Atal Pension Yojna (APY)

Overview

The Government of India has announced a new scheme called Atal Pension Yojana (APY). APY is a guaranteed
 pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA).


Atal Pension Yojana (APY) - Details, Benefits, Eligibility & How to apply

Atal Pension Yojana (APY) Features

  • Guaranteed monthly pension for subscribers, ranging from Rs. 1,000 to Rs. 5,000 per month.
  • Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer
  • GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme in the period June 1 to December 31, 2015. The benefit of five years of Government co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
Indicative APY Contribution Chart (Age wise)

Age of EntryYears of ContributionMonthly pension of Rs. 1000.Monthly pension of Rs. 2000.Monthly pension of Rs. 3000.Monthly pension of Rs. 4000.Monthly pension of Rs. 5000.
18424284126168210
19414692138183228
204050100150198248
213954108162215269
223859117177234292
233764127192254318
243670139208277346
253576151226301376
263482164246327409
273390178268356446
283297194292388485
2931106212318423529
3030116231347462577
3129126252379504630
3228138276414551689
3327151302453602752
3426165330495659824
3525181362543722902
3624198396594792990
37232184366548701,087
38222404807209571,196
39212645287921,0541,318
4020 291 5828731,1641,454

*Data from Atal Pension Yojna  brochure


Atal Pension Yojana (APY)  Penalty for default

Under APY, the individual subscribers have 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 up to Rs. 100 per month.
  • Rs. 2 per month for contribution up to Rs. 101 to 500 per month.
  • Rs. 5 per month for contribution between Rs. 501 to Rs. 1,000 per month.
  • Rs. 10 per month for contribution beyond Rs. 1,001 per month.
The fixed amount of interest/ penalty will remain as part of the pension corpus of the subscriber
Atal Pension Yojana (APY) - Details, Benefits, Eligibility & How to apply

Discontinuation

Discontinuation of payments of contribution amount shall lead to following:
  • After 6 months account will be frozen.
  • After 12 months account will be closed.


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1 comments:

  1. thanks for sharing Atal Pension Yojana (APY) - Details, Benefits, Eligibility & How to apply

    ReplyDelete