Atal Pension Yojana (APY) scheme is launched by Prime Minister Narendra Modi along with Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) on 9th May, 2015. I have already described about Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in my earlier post. In this post I will give information about Atal Pension Yojana.
What is Atal Pension Yojana?
Atal Pension Yojana is pension scheme launched by government of India for Indian citizens. This scheme will mainly focus on unorganized sector workers. Under Atal Pension Yojana guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be payable to subscriber on retirement age 60 years. Pension amount depends upon contribution made by subscriber.
Also Read – Pradhan Mantri Suraksha Bandhan Yojana Scheme
Eligibility Criterion for Atal Pension Yojana
- Minimum age of subscriber 18 years. Maximum Age 40 years.
- Subscriber should have saving bank account as contribution towards APY will be automatically debited from saving bank account.
- Subscriber of APY should be in possession of mobile number and its details are to be furnished to the bank during registration.
Minimum Contribution
Contribution of a subscriber at age 18 years, for pension amount of 1000 Rs/- will be 42 Rs/- per month which is minimum contribution for this scheme. If subscriber age is 40 years his/her minimum contribution will be 291 Rs/- per month.
Also Read – Pradhan Mantri Awas Yojana PMAY – Subsidy Details – How to apply?
Maximum Contribution
Maximum contribution of subscriber at 40 years, for pension amount of 5000 Rs/ – will be 1454 Rs/- per month. For 18 years of age this amount shall be 210 Rs/-. This contribution amount varies and depends on age. For more information please refer to Atal Pension Contribution chart given below.
Atal Pension Yojana Contribution Chart
Government contribution towards Atal Pension Yojana scheme
In Atal Pension Yojana, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
Please note that co-contribution by government will be given only if you are not covered by any Statutory Social Security Schemes. Another condition is you should not be income tax payer.
Also Read – Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan 842 – Review
What is the procedure for opening Atal Pension Yojana Account?
- Approach the bank branch where individual’s savings bank account is held.
- Fill up the Atal Pension Yojana registration form.
- Provide Aadhaar/Mobile Number.
- Ensure keeping the required balance in the savings bank account for transfer of monthly contribution.
Hope you find this post useful, if you have any other query regarding Atal Pension Yojana please share it here.
For more information about this scheme please refer to scheme document.
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nitesh patel
I am very much confused about my age my birth date is 5 – 5- 1975 so am I eligible for this scheme or not some bank staff are saying yes & some are saying no
Raviraj Parekh
Dear Nitesh,
As your current age is 40 years you are eligible to join this scheme.
nitesh
the bank manager are not accepting my form and at my risk i can submit the form @ if on 1st June if the installment of 1454 is deducted from my saving account then you are eligible for this scheme and if not then you are not is they are giving me the right suggestions or at the time of pension it will create problem for me please I am waiting for your valuable advice
SOURAV GHOSH
Sir,
I am a govt. contractual (1year) employee (service is renew every year) , my yearly income is 288000/- please tell me that I am eligible or not for Atal pension Yojana and Govt. subsidy.
Raviraj Parekh
Nitesh,
It is not advisable to take policy, as it may create problem at the time of giving pension.
Raviraj Parekh
Dear Sourav,
If you covered by any social security scheme like PPF,PF etc government will not pass on subsidy. Another condition is you should not be income tax payer.
Gairik Patranobis
Thanks a lot to the Prime Minister of India for launching schemes like ATAL PENSION YOJONA etc. I am proud of NDA Govt.
Avijeet
I m 26yr old,have to invest for 34 yrs. Suppose I die before my age 60,then what benefit my nominee will get.
And the amount of 8.5lakh, is this a maturity amount which I got after my age 60, or my nominee will get.
Raviraj Parekh
Dear Avijeet,
In case of death of subscriber of Atal pension Yojana, 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. 8.5 lakh is Return of Corpus to the nominee of the subscribers along with pension.
Sarat Dowari
May govt service holder join the scheme ? I am not IT payer…
Raviraj Parekh
Yes Govt Service Holder can also join Atal Pension Yojana.
m.balanagireddy
Iam a gov employee with cps.iam eligeble for apy or not
Raviraj Parekh
Yes you are eligible for Atal Pension Yojana
Anjan
How is the corpus amount calculated?
At Rs 1454 per month for 240 months, the corpus amounts to Rs 348960. So how is the figure of Rs 8.5 lakhs arrived at.
Raviraj Parekh
Dear Anjan,
8.5 Lac is Indicative Return of Corpus to the nominee of the subscribers (in Rs.).You are investing 1454 Rs in scheme at the end pension will be 5000 Rs and corpus will be 8.5 lac.
Mou Mukherjee
I am 2nd applicant with my husband in Saving Bank A/C ( SBI ).
Bank manager say I am not eligible for Atal pension Yojana in this A/C.
So please urgently say for your valuable advice.
Thanks & regards.
Raviraj Parekh
Not Eligible in terms of Joint account holder?
Mou Mukherjee
Yes, bank manager say’s new SB A/C to open in my name ( 1st applicant ).
but my wish to link APY on that joint a/c with my husband.
Please say any restriction to open APY for 2nd applicant of SB a/c holder.
kindly help me urgently…..
Raviraj Parekh
Right now no guideline available for joint account under APY.
Mou Mukherjee
OK, now please cleared about corpus, when/what time it is receive ?
Also cleared if APY A/C holder death before 60 years then what happen & after 60 years what amount received to nominee ?
Thanks & regards.
Raviraj Parekh
Dear Mou,
Corpus amount is Indicative Return to the nominee of the subscribers after 60 years.In case of death you can terminate this plan.
Mou Mukherjee
Dear Sir,
My APY A/C No / PRAN NO is 500019319901 & SBI SB A/C No is 35118488643 which link for ECS debit the APY A/C. The APY A/C open on 01.08.2015 & 1st ECS debit on 04.08.2015. but till not debit 2nd ECS for the same ( today is 07.09.2015 ).
My SBI SB A/C sufficient balance for debiting ECS, so what can I do for the same.
Please help me urgently.
Thanks Regards,
Mou Mukherjee.
Raviraj Parekh
Dear Mr.Mukherjee,
Kindly contact SBI branch and inquire about the same. Ideally it should happen automatically.
Mou Mukherjee
I am already contact SBI branch manager for the same but he said he is not help me for the same. He says it is fully control by central govt. finance dept.
So please help & guide me for the same urgently.
Thanks & regards,
Mou Mukherjee.
Amar nath Pyne
Hello Sir/Madam,
I am Amarnath Pyne, I have SB A/c at SBI bank, I have a question to you that Can I open APY scheme with in Jan 2017?
Plz reply
Amar nath Pyne
Hello Sir/Madam,
I am Amarnath Pyne, I am 31 year old, I have SB A/c at SBI bank, I have a question to you that Can I open APY scheme with in Jan 2017?
Plz reply