Atal Pension Yojana (APY) - Details, Benefits, Eligibility & How to apply

Atal Pension Yojna (APY)

Overview

The Government of India has announced a new scheme called Atal Pension Yojana (APY). APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Atal Pension Yojana (APY) Features

• Guaranteed monthly pension for subscribers, ranging from Rs. 1,000 to Rs. 5,000 per month.
• Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer
• GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme in the period June 1 to December 31, 2015. The benefit of five years of Government co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.

Indicative APY Contribution Chart (Age wise)

*Data from Atal Pension Yojna  brochure

Atal Pension Yojana (APY)  Penalty for default:

Under APY, the individual subscribers have to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs. 10 per month as shown below:

• 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 Rs. 1,000 per month.
• Rs. 10 per month for contribution beyond Rs. 1,001 per month.
• The fixed amount of interest/ penalty will remain as part of the pension corpus of the subscriber

Discontinuation

Discontinuation of payments of contribution amount shall lead to following:

• After 6 months account will be frozen.
• After 12 months account will be closed.

• APY Brochure
• APY Scheme Details
• APY Presentation
• Atal Pension Yojana Training Manual
• Atal Pension Yojana(APY) Notification dated 17th August 2015
• Circular APY Timelines

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