Below are the some of quick facts regarding Atal Pension Yojana (APY), one should know it before making any investment in this scheme. Take a look.
Discontinuation of payments of contribution amount shall lead to following:
- After 3 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.
The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
Periodical mobile alerts to the subscribers for subscriptions, balance and credits.
Subscribers can open only one account.
Incentive is payable to banks up to Rs. 120/- per account.
The contributions under Atal Pension Yojana (APY) are invested as per the investment pattern specified by Government for India for Non-Government PFs, Superannuation Funds/Gratuity Funds