Atal Pension Yojana (APY)

What is Atal Pension Yojana (APY)?

Atal Pension Yojana (APY) is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). Banks are required to get registered with PFRDA to provide APY related services. It has been named after the ex-prime minister of India, Atal Bihari Vajpayee. The primary idea of launching this scheme is to provide a definite pension to all Indians particularly those employed in unorganized and rural sectors. The more one contributes in this scheme, the more pension he can get during old age.

Key Features

  • Guaranteed monthly pension for subscribers, ranging from Rs. 1000/- to Rs. 5000/- per month.
  • Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1000/- per annum, whichever is lower.
  • Government of India's co-contribution to each eligible subscriber for a period of 5 years who joins the scheme in the period June 1, 2015 to December 31, 2015.
  • The contribution amount is minimal and is not worrisome for the subscriber.
  • Swavalamban Yojana will get automatically converted to Atal Pension Yojana (APY).
  • Submission of Aadhar Card is mandatory at the time starting of pension.
  • This pension is taxable.

The subscribers who will not get governments contribution are:

  • An income tax payer
  • State or government employee
  • Person working in a private company and have EPF or EPS account.

Above employees can join the scheme but will not be eligible for the government contribution.

Eligibility

  • Any Indian national within the age group of 18 to 40 years.
  • He should have a savings bank account a savings bank account. The subscriber should be in possession of mobile number whose details are to be provided to the bank at the time of registration. The subscriber should ensure an uninterrupted contribution until attainment of the retirement age i.e. 60 years of his age as any break in the payment of contribution amount can result into closure of the account.

Premium

The premiums to the pension account are based on age of the person & how much pension he is opting for. The premium will be paid through his bank account under auto-debit facility.

A person has following 3 modes to pay the premium:

  • Monthly
  • Quarterly
  • Half Yearly

Switching between the modes is possible but only once a year.

Indicative APY Monthly Contribution Chart (Age wise)

Age of EntryYears of ContributionMonthly pension of Rs. 1000/-Monthly pension of Rs. 2000/-Monthly pension of Rs. 3000/-Monthly pension of Rs. 4000/-Monthly pension of Rs. 5000/-
18424284126168210
19414692138183228
204050100150198248
213954108162215269
223859117177234292
233764127192254318
243670139208277346
253576151226301376
263482164246327409
273390178268356446
283297194292388485
2931106212318423529
3030116231347462577
3129126252379504630
3228138276414551689
3327151302453602752
3426165330495659824
3525181362543722902
3624198396594792990
37232184366548701087
38222404807209571196
392126452879210541318

Status of contribution

It will be given periodically to the registered mobile number of the subscriber through SMS. He will also get physical Periodic Account Statement.

Benefits

  • If a subscriber joins the scheme and pays the required premium according to the chart, he will start getting pension after attaining 60 years of age till he is alive.
  • If subscriber dies after attaining the age of 60 years, his/her spouse is eligible to get the pension same as that subscriber was getting. After both die, the nominee will get the corpus amount of Rs 8.5 lakh.

Nomination

Nomination is very important in this scheme. However, the spouse is considered the default nominee.

Tax benefits

One can claim the premium paid in this scheme for tax rebate under section 80CCD of Income Tax Act.

Upcoming Bank Holidays

2018 August 17 is a bank holiday in Daman And Diu due to Parsi New Year (Shahenshahi).
2018 August 22 is a bank holiday in Andaman And Nicobar Island due to Bakri Id (Id-ul-Zuha)/Karma Puja.
2018 August 23 is a bank holiday in Jammu And Kashmir due to Bakri Id (Id-ul-Zuha).
2018 August 24 is a bank holiday in Kerala due to First Onam.
2018 August 25 is a bank holiday in Kerala due to Thiruvonam.
2018 August 27 is a bank holiday in Kerala due to Sree Narayana Guru Jayanthi.

Search IFSC/MICR/ATM

 

 

 

Financial Calculators

Search Bank By Branch

Bank Interest Rates

ALL INDIA BANKS LIST
A B BANK LIMITED ABN-AMRO Bank N.V ABU DHABI COMMERCIAL BANK AIRTEL PAYMENTS BANK LIMITED
ALLAHABAD BANK American Express Banking Corp ANDHRA BANK Antwerp Diamond Bank NV
AU SMALL FINANCE BANK LIMITED AXIS BANK B N P PARIBAS BANDHAN BANK LIMITED
BANK OF AMERICA BANK OF BAHARAIN AND KUWAIT BSC BANK OF BARODA BANK OF CEYLON
BANK OF INDIA BANK OF MAHARASHTRA BANK OF TOKYO MITSUBISHI LIMITED BARCLAYS BANK
BHARATIYA MAHILA BANK LIMITED Calyon Bank CANARA BANK CAPITAL SMALL FINANCE BANK LIMITED
CATHOLIC SYRIAN BANK LIMITED CENTRAL BANK OF INDIA CHINATRUST COMMERCIAL BANK LIMITED CITI BANK
CITY UNION BANK LIMITED CORPORATION BANK DBS Bank Ltd DCB BANK LIMITED
DENA BANK DEUSTCHE BANK DHANALAKSHMI BANK EQUITAS SMALL FINANCE BANK LIMITED
ESAF SMALL FINANCE BANK LIMITED EXPORT IMPORT BANK OF INDIA FEDERAL BANK FINCARE SMALL FINANCE BANK LTD
HDFC BANK HSBC BANK HSBC BANK OMAN SAOG ICICI BANK LIMITED
IDBI BANK IDFC BANK LIMITED INDIAN BANK INDIAN OVERSEAS BANK
INDUSIND BANK JAMMU AND KASHMIR BANK LIMITED JP MORGAN BANK JSC VTB BANK
KARNATAKA BANK LIMITED KARUR VYSYA BANK KOTAK MAHINDRA BANK LIMITED Krung Thai Bank Public Co. Ltd
LAXMI VILAS BANK MASHREQBANK PSC MIZUHO CORPORATE BANK LIMITED NORTH EAST SMALL FINANCE BANK LIMITED
OMAN INTERNATIONAL BANK SAOG ORIENTAL BANK OF COMMERCE PUNJAB AND SIND BANK PUNJAB NATIONAL BANK
RBL Bank Limited SBM BANK MAURITIUS LIMITED SHINHAN BANK SOCIETE GENERALE
SONALI BANK LTD SOUTH INDIAN BANK STANDARD CHARTERED BANK STATE BANK OF BIKANER AND JAIPUR
STATE BANK OF HYDERABAD STATE BANK OF INDIA STATE BANK OF MYSORE STATE BANK OF PATIALA
STATE BANK OF TRAVANCORE SURYODAY SMALL FINANCE BANK SYNDICATE BANK TAMILNAD MERCANTILE BANK LIMITED
THE BANK OF NOVA SCOTIA THE NAINITAL BANK LIMITED UBS AG UCO Bank
Ujjivan Small Finance Bank Limited UNION BANK OF INDIA UNITED BANK OF INDIA UNITED OVERSEAS BANK LIMITED
UTKARSH SMALL FINANCE BANK VIJAYA BANK Woori Bank YES BANK
ZILA SAHAKARI BANK LTD