Pradhan Mantri Atal Pension Yojana (APY)

Named after the ex-prime minister of India, Atal Bihari Vajpayee, Atal Pension Yojana also
know as APY Scheme was launched in continuation to the Jan Dhan Yojana Scheme to bring
those employed in rural and unorganized sector under the ambit of Pension Schemes. The idea
of the scheme is to provide a definite pension to all Indians.

However, in order to get pension during your old age, you need to contribute accordingly. The
more you can contribute the more pensions you would get during old age. The scheme is backed
by Ministry of Finance, Government of India. The scheme would mostly touch those working
under unorganized sector.

Atal Pension Yojana Mobile App

Please follow this link to own your house in PM Awas Yojana

Eligibility for Atal Pension Yojana
Any Indian national within the age group of 18 to 40 years is eligible to contribute under APY.
However, any member of a statutory social security scheme is not eligible to get the governments
contribution for this pension scheme. But he will get all normal benefits of APY. If your age is
40 Years then you are eligible but if you are 40 years and 1 day then you are not eligible.

Government Contribution in Atal Pension Yojana

As all the previous schemes launched by Narendra Modi, this scheme to has an early bird
incentive attached with it. If you would enroll in it on or before 31st March 2016 then you would
be getting a government contribution. Government will contribute maximum of rs 1000 per year
for first 5 years. Your yearly contribution should be more then rs 2000 to get this amount. If
your yearly contribution (X rs) is less then rs 2000 then you will get Rs X/2 as government
contribution.

These subscribers will not get governments contibution

 If you are an income tax payer

 If you are any state or government employee
 if you work in a private company and have EPF or EPS account.

How to get it | Process to get enrolled.

In order to apply an Indian national needs to have a working bank account. Date for submission
of forms has started from 01st June 2015. There is no last date for enrollment. You have to fill the
form in any bank and you are done.

Premium payable under Atal Pension Yojana

There is also a policy under the scheme, wherein if the pension account holder dies, the
contributions would go to the family or the nominee of the account. The premiums to the
pension account would be paid through your bank account and it would be auto-debited from the
bank account.

Premium of APY can be paid through 3 options

 Monthly
 Quarterly
 Half Yearly
Can Government Employees open Atal Pension Yojana Account

Yes Government employees can open it but will not be eligible for the government contribution
on this account

Important Atal Pension Yojana Features

If a subscriber Joins APY and opts for a 5000 pension plan and pays his premium as mentioned
in the chart then he will start getting rs 5000 pension till he is alive after attaining 60 years of
age. After subscriber is dead then his/her spouse will get the pension amount that subscriber was
getting. After both are gone then Nominee will get the corpus amount of rs 8.5 lakhs.

Atal Pension Yojana Form

You can use and download APY Form using Atal Pension Yojana English Application
form Link. Nominee details are very important in this scheme. Spouse is considered to be the
default nominee so please make sure you make nominee other then you spouse.

Please use this link to download Atal Pension Yojana Form in Hindi

Can a subscriber close his APY account

Initially it was not possible but after getting reviews from people government have allowed
closing of APY account in between. You will have to give a closing application in the bank to
get your account closed. Banks will refund all your investment with interest. You will have to
pay a small penalty to avail this facility.

Some Interesting APY facts

 As per PFRDA about 8 lakh people have subscribed to this ambitious project.
 Swavalamban Yojana would automatically convert into APY
 Aadhar Card is not mandatory while applying for APY but would be required at the time
of payment.
 You can opt for a pension plan but switching the plan after opting it possible only once in
a year. But the Procedure of the same is not known.
 There is no tax benefit under section 80C for the premium paid.
 The Pension that you will get after completion of term would be taxable.

Also Read

Pradhan Mantri Atal pension Yojana

The Indian Government is striving hard to make the life of the old people much easier and
convenient by supporting them financially. Introduction of the ATAL PENSION YOJANA is
one such leap towards the betterment of the elderly people. This welfare scheme involves
providing income security to the poor who are working in the unorganized sector. The plan
includes encouraging them to save enough funds before they retire. No doubt, this would boost
their financial confidence and would support them in old age when they actually need it the
most.

The APY scheme is being administered by the Regulatory and Development Authority (PFRDA)
and would greatly benefit people employed in the unorganized sector. For the in-depth
knowledge about this welfare scheme, check out below.

1. What is Atal Pension Yojana?

Atal Pension Yojana or APY guarantees a minimum pension of Rs. 1k, 2k, 3k, 4k and 5k to the
workers who are the citizens of India and are employed in the unorganized sector. One could
claim these monetary benefits once the 60 years age threshold reaches. The amount of pension
scheme varies from 1k to 5k, which is totally dependent on the subscriber’s amount of
contribution to the scheme.

