Atal Pension Yojana (APY) provides a fixed monthly pension to workers in the
unorganized sector after the age of 60, based on their contributions during their working years. it offers guaranted pension benefits ranging from Rs1,000 to Rs5,000 per month, eith contributions partly supported by the goverment for eligible subscribers.
Benefits Offer Under the Scheme
- Guaranteed monthly pension of Rs 1,ooo, Rs 2,000, Rs 3,000, Rs 4,000, or 5,ooo after the age of 60 (based on contribution level).
- Government co-contribution (for eligible subscribers) of 50% of the annual contribution or Rs 1,000 per year (whichever is lower) for a limited period.
- Guaranteed returns by the Government of India, ensuring a fixed pension regardless of market conditions.
- Pension to spouse after the subscriber's death (same amount as the subscriber received).
- Return of accumulated corpus to nominee after the death of both subscriber and spouse.
- Low and flexible contribution amounts, starting from small monthly payments depending on entry age and pension chosen.
- Auto-debit facility from bank/post office account, ensuring easy and regular contributions.
- Tax benefits under applicable sections of the Income Tax Act (such as Section 80CCD)
Eligibility
- Age requirement: Must be between 18 and 40years at the time of joiningthe scheme.
- Post Office account: Must have an active savings bank account or post office savings account for auto-debit of contributions.
- Contribution period:Must be able to contribute regularly until theage of 60.
- Exclusion (for co-contribution):Individuals who are income taxpayers or members of statutory social security schemes are not eligible for government co-contribution benefits.
Application Details
- Obtain the application form from a bank branch, post office, or download it from official websites.
- Fill in required details such as name, age, bank account details, nominee information, and selected pension amount.
- Submit the form at the bank or post office where you hold your savings account.
- Provide Aadhaar and mobile number (recommended) for identificationand updates.
- Authorize auto-debit from your bank account for regular monthly contributions.
- Receive acknowledgment and confirmation once the account is successfully opened under the scheme.
National Pension System Central Recordkeeping Agency
Link