Atal Pension Yojana (APY): Get up to Rs 5000 monthly pension with this scheme; Know who are eligible, how to open account and benefits
A pension provides people with a monthly income when they are no longer earning and enables them to meet their cost of living. Atal Pension Yojana (APY) is one such scheme, which focuses on the unorganised sector workers. Here is all you need to know about Atal Pension Yojana:
What is Atal Pension Yojana?
Atal Pension Yojana (APY) is a pension scheme for citizens of India and is focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs 1,000 or 2,000 or 3,000 or 4,000 or 5,000 per month will be given at the age of 60 years depending on the contributions by the subscribers. (Image source: IANS and PTI)
Who can subscribe to APY?
Any Citizen of India can join APY scheme. The eligibility criteria includes: The age of the subscriber should be between 18 - 40 years and he /she should have a savings bank account/ post office savings bank account. (Image source: PTI)
Who are not eligible to receive Government co-contribution under APY?
The beneficiaries, who are covered under statutory social security schemes, are not eligible to receive Government co-contribution under APY. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution under APY: Employees’ Provident Fund and Miscellaneous Provision Act, 1952, the Coal Mines Provident Fund and Miscellaneous Provision Act, 1948, Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955, Seamens’ Provident Fund Act, 1966, Jammu Kashmir Employees’ Provident Fund and Miscellaneous Provision Act, 1961 and any other statutory social security scheme. (Image source: PTI)
Benefits of APY scheme?
The benefit of minimum pension under Atal Pension Yojana would be guaranteed by the Government in the sense that if the actual realised returns on the pension contributions are less than the assumed returns for minimum guaranteed pension, over the period of contribution, such shortfall shall be funded by the Government. On the other hand, if the actual returns on the pension contributions are higher than the assumed returns for minimum guaranteed pension, over the period of contribution, such excess shall be credited to the subscriber’s account, resulting in enhanced scheme benefits to the subscribers. (Image source: Pixabay)
How to open APY Account?
Approach the bank branch/post office where individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one. Provide the Bank A/c number/ Post office savings bank account number and with the help of the Bank staff, fill up the APY registration form. Mobile Number may be provided to facilitate the communication regarding contribution. Ensure keeping the required balance in the savings bank account/ post office savings bank account for transfer of monthly / quarterly / half yearly contribution. (Image source: PTI)