2. Who can subscribe to Atal Pension Yojana?

Anyone who is a citizen of India can is welcome to join this pension scheme. However, one
should need to meet the following eligibility criteria set by the Government of India

1. The minimum age to be eligible is 18 years and must not exceed 40 years while applying.
 2. The person must have a Savings bank account in his/her name or he/she can opt to open a
new one before applying to the scheme.
3. The potential applicant must possess a mobile number which must be registered with the
bank with full details.

The Government co-contribution is available to the subscribers who apply from 1st June, 2015
till 31st Dec., 2015. The Government is willing to support the workers who do not have any
social security cover and not fall under the taxable income.

3. Who are the other social security schemes beneficiaries not eligible to receive
Government co-contribution under APY?

The persons who are covered under various statutory social security schemes do not qualify to
get Government’s co-contribution. The beneficiaries are currently the member of below
mentioned social security covers would not get any monetary support from the authorities. The
list includes:

1. The members registered under EPF scheme.

2. The persons registered with the Coal Mines PF security cover.
3. The beneficiaries of Assam Tea Plantation PF scheme.
4. Seamen’s PF act.
5. J&K PF scheme.

Those individuals who are enjoying benefits of any other statutory social security scheme are
also not eligible to apply and get benefits from the Government.

4. How much pension will be received under Atal Pension Yojana?

The Indian Government has made it clear that the amounts of pension will range from 1k to 5k
per month. The amount will be greatly influenced by the beneficiary’s monthly contribution to
the scheme, which means the greater the contribution the more the amount of pension in future.

5. What is the benefit in joining Atal Pension Yoajna scheme?

Are you are wondering about the benefit of joining under this scheme? Then, you will be likely
to get impressed with the Government co-contribution for the period of 5 years. The contribution
amount will be either Rs. 1,000/- per annum or fifty percent of the total amount of contribution
towards the scheme, whichever is lower. The account holders will benefit from this co-
contribution from the financial year starting from 2015 and till 2019.

How are the contributions of Atal Pension Yojana invested?

The Government’s contribution to the scheme will be made in line to the instructions set by the
Indian Ministry of Finance. The whole scheme will be strictly administered and observed by the
PFRDA which is the honourable authority of the Government of India.
What is the procedure for opening APY Account?

1. Contact the bank where you have a savings account.

2. Ask for the APY registration form
3. Fill it carefully and provide the details of your Aadhaar card
4. Mention your mobile number and contact details mentioned in the form.
5. Make sure that you maintain the required minimum balance in your savings account,
6. Your contribution amount will get deducted from your account on the monthly basis.

 Whether Aadhaar Number is compulsory for joining the scheme?

To submit Aadhaar card while applying for the scheme is not a compulsion and neither this
condition is set mandatory by the authorities. However, it is for the subscriber’s own benefit as
this could act as a primary KYC document to identify the beneficiary and associated nominees. It
could help you in claiming pension rights and settle down the disputes, if arise any in the future.
This is the reason for recommending Aadhar card for the APY account opening.

Can I open APY Account without savings bank account?

No, in order to be eligible for the APY scheme, the savings bank account is compulsory. There
is no exception to this term and condition.

What is the mode of contribution to the account?

Regardless the amount of contribution of a subscriber, each payment must be submitted to the
savings bank account of the beneficiary. From there, the contribution amount will be auto
deducted every month. In case of doubt, you can ask the concerned bank for details.

12. What is the due date for monthly contribution?

Your initial date of deposit will be considered as the due date for the payment of the contribution
amount for the APY scheme. This pre-decided date is not flexible in any condition.

13. What will happen if required or sufficient amount is not maintained in the savings
bank account for contribution on the due date?

The subscriber’s savings bank account needs to maintain a minimum balance on the specified
date which is equal to the one month’s contribution amount. In case the amount found to be
lower than the required, the account will be measured as default. Banks are given the authority of
penalizing those account holders by charging fine on them. The fine amount can be anything
between One Rupee to Ten Rupees as the details mentioned below:

1. If the contribution amount is Rs. 100/- per month, the fine charged would be One rupee
per month
2. For contribution amount from Rs. 101 to 500/- per month, the Two rupees per month
would be fined.
  For Rs. 501/- to 1000/- per month, there will be Rs. 5/- per month fine

1. 10 per month would be fined for the contribution above Rs. 1000/- per month

If for any reason, the payments get discontinued, the account would be frozen after the six
months, deactivated after twelve months and would be completely closed after twenty four
months.

Therefore, it is solely the subscriber’s headache to fund the account on the due date of
contribution, to avoid penalties in the future.

