Atal Pension Yojana: If you are not able to deposit money in Atal Pension Yojana because your post office savings account is closed or there is no minimum balance in the account. Nothing to worry about. Standard Operating Procedure (SOP) has been prepared by the Department of Posts (Post Office) for people who are unable to contribute to the Atal Pension Yojana because their savings accounts have been closed or do not maintain the required minimum amount.
The post office had received several complaints letters stating that subscribers are not able to contribute to the Atal Pension Yojana (APY Subscriber) due to the closure of the post office savings account or minimum balance. In this. The circular issued on November 30 states that a detailed SOP has been prepared to address the problems of the subscribers and enable them to continue with their APY policies.
How to link new post office savings account with Atal Pension Yojana
A new post office savings account must be formed using the same CIF (Customer Information File) as the one Too. The APY policy premium debit was connected, according to the post office department.
After that, the post office department must link the subscriber’s Atal Pension Yojana in its records with the new post office savings account number rather than the old one.
The CIF ID of the single account will be automatically populated. However, the CIF ID must be manually provided for shared accounts. Before submitting the update, the post office branch may verify that the information for the account holder and the APY insurance holder matches.
Once the new savings account number CIF ID is verified by the officials of the post office branch, the new account will be linked to APY for contribution debit.
Late payment penalty
The internal software and records of the post office will reveal the pending contribution for the pension policy as well as The penalty amount that a person is entitled to pay if your APY contribution has not been deposited for a significant amount of time. Following that, the fine will be subtracted together with the remaining balance. But the new savings account ought to have enough money in it. The monthly fine might be anywhere from Rs 1 to Rs 10.
How much pension will you get?
Anyone can invest in Atal Pension Yojana except taxpayers. Anyone in the age group of 18 to 40 years can invest in this scheme. In this, a pension ranging from Rs 1000 to Rs 5000 can be taken. The pension amount is given after the age of 60 years.
Read More: Sukanya Samriddhi Yojana: Open an account in the name of your daughter in just ₹ 250, this government scheme will benefit lakhs
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