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Atal Pension Yojana (APY): Know everything about Atal Pension Yojana

Atal Pension Yojana (APY): The Government of India is concerned about the old age income security of the working poor and is attentive to encouraging and empowering them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement Atal Pension Yojana (APY) has been initiated.

The Government of India has therefore announced a new scheme called Atal Pension Yojana (APY) in 2015-16 budget.
Atal Pension Yojana (APY): Know everything about Atal Pension Yojana_50.1

  • The Atal Pension Yojana (APY) was launched on 05. 2015 to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.
  • The Atal Pension Yojana (APY) is concentrated on all citizens in the unorganized sector.
  • The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
  • Under the Atal Pension Yojana (APY), there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.
  • The benefit of minimum pension would be guaranteed by the Government of India.
  • The Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
  • The Government of India co-contributed to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
  • All bank account holders may join Atal Pension Yojana (APY).
  • APY is applicable to all citizen of India aged between 18-40 years.
  • Aadhaar will be the primary KYC.
  • Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.
  • The exit from Atal Pension Yojana (APY) is permitted at the age with 100% annuitisation of pension On exit, pension would be available to the subscriber.
  • In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
  • Exit before 60 years of age is not permitted however it is permitted only in exceptional circumstances, in the event of the death of beneficiary or terminal disease.

Atal Pension Yojana (APY): FAQs

Q. Whether an employee of Central/State Government or Public Sector Undertaking and/or a NPS subscriber can subscribe to Atal Pension Yojana (APY)?
Ans. Yes, any Indian citizen within the age group of 18 – 40 years, can join APY Scheme.

Q. 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. Can I open APY Account without savings bank account?
Ans. No, the savings bank account/ post office savings bank account is mandatory for joining APY.

Q. How many APY accounts I can open?
Ans. A subscriber can open only one APY account. Multiple APY accounts are not permitted.

Q. If I have completed 40 years, can I join Atal Pension Yojana?
Ans. No, currently a person who is in age group of 18 years to 39 years 364 days can join Atal Pension Yojana.

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