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Complete Details for Atal Pension Yojana

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Complete Details for Atal Pension Yojana. Here we are providing complete details for Atal Pension Yojana. Find Everything you want to know about Atal Pension Yojana like Introduction of the Atal Pension Yojana, How to Apply for Atal Pension Yojana, Main Motto of this scheme, Migration to APY from NPS / Swavalambana, Eligibility for Atal Pension Yojana. Narendra Modi government to launch Atal Pension Yojna.  In India currently there are many pension oriented savings schemes in existence both in private and public sector & by central government. Now you can scroll down below and check Complete Details for Atal Pension Yojana.

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Complete Details for Atal Pension Yojana

Atal Pension Yojana

Atal Pension Yojana

Honorable Finance Minister of India Shri Arun Jaitely ,in his budget speech for the year 2015-16, has announced a new pension oriented scheme “Atal Pension Yojanai”.
Atal Pension Yojana is named after the Former Prime Minister of India Honorable “Bharat Ratna Atal Bihari Vajpayee.”

Atal Pension yojana shortly “APY” is a later version of “Swavalamban yojana”.The coverage under Swavalamban Scheme was proven to be inadequate mainly due to lack of clarity of pension benefits at the age after 60.
To solve this problem Government has come With APY.

Main Motto of this scheme :

  1. To enable all unorganized sector workers who currently do not avail of any social security scheme ,to save for future.
  2. To encourage the workers in unorganised sector to voluntarily save for their retirements
  3. To provide a definite sum of money as pension to assist in times they are no longer earning.

Migration to APY from NPS / Swavalambana:

Government has proposed that the existing subscribers of National Pension System-Swavalamban (NPS-S), which was commenced in 2010 under which government contributes 1000 per month for each subscriber who contributes a minimum sum of 1000 per month, be automatically migrated to the APY unless they voluntarily opt out for the same.

Government Co-contribution :

With a view of making the pension scheme more attractive, government would contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum, whichever is lower.This is to each eligible subscriber’s account for a period of of 5 years from 2015-16 to 2019-20 to those who join the NPS before 31st December, 2015 and who are not income tax payers.The benefit of government’s contribution can be availed by those who subscribe to the scheme before December 31, 2015.

Eligibility for Atal Pension Yojana :

One can avail this scheme if his / her age is between 18 to 40 years. Moreover, the member of any statutory social security scheme will not get this scheme i.e, they should not be subscribed to any other social security scheme.One should contribute till one attains 60 years of age.

Monthly contribution – Pension will be paid after 60 yrs:

Under the APY, the subscribers will receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, “depending” on their contributions, which itself would vary on the age of joining the Scheme.

1.As the minimum age for joining this scheme is 18 years the maximum period of contribution is 42 years.

2.And the maximum age for opting this scheme is 40 years ,so the minimum period of contribution is 20 years only.

Tabular representation of Contribution to be made :

Table of contribution levels, fixed monthly pension of Rs. 1,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years of Contribution Indicative Monthly Contribution(in Rs.) Monthly Pension to the subscribers and his spouse(in Rs.) Indicative Return of Corpus to the nominee of the subscribers(in Rs.)
18 42 42 1,000 1.7 Lakh
20 40 50 1,000 1.7 Lakh
25 35 76 1,000 1.7 Lakh
30 30 116 1,000 1.7 Lakh
35 25 181 1,000 1.7 Lakh
40 20 291 1,000 1.7 Lakh

Table of contribution levels, fixed monthly pension of Rs. 2,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years of Contribution Indicative Monthly Contribution(in Rs.) Monthly Pension to the subscribers and his spouse(in Rs.) Indicative Return of Corpus to the nominee of the subscribers(in Rs.)
18 42 84 2,000 3.4 lakh
20 40 100 2,000 3.4 lakh
25 35 151 2,000 3.4 lakh
30 30 231 2,000 3.4 lakh
35 25 362 2,000 3.4 lakh
40 20 582 2,000 3.4 lakh

Table of contribution levels, fixed monthly pension of Rs. 3,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years of Contribution Indicative Monthly Contribution(in Rs.) Monthly Pension to the subscribers and his spouse(in Rs.) Indicative Return of Corpus to the nominee of the subscribers(in Rs.)
18 42 126 3,000 5.1 Lakh
20 40 150 3,000 5.1 Lakh
25 35 226 3,000 5.1 Lakh
30 30 347 3,000 5.1 Lakh
35 25 543 3,000 5.1 Lakh
40 20 873 3,000 5.1 Lakh

