The Atal Pension Yojana scheme is made for the people who work in an unorganized unit. Working in these units one is not able to save a single amount of money for the future and hence this new scheme from government of India is being launched. Previously the pension scheme was available for the people known as the Swavalamban Scheme. This scheme had its drawbacks which did not guarantee any return at the age of 60. This new scheme has been launched urging the people to invest monthly with a promise of a return after the age of 60. The monthly contribution will directly by debited from the bank account and later the pension will also be credited to the bank account.
This scheme also has provision for penalties for all the late payers. According to this scheme the contributor will have to make sure that the monthly contribution should be made available in the back account on a given date. If the contributor fails to pay the amount monthly then he will be charged a penalty amount which is based on the amount the person contributes. Here are the details of the penalties charged under this scheme.
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Re 1 per month will be charged as a penalty for the people who invest upto Rs 100 per month.
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Rs 2 per month will be charged as a penalty for a contribution upto Rs 101 to 500 per month.
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Rs 5 per month will be charged as a penalty for a contribution upto Rs 501 to 1000 per month.
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Rs 10 per month will be charged as a penalty for a contribution of more than Rs 1000 per month.
In case of continued delay in payment the following actions will be taken.
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After a late payment of 6 months the account will be frozen
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After a 12 month of discontinuation of contribution the account will be deactivated
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After 24 months the account will be closed permanently.
In case of false proof for getting the benefits the government contribution will be discontinued and taken back while the user will also be charged a penalty.