#Atal #Pension #Yojana #APY #Penalty

In case if the account holder of Atal Pension Yojana(APY) scheme delays the payment, then there is a penalty for that. The penalty varies on the plan, you have opted. Although your bank account is connected with Atal Pension Yojana Scheme through Electronic Clearing Service (ECS), wherein every month, the payment is deducted automatically. In case, your bank account is not maintained with sufficient fund then the next time when you make a deposit to your account then late payment penalty charge is also levied.

The delayed payment charges vary from minimum Rs.1 per month to Rs.10 per month.

Here are the Atal Pension Yojana(APY) Scheme Delay Charges:

Rs.1 per month for contribution up to Rs.100 per month.
Rs.2 per month for contribution up to Rs.101 to 500 per month.
Rs.5 per month for contribution between Rs.501 to 1000 per month.
Rs.10 per month for contribution beyond Rs.1001 per month.

Note: The fixed amount of interest or penalty will remain as part of the pension corpus of the subscriber.

In case of continued postponement in payment, the following actions will be taken by the bank.

After a late payment of 6 months, the Atal Pension Yojana(APY) Scheme account will be frozen.
After a 12 month of discontinuation of contribution, the Atal Pension Yojana(APY) Scheme account will be deactivated.
After 24 months the Atal Pension Yojana(APY) Scheme account will be closed permanently.
To get Atal Pension Yojana(APY) Scheme benefit, if a person submits false proof then the government contribution will be discontinued and taken back while the user will also be charged a penalty.

Read Related:

SUBSCRIBE TO ATAL PENSION YOJANA

Comments

sankar says

01/09/2017 at 8:01 PM

i am a customer of APY in uco bank. this month premium amount is not debit in my account

Sandeep swami says

28/05/2017 at 5:46 AM

Sir,kya rajay sarkar ki vardavastha pension bhi milti rahegi.

Jairamprasadverma says

02/03/2017 at 11:44 PM

Agr koi primium miss ho gya to

Hayat khan says

15/02/2017 at 12:15 AM

I am a 42years old i tekan a schim

manjula says

08/06/2016 at 8:04 PM

Hello
I opted for APY in the month of September,2015.
My APY account no.is 500073486998. I am receiving a SMS from NSDL stating that “the APY account has not received the first instalment and contact the bank for the details”
I have already submitted a written complaint in this regard.
I hope canara bank takes necessary steps to resolve the issue at the earliest.

- Sandeep Sharma says
  
  11/12/2019 at 8:19 AM
  
  Same issue sir, please reply if you another solution
Anupam Das says

12/05/2016 at 6:44 PM

I have applied for apy in SBI and it was activated on 27.06.2015 and my monthly contribution is Rs 330. From then my contribution is going on. But when I want the details of my deduction from the bank they says there is nothing to give and they have no circular about APY. Please help me at this matter.

Anupam

Amol Patil says

31/12/2015 at 7:55 PM

I have applied for apy on 17/7/2015 and my monthly contribution is 577 rs my deduction takes place on 28 dec for july month then 29 dec for aug and 30 dec for sept and 31 dec for oct i.e. 607 for jul 601 for aug 591 for sep and 588 for oct i want to ask why there is greater amount deducted and why in same month for 4 consecutive days and my application received on 17 jul then why this occurs please reply

Anu says

22/12/2015 at 1:28 PM

Hi,

What are the charges levied from Banks if they misplaces or lost my APY application forms? (it has actually happened)

It seems charge structure is for making Banks more profitable and injustice to customers in case of a fault of a Bank

Anu

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