banks will resume auto-debating contributions from the accounts of Atal Pension Yojana (APY) customers from July 1, 2020.

In April, PFRDA announced that auto-debits from bank accounts of APY customers would be withheld until June 30, 2020. PFRDA said most of the pension scheme members were from the lower strata of the society. He suffered the most during the lockdown enforced by the coronavirus.

The new PFRDA also states that if the customer’s pension plan is regularized before September 30, 2020. The interest of the Atal Pension Scheme will not be charged. Banks generally charge fines for delayed contributions.

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