Atal Pension Yojana Government Scheme

Contents

1 Atal Pension Yojana Scheme Introduction
2 Government Atal Pension Yojana Scheme Conditions
3 Govt. Atal Pension Yojana Table or Monthly Contribution Chart
4 Government APY Scheme Key Features
5 Govt APY Scheme Additional Charges for default
6 Atal Pension Yojana Government Scheme Withdrawal
7 APY Government Scheme Forms and Documents

Atal Pension Yojana Scheme Introduction

Atal Pension Yojana Scheme was introduced by GOI (Government of India) in 2015-16 budget. Government Atal Pension Yojana Plan is for the old age people. It is focused on enabling and encouraging them to save for their retirement. GOI (Government of India) is highly concerned about old age income security of the working poor. So the APY Scheme was introduced by GOI to give support to the workers in an unorganized sector to save for their retirement. In short, the APY Government Scheme is focussed on all citizens or workers in an unorganized sector.

Government Atal Pension Yojana Scheme is administered by PFRDA (Pension Fund Regulatory and Development Authority) through NPS architecture. You can get the guaranteed minimum monthly pension that ranges between Rs. 1000/- and Rs. 5000/-. Govt APY Scheme is available only for the people of 18 to 40 years age group along with the bank account.

Government Atal Pension Yojana Scheme Conditions

Age at Entry:	Minimum: 18 years. Maximum: 40 years.
Exit age and start of pension:	60 years.
Primary KYC:	Aadhar and mobile number are required.
Contribution Period:	Based on entry age of the subscriber.
Guaranteed Monthly Pension:	Minimum: Rs. 1000/-. Maximum: Rs. 2000/-.
Payment Mode:	Monthly contribution payment will be directly auto-debited by the bank from the subscribers account.

Govt. Atal Pension Yojana Table or Monthly Contribution Chart

Age of Entry (Years)	Years of Contribu tion (years)	Monthly pension of Rs. 1,000 (Rupees)	Monthly pension of Rs. 2,000(Rupees)	Monthly pension of Rs. 3,000 (Rupees)	Monthly pension of Rs. 4,000 (Rupees)	Monthly pension of Rs. 5,000 (Rupees)
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1,087
38	22	240	480	720	957	1,196
39	21	264	528	792	1,054	1,318
40	20	291	582	873	1,164	1,454

Government APY Scheme Key Features

Any Indian Citizen from Unorganized sector are eligible.
Subscriber and spouse can get the guaranteed monthly pension that ranges between Rs. 1000/- and Rs. 5000/- along with return of corpus to the nominees after 60 years of age.
You can open APY accounts through the bank where savings bank account is maintained.
Government co-contribution is 50% of the total contribution amount or Rs. 1000 per annum, whichever is lower, for a period of 5 years.
Discontinuation of contribution payments shall lead to following.
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
Subscriber should make certain that the Bank account to be funded enough for auto debit of contribution amount.

Govt APY Scheme Additional Charges for default

Banks are required to collect additional charges for delayed payments of contribution. Such charges will vary from minimum Rs. 1/- to Rs. 10/- per month as shown below.

Rs. 1/- per month for contribution upto Rs. 100 per month.
Rs. 2/- per month for contribution upto Rs. 101 to 500 per month.
Rs. 5/- per month for contribution between Rs. 501 to 1000/- per month.
Rs. 10/- per month for contribution beyond Rs. 1001 per month.
The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Atal Pension Yojana Government Scheme Withdrawal

On attaining 60 years of age:
- The exit from Atal Pension Yojana is permitted at the age of 6o years with 100% annuitisation of pension wealth.
- On exit from Govt. APY, pension would be available to the subscriber.
In case of death of Subscriber due to any cause:
- Pension would be available to the spouse.
- On the death of both (subscriber & spouse), the pension corpus would be returned to his nominee.
Exit Before the age of 60 Years:
- Exit before 60 years is not permitted.
- However it is permitted only in exceptional conditions, that is, in the event of the death of beneficiary or terminal disease.