Other Schemes

Atal Pension Yojana (APY) for Social Security in India

May 9, 2015

by Sujatha

Financial inclusion, social security, and low-cost benefits for the masses have been high on the
NDA government’s agenda. Ever since the NaMo government’s ascent to the centre, PM Modi,
FM Jaitley, and the Cabinet have worked relentlessly towards promulgation of new schemes that
make financial security for the common man. The first step towards achievement of social
security was the rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY). With Phase I being
declared a major success and 1.8 crore accounts having been opened across the country, the
government has flagged off three new schemes on 9 May 2015 – two insurance schemes
(Pradhan Mantri Jeevan Jyoti Bima Yojana, and Pradhan Mantri Suraksha Bima Yojana), and a
pension scheme (Atal Pension Yojana). This is called Phase II of the PMJDY, since it was
important to get people into mainstream banking before any benefits can be extended to them.

Atal Pension Yojana

“As our young population ages, it is also going to be pension-less. Encouraged by the success of
the Pradhan Mantri Jan Dhan Yojana, I propose to work towards creating a universal social
security system for all Indians that will ensure that no Indian citizen will have to worry about
illness, accidents or penury in old age”, said Finance Minister Jaitley in his February 2015
Budget speech. In keeping with this ideal, a National Pension Scheme, the Atal Pension Yojana
will be effective from 1 June 2015. The scheme intends to bring pension benefits to allow people
of the unorganised sector to enjoy social security with minimum contribution per month.

People who work in the private sector or employed in occupations that do not give them the
benefit of pension can apply for the scheme. They can opt for a fixed pension of INR 1,000 or
2,000 or 3,000 or 4,000 or 5,000 on attaining the age of 60. The amount of contribution and the
individual’s age will determine the pension. Upon the contributor’s death, the spouse of the
contributor can claim the pension and after the spouse’s death the nominee will be returned the
corpus accrued.

The amount collected under the scheme is to be managed by Pension Funds as per the investment
pattern specified by the Government. Individual applicants will have no choice of pension funds
or investment allocation.

Benefits of Atal Pension Yojana

The Atal Pension Scheme will bring security to ageing Indians while at the same time promote a
culture of savings and investment among the lower and lower middle class sections of society.
One of the greatest benefits of the scheme may be enjoyed by the poorer sections of society. The
government of India has decided to contribute 50 percent of the user’s contribution or INR 1,000
a year (whichever is lower) for a period of five years. This contribution will, however, be
enjoyed only by those who are not income tax payers and those who join the scheme before 31
December 2015.

Who is Eligible?

The Atal Pension Yojana (APY) is open to all Indians between the age of 18 and 40. This allows
an individual to contribute for at least 20 years before reaping the benefits of the scheme. Any
bank account holder who is not a member of any statutory social security scheme can avail of the
scheme.

All existing members of the government’s ‘Swavalamban Yojana NPS Lite’ will automatically
be migrated to the Atal Pension Yojana. It will now replace the Swavalamban scheme, which did
not gain much popularity across the country.
How to Enroll?

To sign up for the Atal Pension Yojana, an account holder must fill in an authorisation form and
submit it to his/her bank. The form will require complete details including account number,
spouse and nominee details, and authorisation for auto debit of contribution amount. Account
holders signing up for the scheme need to ensure that sufficient balance is maintained in the
account every month, failing to do so will attract a monthly fine of –

 INR 1 for monthly contribution up to INR 100

 INR 2 for monthly contribution between INR 101 and INR 500
 INR 5 for monthly contribution between INR 501 and INR 1,000
 INR 10 for monthly contribution beyond INR 1,001

If no payment is made towards the scheme

 for six months, the holder’s account will be frozen

 for 12 months, the holder’s account will be deactivated
 for 24 months, the holder’s account will be closed

For those who does not have a bank account: A person needs to open a bank account first by
submitting the KYC document and Aadhar card. He/she is also required to submit the APY
proposal form.

Exiting the scheme: Under ordinary circumstances, an account holder who has enrolled for the
Atal Pension Yojana will not be able to exit the scheme before the age of 60. Exiting the scheme
is only possible in special circumstance such as in the event of the death of the beneficiary.

Application Form

The application form can be downloaded from http://www.jansuraksha.gov.in/FORMS-

APY.aspx. The forms are available in different languages – English, Hindi, Gujarati, Bangla,
Kannada, Odia, Marathi, Telugu and Tamil.

Indicative Contribution for Various Pension Options (in INR)

Monthly Monthly Monthly Monthly Monthly

Entry Years of
Pension INR Pension INR Pension INR Pension INR Pension INR
Age Contribution
1000 2000 3000 4000 5000

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

*Data from Atal Pension Yojna brochure

Launch Across the Country

The Atal Pension Scheme and the other insurance schemes were launched on 9 May,
simultaneously by Union and Chief Ministers. Indian Prime Minister Narendra Modi launched
the scheme from Kolkata. Launch functions were held at about 116 locations across the country
including state capitals and a number of district headquarters. Post its launch, 7,35,857 people
have already registered for the scheme as on 2 September 2015.

