Atal Pension Yojana (APY) – Guaranteed Monthly Pension Scheme

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).

APY is open to all bank account holders. The government also co-contribute 50 per cent of the total contribution or Rs 1,000 per annum, whichever is lower, to each eligible subscriber, for a period of 5 years, who had joined the social security scheme before December 31, 2015.

Under the APY, the subscribers will receive the fixed minimum pension of Rs 1,000 – Rs 5,000 per month, at the age of 60 years, depending on their contributions.

For opening APY account, one has to approach the bank branch/post office where he or she has savings bank account.

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)

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