Under the ATAL
PENSION YOJANA (APY), there is guaranteed minimum monthly pension for the
subscribers ranging between Rs. 1,000 and Rs. 5,000 per month.
The benefit of minimum pension would be
guaranteed by the Govt. of India (GoI).
GoI will also co-contribute 50% of the
subscriber’s contribution or Rs. 1,000 per annum, whichever is lower.
Government co-contribution is available for
those who are not covered by any Statutory Social Security Schemes and is not
income tax payer.
GoI will
co-contribute to each eligible subscriber, for a period of 5 years who joins
the scheme between the period 1st June, 2015 to 31st December, 2015.
The benefit
of five years of government Co-contribution under APY would not exceed 5 years
for all subscribers including migrated Swavalamban beneficiaries.
All bank
account holders may join APY.
Eligibility..!
APY is
applicable to all citizen of India aged between 18-40 years.
Aadhaar will
be the primary KYC. Aadhar and mobile number are recommended to be obtained
from subscribers for the ease of operation of the scheme. If not available at
the time of registration, Aadhar details may also be submitted later.
Charges for
default 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 upto Rs. 100 per month. Rs. 2 per month for contribution upto 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. Important information for subscriber:
Discontinuation of payments of contribution
amount shall lead to following:
After 6
months account will be frozen.·
After
12 months account will be deactivated.
After
24 months account will be closed.
Subscriber should ensure that the Bank account
to be funded enough for auto debit of contribution amount.
Exit..!
On attaining the age of 60 years:
The exit
from APY is permitted at the age with 100% annuitisation of pension wealth.
On exit,
pension would be available to the subscriber.
In case of death of the
Subscriber due to any cause:
In case of death of subscriber pension would be
available to the spouse and on the death of both of them (subscriber and
spouse), the pension corpus would be returned to his nominee.
Exit Before the age of 60 Years..!
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.
Administered by:
Pension Fund Regulatory and Development Authority
1st Floor, ICADR Building, Plot No. 6, Vasant Kunj
Institutional Area, Phase-II,
New Delhi-110 070
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