The government of India started the Atal pension yojana to provide a fixed pension to people employed in the unorganized sector. The main goal of this scheme is to encourage people to start saving and putting aside funds for retirement. In this article, we will discover how people enrolled in this scheme can check their Atal pension yojana status, APY voluntary exit refund status and account balance. We will also shed light on the withdrawal procedure for this scheme.
- The Atal Pension Yojana (APY) is a government-run pension system available to all Indian residents, with a concentration on the unorganized sector.
- Atal pension yojana status check can easily be done by visiting the official APY NPS website and logging in with your valid credentials.
- There are two ways of exiting from the APY NPS yojana: In case of demise, the spouse of the subscribers will receive the pension. In the case of voluntary exit, the contribution will be returned minus some deductions.
Atal Pension Yojna Contribution Chart Explained
The amount of money you contribute each month to this scheme will define how much pension you will receive after retirement. This amount you receive as a pension can range from 1000 to 5000 per month. The following chart displays the monthly deposit depending on the age of admission into the plan, and the goal monthly pension amount wanted after retirement if you were to invest in an APY program monthly.
|Age of registration
|Monthly pension of Rs 1000
|Monthly pension of Rs2000
|Monthly pension of Rs3000
|Monthly pension of Rs4000
|Monthly pension of Rs5000.
If the investor starts investing at 18, he would be required to invest 42 monthly to get 1000 as a pension after retirement. The minimum monthly contribution is Rs 42, and the maximum monthly contribution can reach 1454.
Check Your APY Account Balance
If you are a subscriber to this scheme, you might be curious about finding out how you can check your Atal pension yojana status. We have mentioned some steps below to check your Atal pension yojana status. The NPS-Trust site now allows you to examine Atal pension yojana status. This online tool is highly beneficial for apy Subscribers because it allows them to check their Atal pension yojana status, nominee name, pension amount, associated bank account, and statement of transaction.
Follow these steps to check your Atal pension yojana status:
- Visit the government’s official website for the Atal pension yojana scheme, or you can click the link here: https://www.npscra.nsdl.co.in/scheme-details.php
- On the left corner, you will see the option of checking your e-PRAN/ transaction statement view. Click on it.
- Once you click on that, you will see the options of “With PRAN” or “Without PRAN”. PRAN is your permanent retirement account number.
- If you opt for ‘With PRAN’. Then you are required to log in using your 12-digit PRAN number.
- If you don’t have your PRAN number, you can opt for ‘without PRAN’ and then submit your information such as your name, bank account number, and DOB.
- Select between the APY e-PRAN View and the Statement of Transaction View.
- Submit the Captcha code and click the Submit button.
- You can easily check your Atal pension yojana status and your APY voluntary exit refund status.
There is also an offline way of checking your Atal pension yojana status; you can visit your bank branch directly to know all details regarding your Atal pension yojana status. According to National Pension System, you will receive a message on your registered contact number. Once a year, a tangible transaction statement is mailed to the subscriber’s residential address.
Did You Know?
The monthly contribution to your APY account can only be adjusted once a year at the beginning of a financial year, i.e. April 1st.
Steps to Withdraw Funds from Your APY Account
According to the provisions of the APY scheme, the subscriber will automatically exit from the scheme and start receiving their set monthly pension. But apart from this, there are some situations where people can exit this scheme. We will discuss some of these scenarios below,
- In case of demise:
In case of the policyholder’s death, two options can be opted by the spouse of the subscriber. These options are either closure of the apy account or continuation of the account. If a spouse decides to leave the plan and shut the account, the corpus will be paid to the partner. If the subscriber is not married, divorced, or legally separated from their spouse, or if the spouse has died, the corpus will be settled in the nominee’s name.
Alternatively, the spouse also has the option of continuing the scheme, which may be kept in the spouse’s name for the remainder of the term until the original subscriber reaches the age of 60. Until the spouse’s death, the subscriber’s spouse is entitled to receive the same pension amount as the subscriber.
2. In case of voluntary exit from the scheme before reaching the age of 60:
APY scheme allows for a voluntary exit, but if subscribers do that, they will only receive the money they have contributed. Along with this, they will also receive returns on their contributions. But it is important to note that some deductions will be made in case of a voluntary exit. Account maintenance charges, investment management charges etc., are deducted from the balance in case of a voluntary exit. You can check your apy voluntary exit refund status on the official APY NPS website.
APY Withdrawal Limit
The withdrawal limits on APY are dependent on the duration of your scheme. If at the time of reaching 60 years of age, your total accumulated balance is less than or equivalent to Rs. 5 lakh, then the subscriber can claim a 100 per cent withdrawal. But in the case of voluntary early exit, if the total accumulated corpus is less than or equivalent to Rs. 2.5 lakh, the subscriber has the option of withdrawing the entire amount. However, you may only withdraw from the NPS once ten years have passed.
How to Check Your Claim Status
Here’s how you can check the status of your claim request:
- Members can use the CRA’s ‘Limited Access View’ option, which is available on the official NPS website. Click the link here: https://www.cra-nsdl.com/CRA/
- Subscribers may also monitor the status through their NPS account log in under the option ‘Exit Withdrawal Request’ and then clicking on ‘Withdrawal Request Status View.’
APY Account Exit Process
The APY account closure procedure is straightforward; follow these steps to understand how you can close your APY account hassle-free and check your apy voluntary exit refund status.
- Visit your bank branch, which is registered with your APY account.
- Please fill out the APY account closure form and submit it. Make sure the form is filled in the format laid out by the pension fund regulatory and development authority (PFRD).
- The branch office will verify the details and the reason for the exit. (if you are opting for voluntary exit) The branch office will also verify the subscriber’s or the spouse’s thumb impression.
- After successfully submitting the form, you will have to wait for some days for the request to get processed.
- The money in the account will be remitted to the bank account that you provided after the bank approves the account termination.
Word to Remember
The National Pension System (NPS) Trust is a specialized section of the Pension Fund Regulatory and Development Authority under the Ministry of Finance’s supervision.
By now, you are probably aware of the procedure to follow when you are looking to check your voluntary exit refund status and your Atal pension yojana status. The government of India launched the Atal pension scheme in 2015, intending to provide unorganized sector workers with a way to provide for themselves after retirement. People in the unorganized sector already lack many benefits that other employees of the organized sector are entitled to. There is no job security for these people; the APY scheme is highly lucrative for them. This scheme encourages people to start saving up for their retirement.
Yes, according to the 80CCD section of the Income Tax Act, 1961. People enrolled in the Atal pension yojana scheme are eligible for tax benefits.
The online process for checking Atal pension yojana status is fairly simple and is not time-consuming at all. All you need to do is keep your login credential handy and visit the APY NPS official website.
Yes, NPS subscribers can take away a portion of their contributions. Under the NPS, it is deemed a partial withdrawal.
Under the APY scheme, normal exit happens when the subscriber reaches the age of 60. After then, the APY subscriber begins to get the set pension payout.
You can easily check your Atal pension yojana status and your apy voluntary exit refund status by visiting the government’s official website of Atal pension yojana NPS.
Read more about Atal Pension Yojana Advantages.