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Atal Pension Yojana (APY) – Details,Benefits,Eligibility

Atal Pension Yojana (APY) – Details,Benefits,Eligibility

Raviraj Parekh June 14, 2020

atal pension yojana

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

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  • 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

Atal Pension Yojana

 

Government contribution towards Atal Pension Yojana scheme 

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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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Tags:Atal Pension Scheme Atal Pension Yojana pension scheme government

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

26 Comments

  1. 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

    May 16, 2015
  2. Raviraj Parekh

    Dear Nitesh,

    As your current age is 40 years you are eligible to join this scheme.

    May 16, 2015
  3. 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

    May 18, 2015
  4. 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.

    May 20, 2015
  5. Raviraj Parekh

    Nitesh,

    It is not advisable to take policy, as it may create problem at the time of giving pension.

    May 20, 2015
  6. 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.

    May 20, 2015
  7. 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.

    May 22, 2015
  8. 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.

    May 26, 2015
  9. 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.

    May 31, 2015
  10. Sarat Dowari

    May govt service holder join the scheme ? I am not IT payer…

    June 8, 2015
  11. Raviraj Parekh

    Yes Govt Service Holder can also join Atal Pension Yojana.

    June 9, 2015
  12. m.balanagireddy

    Iam a gov employee with cps.iam eligeble for apy or not

    June 12, 2015
  13. Raviraj Parekh

    Yes you are eligible for Atal Pension Yojana

    June 19, 2015
  14. 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.

    June 30, 2015
  15. 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.

    July 2, 2015
  16. 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.

    July 30, 2015
  17. Raviraj Parekh

    Not Eligible in terms of Joint account holder?

    July 30, 2015
  18. 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…..

    July 30, 2015
  19. Raviraj Parekh

    Right now no guideline available for joint account under APY.

    July 31, 2015
  20. 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.

    August 4, 2015
  21. 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.

    August 10, 2015
  22. 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.

    September 7, 2015
  23. Raviraj Parekh

    Dear Mr.Mukherjee,

    Kindly contact SBI branch and inquire about the same. Ideally it should happen automatically.

    September 7, 2015
  24. 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.

    September 8, 2015
  25. 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

    January 4, 2017
  26. 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

    January 4, 2017

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