Table of contribution levels, fixed monthly pension of Rs. 4,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years of Contribution Indicative Monthly Contribution(in Rs.) Monthly Pension to the subscribers and his spouse(in Rs.) Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18 42 168 4,000 6.8 Lakh
20 40 198 4,000 6.8 Lakh
25 35 301 4,000 6.8 Lakh
30 30 462 4,000 6.8 Lakh
35 25 722 4,000 6.8 Lakh
40 20 1164 4,000 6.8 Lakh

Table of contribution levels, fixed monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years of Contribution Indicative Monthly Contribution(in Rs.) Monthly Pension to the subscribers and his spouse(in Rs.) Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18 42 210 5,000 8.5 Lakh
20 40 248 5,000 8.5 Lakh
25 35 376 5,000 8.5 Lakh
30 30 577 5,000 8.5 Lakh
35 25 902 5,000 8.5 Lakh
40 20 1,454 5,000 8.5 Lakh

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Exit and pension payment

  • Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.
  • Exit before 60 years of age is not permitted, however, it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
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16 comments

  1. My date of birth is 09-04-1976 and join in ayal pension yojna in the month of Dec -2015 for monthly pension 5000 rupees and amount debit from my account 248/ month.
    As per table amount should be debit 1400 approx.

    Please clear the details what wrong with him. If I want to increase my contribution to get 5000/month then what should I do.

    Regards
    Kamlesh Solanki
    M.no. 07838227462
    Email- [email protected]

    solanki

  2. Sir atal pesion last date kab tak hai

  3. Sir I didn’t pay any income tax now but in future after few years if I pay income tax.. Wat can I do.. is there any other options..
    Please reply

  4. I have 2 queries regarding APY:

    1. Can I change my nominee after few years?
    2. Per APY, after the death of policy holder, spouse will get the pension amount and after spouse’s death, will nominee get the lump-some money?

    Read more: http://caknowledge.in/complete-details-atal-pension-yojana/

    • I have 2 queries regarding APY:
      1. Can I change my nominee after few years?
      2. Per APY, after the death of policy holder, spouse will get the pension amount and after spouse’s death, will nominee get the lump-some money?

  5. sir yesterday only i opend this yojana but now i want to deactivate this so pls kindely provide information how should i deactivate this i opened because i don’t have full knowlege about this as i ‘m student n i can’t affored this amount pls give me some solution

    • Hi Shanti

      As per Atal Pension Yojana Rules – Exit before 60 years of age is not permitted, however, it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

  6. Kya government employ ki wife atal pension yojana join kar sakati hai.

  7. Dear Sir, 22.8.2015

    I am working in a private sector messaging company , I have no pension , No CPF . Only a small portion (below 10%) is deducted from my salary and is deposited probably to EPF without contribution. I am 33 years old. Bank is saying that since I am paying income tax, I cannot be a member of APY. In that case how can I secure my life after my retirement having no pension or CPF?? Is there any scope to join APY ?? Please reply. Thanks.
    Sujoy

    • ONE CAN AVIL THIS SCHEME FROM AGE 18-40YRS.
      MEMBER CAN’T BE A CONTRIBUTOR IN ANY OTHER SOCIAL SECURIT SCHEME
      MEMBER SHOULD COTRIBUTE TILL 60 YRS OF AGE.
      GOVT CONTRIBUTION MADE AVAILABLE TO MEMBERS WHO ARE NON TAX PAYERS.

    • There is no rule that says incometax payer can’t be part of this scheme. If your bank still insists make a complain against them

  8. RISHI KUMAR SHUKLA

    Q. My question is given below :-

    1. If, I paid one year monthly instalment of Atal pension yojana and after that If I not able to continue the instalment then my one year contribution amount, I can receive or not ?
    Kindly give me answer.

  9. I have 2 queries regarding APY:

    1. Can I change my nominee after few years?
    2. Per APY, after the death of policy holder, spouse will get the pension amount and after spouse’s death, will nominee get the lump-some money?

  10. More details of atal prension yojana is required.If a student opens an account at the age 0f 18 & after getting job he will be member of social securities schmes at age of 26 .What will happern to money paid

  11. It really nice description about the atal pension yojana and clarified so many doubts . I am having few more question related to the same. It will be really helpful if you can answer the same.:-

    1. My wife do not have State bank Saving Account, Is it possible for her to get the same without State Bank saving account?

    2. Is it mandatory that user should have a bank account in State bank or he/she can opt APY in any of the private bank like HDFC, CITI , Bank Of Baroda?

    3. is it giving any tax benefit ?

  12. my birth date is 5 – 5 – 1975 so am I eligible for this scheme or not some bank staff are saying yes & some are saying no so please guide me

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