Recent Developments

Government will extend the benefit of the APY via Post Offices all over the country so as to
bring more people under its ambit. The implementation of the scheme through post offices is
expected to be more helpful for the people in rural areas.

Click here to view Atal Pension Yojana(APY) in Hindi – अअअ अअअअअ अअअअअ
(अअअअअअ)

Atal Pension Yojana

From Wikipedia, the free encyclopedia

Atal Pension Yojana

Country India

Prime Minister Narendra Modi

Key people Arun Jaitley

Launched 9 May 2015; 8 months ago

Website www.jansuraksha.gov.in

Status: Active

This article is part of a series

about
Narendra Modi

 Early life and education

 Public image
 Early political career

 Gujarat Legislative Assembly

o 2002
o 2007
o 2012

Prime Minister of India

 Bharatiya Janata Party campaign for Indian general

election, 2014
 Inauguration
 Council of Ministers of Narendra Modi
 Timeline

Global Contributions

 Foreign policy
o Asian
o South Asian
o Middle Eastern
o Neighbourhood first
o Act East policy
o Trips abroad
 Yoga Day
 New Development Bank
 Solar alliance

National

 Budgets
o 2014
o 2015
  DELP
 HRIDAY
 Housing for all
 Jeevan Pramaan
 Jan Dhan Yojana
 Mudra Yojana
 Jeevan Jyoti
 Suraksha Bima
 Atal Pension Yojana
 Adarsh Gram Yojana
 Gram Jyoti
 Unnat Bharat Abhiyan
 SAARC Satellite
 Campaigns
o Digital India
o Make in India
o Swachh Bharat Abhiyan
o Start Up India
 Missions
o AMRUT
o Smart cities
o TB-Mission 2020
 Establishments
o MUDRA Bank
 Laws
o National Waterway Bill, 2015

 v
 t
 e

Atal Pension Yojana is a government-backed pension scheme in India targeted at the

unorganised sector. It was originally mentioned in the 2015 Budget speech by Finance Minister
Arun Jaitley in February 2015.[1] It was formally launched by Prime Minister Narendra Modi on
9 May in Kolkata.[2] As of May 2015, only 11% of India's population has any kind of pension
scheme, this scheme aims to increase the number.[3]
Contents

 1 Overview
 2 See also
 3 References
 4 External Links

Overview

In Atal Pension Yojana, for every contribution made to the pension fund, The Central
Government would also co-contribute 50% of the total contribution or ₹1,000 (US$15) per
annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. The
minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start
of pension would be 60 years. Therefore, minimum period of contribution by the subscriber
under APY would be 20 years or more.

Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and
nominees to avoid pension rights and entitlement related disputes in the long-term. The
subscribers are required to opt for a monthly pension from Rs. 1000 - Rs. 5000 and ensure
payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or
increase pension amount during the course of accumulation phase, as per the available monthly
pension amounts. However, the switching option shall be provided once in year during the month
of April.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan
Yojana scheme and the contributions will be deducted automatically. Most of these accounts had
zero balance initially. The government aims to reduce the number of such zero balance accounts
by using this and related schemes.[3]

Atal Pension Yojna (APY)

Overview

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).

ICICI Bank is registered with PFRDA to provide APY related services.

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)

Monthly Monthly Monthly Monthly Monthly

Age of Years of
pension of Rs. pension of Rs. pension of Rs. pension of Rs. pension of
Entry Contribution
1000. 2000. 3000. 4000. Rs. 5000.

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

 Monthly Monthly Monthly Monthly Monthly
Age of Years of
pension of Rs. pension of Rs. pension of Rs. pension of Rs. pension of
Entry Contribution
1000. 2000. 3000. 4000. Rs. 5000.

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

Penalty for default

Under APY, the individual subscribers have to make the contribution on a monthly basis. Banks
are required to collect additional amount for delayed payments, such amount will vary from
minimum Rs. 1 per month to Rs. 10 per month as shown below:

 Rs. 1 per month for contribution up to Rs. 100 per month.

 Rs. 2 per month for contribution up to Rs. 101 to 500 per month.
 Rs. 5 per month for contribution between Rs. 501 to Rs. 1,000 per month.
 Rs. 10 per month for contribution beyond Rs. 1,001 per month.

The fixed amount of interest/ penalty will remain as part of the pension corpus of the subscriber

Discontinuation

Discontinuation of payments of contribution amount shall lead to following:

 After 6 months account will be frozen.

 After 12 months account will be closed.