The Atal Pension Yojana (APY), which was introduced on May 9, 2015, aims to establish a universal social security system for all Indians, with a focus on the poor, the underprivileged, and unorganised sector workers.
Also Read: Atal Pension Yojana: Know how much pension will a subscriber receive
Features
- APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen
- Provided that from 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY
- Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years
- The monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber
- In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years
- The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits
- Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis
- Subscribers can voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon
For more details, please visit https://www.npscra.nsdl.co.in/scheme-details.php
Also Read: Atal Pension Yojana: Income Tax Payers Barred from Enrolling from October 1
, which was introduced on May 9, 2015, aims to establish a universal social security system for all Indians, with a focus on the poor, the underprivileged, and unorganised sector workers. Pension Fund Regulatory and Development Authority oversees APY (PFRDA).){kind=link}