Missing an Atal Pension Yojana (APY) payment can lead to penalties, suspension, or even closure of the account. It’s essential to stay updated on the consequences and corrective actions to maintain your pension plan. This guide explains what happens when an APY payment is missed and how to resolve it.
Consequences of Missing an Atal Pension Yojna Payment
If you fail to maintain sufficient balance for auto-debit, the following penalties apply:
Monthly Contribution
Late Payment Penalty (per month)
Up to ₹100
₹1
₹101 – ₹500
₹2
₹501 – ₹1,000
₹5
₹1,001 and above
₹10
What Happens If Payments Are Missed Continuously?
After 6 months: APY account is frozen.
After 12 months: APY account is deactivated.
After 24 months: APY account is permanently closed, and the balance is refunded after deductions.
How to Resume APY Payments After Missing a Contribution?
1. Ensure Sufficient Balance in Your Bank Account
Keep a minimum balance to cover missed contributions and penalties.
Contact your bank to confirm the pending amount.
2. Pay Missed Contributions Manually
Some banks allow one-time manual payments to clear outstanding dues.
Visit your bank and request re-activation of auto-debit if necessary.
3. Reauthorize Auto-Debit Mandate
If auto-debit was deactivated due to non-payment, submit a new auto-debit form at your bank.
How to Avoid Missing Atal Pension Yojna Payments in the Future
Maintain sufficient funds in your savings account.
Set up SMS alerts for APY auto-debits.
Check bank statements regularly to confirm deductions.
Conclusion
Missing an Atal Pension Yojana payment can lead to penalties and account closure. Ensure timely contributions by maintaining adequate balance and enabling auto-debit notifications to secure your pension benefits.
Missed an APY Payment? Visit your bank today to resume contributions and avoid account suspension!
