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Pradhan Mantri Atal Pension Yojana (APY), Rules, Terms and Conditions for the Pradhan Mantri Atal Pension Yojana, APY

Pradhan Mantri Atal Pension Yojana (APY)

Rules, Terms and Conditions for the Pradhan Mantri Atal Pension Yojana, APY, Benefits of Pradhan Mantri Atal Pension Yojana, About APY, Mode of payment of APY scheme, eligibility criteria of APY scheme, PM Narendra Modi Scheme, PM Modi Schemes

scheme launch by PM narendra Modi

Scheme Details:

The APY will be focussed on all Citizen of India, especially those in the unorganised sector, who do not have any formal pension provision. The scheme encourages these workers to save voluntarily for their retirement.

Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 11% of India's population has any kind of pension scheme, this scheme aims to increase the number.

In Atal Pension Yojana, for every contribution made to the pension fund, the government will contribute an equal amount to his/her fund. Depending on the contribution made between 18 and 40, at the age of 60 a sum of 1,000, 2,000, 3,000, 4,000, or ₹5,000 will be paid monthly.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically. Most of these accounts had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.

Benefit

1> The Scheme is subject to the approval of the Government.
2> Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late

Highlights of the Pradhan Mantri Atal Pension Yojana

Eligibility for APY

A person from unorganized sector age between 18-40 years can subscribe to the scheme by providing Account number, Aadhaar number and Mobile number. A person from unorganised sector subscribing to APY who is income tax payer will not be eligible for co-contribution of GoI.
Subscriber should keep adequate balance in his/her account for the execution of standing instruction and to avoid any delayed interest/penalty.
Aadhar No. to be preferred at the time of opening APY account. Age of joining and contribution period

Focus of APY

Mainly targeted at unorganised sector workers.

How to open APY Account
If you are Bank Account Holder 

Click here - Atal Pension Yojana subscriber registration form  in English (pdf)  or  Hindi(pdf)
-- Go to nearest Bank Branch (core banking branch).
Fill up a APY registration form.
Provide the Bank account number, Aadhar no. and Mobile number
First contribution amount will be deducted from the account itself and thereafter on monthly basis.
Banks is to issue acknowledgement number / PRAN number on the counter foil slip against their subscription application.
If you are not Bank Account Holder
-- Go to nearest Bank Branch (core banking branch).
Open an Savings Account by proving KYC document Aadhaar.
Fill up a APY registration form.
Provide the Bank account number, Aadhar no. and Mobile number
First contribution amount will be deducted from the account itself and thereafter on monthly basis.
Banks is to issue acknowledgement number / PRAN number on the counter foil slip against their subscription application.
Please note: Person not having Aadhaar may also open their APY account but they need to submit their Aadhaar details within specified time duration.

Enrolment agencies:

All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup  of National Pension System.  
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.
1> if person joined Atal Pension Yojna at 35 years, he will contribute till age of 60 years ie 25 years.

  --  If he wants monthly pension of Rs 1000 he would contribute Rs 181 a month. On his death his wife would get Rs 1000 per month and after her death the nominees will get 1.7 lakh.
--  If he wants monthly pension of Rs 3000 he would contribute Rs 543 a month. On his death his wife would get Rs 3000 per month and after her death the nominees will get 5.1 lakh.
2> If he joins at the age of 18 years to get a fixed monthly pension of Rs. 1,000 per month, the subscriber has to contribute on monthly basis Rs. 42 for Rs 5000 pension he has to contribute Rs. 210.
3> if he joins at the age of 40 years to get a fixed monthly pension of Rs. 1,000 per month, the subscriber has to contribute on monthly basis Rs. 291 and for Rs 5000 pension he has to contribute Rs. 1,454

APY Monthly Contribution Chart

 

Age of Joining

Years of Contribution

Indicative Monthly Contribution for Monthly Pension of Rs 1000 and Corpus of Rs 1.7 Lakh(in Rs.)

Indicative Monthly Contribution for Monthly Pension of Rs 2000and Corpus of  Rs 3.4 Lakh(in Rs.)

Indicative Monthly Contribution for Monthly Pension of Rs 3000 and and Corpus of Rs 5.1 Lakh(in Rs.)

Indicative Monthly Contribution for Monthly Pension of Rs 4000 and Corpus of Rs 6.8 Lakh(in Rs.)

Indicative Monthly Contribution for Monthly Pension of Rs 5000 and Corpus of  Rs 8.5 Lakh(in Rs.)

18

42

42

84

126

168

210

20

40

50

100

150

198

248

25

35

76

151

226

301

376

30

30

116

231

347

462

577

35

25

181

362

543

722

902

40

20

291

582

873

1164

1,454

 

 Penalty for default

Under APY, the individual subscribers shall have an option 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 upto Rs. 100 per month.
Rs. 2 per month for contribution upto Rs. 101 to 500/- per month.
Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.
Rs. 10 per month for contribution beyond Rs 1001/- per month.
The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
--  Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.

Exit and pension payment
-- Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.
-- Exit before 60 years of age is not permitted, however, it is permitted only in  exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

 

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