Point | Details |
---|---|
What is Atal Pension Yojana (APY)? | APY is a government-run pension scheme mainly focused on unorganised sector employees |
When was APY launched? | APY was launched on May 9, 2015 |
Who can invest under APY? | Any Indian all citizens between 18 and 40 years of age can invest under APY |
What is the minimum period of contribution under APY? | 20 years |
Mode of Contribution | Monthly, quarterly and half-yearly |
What is the Pension Amount under APY? | Guaranteed minimum pension of Rs.1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or Rs.5,000 per month |
What is the Tax Benefit available under APY? | Tax benefit are available to the subscriber under Section 80CCD (1B) of the Income Tax Act towards the contributions made (maximum Rs 50,000 per year) |
Where to apply for APY? | One can apply at any of the banks |
Who is the administrator of APY? | Pension Fund Regulatory and Development Authority (PFRDA) is the administrator of APY |
Does government also make its contribution to APY? | Yes, the government also co-contributes 50% of the total contribution or Rs. 1,000 per year, whichever is lower, for a period of 5 years |
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Atal Pension Yojana (APY), launched in May 2015, is a government-run guaranteed pension scheme to provide the security of a pension for people in the unorganised sector such as personal drivers, personal maids, gardeners, etc.
Atal Pension Yojana is open for any citizen in India who is either working in unorganized sector or not working at all.
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If you want for apply for Atal Pension Yojana (APY), you need to follow below mentioned step by step process:
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