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Atal Pension Yojana A govt. scheme that secures your future

About Atal Pension Yojana

    The Government of India has introduced a pension scheme called the Atal Pension Yojana (APY), with effect from 1st June 2015, following the announcement in the budget for 2015-16. This mentioned creating a universal social security system for all Indians, especially the poor, the under-privileged and workers in the unorganized sector.
    Atal Pension Yojana is being administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).


Eligibility

Atal Pension Yojana is open to all citizens of India who have a Savings Account. The minimum age of joining Atal Pension Yojana is 18 years and maximum age is 40 years.


Features of Atal Pension Yojana

  • Central Government guaranteed minimum pension amount:
    Each subscriber under Atal Pension Yojana shall receive a Central Government guaranteed minimum pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 per month, after the age of 60 years until death.
  • Central Government guaranteed minimum pension amount to the spouse:
    After the subscriber’s demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse.
  • Return of the pension wealth to the nominee of the subscriber:
    After the demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.


Contribution Payment By Subscriber

The subscriber’s contributions to Atal Pension Yojana needs to be made through the facility of ‘auto-debit’ of the prescribed contribution amount from the Savings Account of the subscriber in monthly, quarterly or half-yearly frequency. You, as a subscriber, are required to contribute the prescribed contribution amount from the age of joining Atal Pension Yojana till age 60.

Government co-contribution is available for 5 years, i.e. from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June 2015 to 31st December 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.



Fees, Charges And Overdue Interest Under Atal Pension Yojana

The fees, charges and the overdue interest for non-payment or delayed payment of prescribed contribution amount is levied on the subscribers of Atal Pension Yojana. These charges and their method of application shall be prescribed by PFRDA from time to time, in consultation with the Central Government.


Investment Of the Contributions Under Atal Pension Yojana

The amount collected under Atal Pension Yojana is invested as per the investment pattern specified by the Central Government from time to time.


Exit, Withdrawal And Pension Payment

On completion of 60 years, you, as a subscriber, will get the guaranteed minimum monthly pension, or higher monthly pension, depending on the investment returns. In exceptional circumstances, i.e. in the event of death of beneficiary or specified illnesses, as mentioned in the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015, before the age of 60 years, the accumulated pension wealth till date would be given to the nominee or the subscriber, as the case may be. In case you, as a subscriber, have availed Government co-contribution under Atal Pension Yojana, choose to voluntarily exit Atal Pension Yojana before the age of 60 years, you will only be refunded the contribution made by you to Atal Pension Yojana, along with the net actual interest earned on your contributions (after deducting the account maintenance charges), whereas, the Government co-contribution and the interest earned on the Government co-contribution, will not be returned to you.


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