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.
The subscribers who will not get governments contribution are:
Above employees can join the scheme but will not be eligible for the government contribution.
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:
Switching between the modes is possible but only once a year.
|Age of Entry||Years of Contribution||Monthly pension of Rs. 1000/-||Monthly pension of Rs. 2000/-||Monthly pension of Rs. 3000/-||Monthly pension of Rs. 4000/-||Monthly pension of Rs. 5000/-|
It will be given periodically to the registered mobile number of the subscriber through SMS. He will also get physical Periodic Account Statement.
Nomination is very important in this scheme. However, the spouse is considered the default nominee.
One can claim the premium paid in this scheme for tax rebate under section 80CCD of Income Tax Act.
2017 February 24 is a bank holiday in Chandigarh due to Mahashivratri.
2017 February 27 is a bank holiday in Sikkim due to Losar.
2017 March 03 is a bank holiday in Mizoram due to Chapchar Kut.
2017 March 12 is a bank holiday in Jammu And Kashmir due to Holi (Jammu Province Only).