Central Government Pension Scheme Atal Pension Yojana APY Launched: Atal Pension Yojana (APY), a Central Government Pension Scheme was launched. APY is open to all saving bank/post office saving bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen. Subscribers would receive the guaranteed minimum monthly pension of Rs. 1,000 or Rs. 2,000 or Rs. 3,000 or Rs. 4,000 or Rs. 5,000 at the age of 60 years.
How to Apply Atal Pension Yojana APY – A Central Government Pension Scheme
| Apply Online: => You can open your APY account digitally. You must link your Aadhaar with your mobile number to avail of the online APY account opening facility. => Fill out the required details correctly – savings account number, email ID, Aadhaar number, etc. in the online APY registration form. => Once the signup is done, enter the login details and complete KYC formalities at the comfort of your home. => After the successful registration you will receive an email with the acknowledgement number for APY registration. Apply Offline: => Collect the APY registration form from a PoP => You can submit the filled-in APY account opening form to the POP -SP, i.e., a bank or a post office where you have a savings account. => All banks (nationalized banks, private banks, banking companies, cooperative banks, regional rural banks, etc.) act as POP-SPs directly or indirectly (via other enablers). Enablers include the following options: Existing non-banking aggregators / business correspondents / micro finance institutions, etc. => Facilitators appointed by the PFRDA or the Central Government. |
Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of subscribers
The Table of contribution levels, fixed monthly pension to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period is given below. For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins at the age of 18 years. For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454, if the subscriber joins at the age of 40 years.
>> For Pension Rs. 1000/- <<
| Age of Joining | Indicative Monthly Contribution(in Rs.) | Indicative Return of Corpus to the nominee of the subscribers (in Rs.) |
| 18 years | Rs. 42/- | 1.7 Lakh |
| 20 years | Rs. 50/- | 1.7 Lakh |
| 25 years | Rs. 76/- | 1.7 Lakh |
| 30 years | Rs. 116/- | 1.7 Lakh |
| 35 years | Rs. 181/- | 1.7 Lakh |
| 40 years | Rs. 291/- | 1.7 Lakh |
>> For Pension Rs. 2000/- <<
| Age of Joining | Indicative Monthly Contribution(in Rs.) | Indicative Return of Corpus to the nominee of the subscribers (in Rs.) |
| 18 years | Rs. 84/- | 3.4 Lakh |
| 20 years | Rs. 100/- | 3.4 Lakh |
| 25 years | Rs. 151/- | 3.4 Lakh |
| 30 years | Rs. 231/- | 3.4 Lakh |
| 35 years | Rs. 362/- | 3.4 Lakh |
| 40 years | Rs. 582/- | 3.4 Lakh |
>> For Pension Rs. 3000/- <<
| Age of Joining | Indicative Monthly Contribution(in Rs.) | Indicative Return of Corpus to the nominee of the subscribers (in Rs.) |
| 18 years | Rs. 126/- | 5.1 Lakh |
| 20 years | Rs. 150/- | 5.1 Lakh |
| 25 years | Rs. 226/- | 5.1 Lakh |
| 30 years | Rs. 347/- | 5.1 Lakh |
| 35 years | Rs. 543/- | 5.1 Lakh |
| 40 years | Rs. 873/- | 5.1 Lakh |
>> For Pension Rs. 4000/- <<
| Age of Joining | Indicative Monthly Contribution(in Rs.) | Indicative Return of Corpus to the nominee of the subscribers (in Rs.) |
| 18 years | Rs. 168/- | 6.8 Lakh |
| 20 years | Rs. 198/- | 6.8 Lakh |
| 25 years | Rs. 301/- | 6.8 Lakh |
| 30 years | Rs. 462/- | 6.8 Lakh |
| 35 years | Rs. 722/- | 6.8 Lakh |
| 40 years | Rs. 1164/- | 6.8 Lakh |
>> For Pension Rs. 5000/- <<
| Age of Joining | Indicative Monthly Contribution(in Rs.) | Indicative Return of Corpus to the nominee of the subscribers (in Rs.) |
| 18 years | Rs. 210/- | 8.5 Lakh |
| 20 years | Rs. 248/- | 8.5 Lakh |
| 25 years | Rs. 376/- | 8.5 Lakh |
| 30 years | Rs. 577/- | 8.5 Lakh |
| 35 years | Rs. 902/- | 8.5 Lakh |
| 40 years | Rs. 1454/- | 8.5 Lakh |
Eligibility for Atal Pension Yojana (APY)
| => The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, the minimum period of contribution by any subscriber under APY would be 20 years or more. => For opening an APY account, you need to be a citizen of India. You can join the APY scheme if you fulfil the following criteria: 1) You need to have a savings bank account with any bank or a post office . 2) If you are or have ever been an income tax payer from 1st October 2022 onwards, then you will not be eligible to join the APY scheme. 3) In case you join the APY scheme on or after 1st October 2022, and it is later found out that you have been an income tax payer on or before the date of application, then your APY account will be closed. You will receive all the wealth accumulated in your account until the date of closure. |
Details of Atal Pension Yojana (APY)
| Eligibility Criteria | Requirement |
| Age | 18 to 40 years |
| Monthly Contribution | To receive a fixed monthly pension between ₹1,000 and ₹5,000 under the Atal Pension Yojana, a subscriber must contribute ₹42 to ₹210 per month if joining at age 18, or ₹291 to ₹1,454 per month if joining at age 40 |
| Payment of Premium | Monthly, Quarterly or Half-Yearly |
| Minimum Contribution Period | 20 years or more |
| Income Taxpayer Status | From 1 October 2022, income taxpayers are not eligible |
| Bank Account | Mandatory for auto-debit of contributions |
>> Benefits to Subscribers <<
| Feature | Benefit |
| Guaranteed Monthly Pension | Lifelong pension between ₹1,000 to ₹5,000 from age 60 until death |
| Family Pension Provision | In case of death of subscriber, spouse receives the pension; nominee gets corpus |
| Auto-debit Convenience | Contributions are auto-debited from the subscriber’s bank account |
| Tax Benefits | Contributions under APY qualify for deductions under Section 80CCD of the Income Tax Act (if eligible) |
Benefits of Atal Pension Yojana (APY)
| => The benefit of minimum pension is guaranteed by the Government of India. For the minimum guaranteed pension, In case the actual realized returns on the pension contributions are less than the assumed returns, the shortfall is funded by the Government of India. On the other hand, in case the actual realized returns on the pension contributions are higher than the assumed returns, such higher scheme benefit shall be passed on to the subscribers. => You can choose the minimum pension amount from the 5 slabs available, i.e, Rs.1000, 2000, 3000, 4000, 5000/- => The monthly pension is available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber. => In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 year. => Contributions to the Atal Pension Yojana (APY) is eligible for tax benefits similar to the National Pension System (NPS). The tax benefits include the additional deduction of Rs 50,000 under section 80CCD(1). |
Atal Pension Yojana (APY) Brochure pdf
FAQ:
Q.1:- Who can subscribe to APY?
Ans:- i) The age of the subscriber should be between 18 and 40 years.
ii) He / She should have a savings bank account/ post office savings bank account The prospective applicants may provide mobile number to the bank during their Enrolments under APY to receive periodic updates on their APY account as well as on APY scheme. Aadhaar may also be provided at the time of enrolment as APY scheme is notified for the same.
Q.2:- What is the procedure for opening APY Account?
Ans:- Approach the bank branch/ post office where individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.
Q.3:- How many APY accounts I can open?
Ans:- A subscriber can open only one APY account. Multiple APY accounts are not permitted.
Q.4:- What is the due date for contribution under APY?
Ans:- APY contributions will be collected through auto-debit of their savings bank account/ post office savings bank account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half year, in case of half-yearly contributions.
Q.5:- Will I get any statement of transactions?
Ans:- Yes. The physical statement of APY account will be provided to the subscribers annually at the registered address.
Q.6:- What is the withdrawal procedure from APY?
Ans:- The subscribers will submit the request to the associated bank/Post office for drawing the guaranteed minimum monthly pension or higher monthly pension, if investment returns are higher than the guaranteed returns embedded in APY. Upon successful submission of the request, the subscriber receives monthly pension depending on the contributions by the subscriber. The same amount of monthly pension is payable to spouse (default nominee) upon death of subscriber. Nominee will be eligible for return of pension wealth accumulated till age 60 years of the subscriber, upon death of both the subscriber andspouse.