Atal Pension Yojana (APY), a pension scheme for citizens of India is focused on the unorganized 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. Any Citizen of India can join APY scheme. APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). District Cooperative Bank Ltd Dehradun is registered with PFRDA to provide APY related services.
APY Features
- Guaranteed monthly pension for subscribers, ranging from Rs. 1,000 to Rs. 5,000 per month.
- Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer
- GoI will co-contribute to each eligible subscriber for a period of 5 years, who joined the scheme during the period Jun 1, 2015 to Mar 31, 2016. The benefit of five years of Government co-contribution under APY would not exceed 5 years for all subscribers, including the migrated Swavalamban beneficiaries..
Eligibility
- The age of the subscriber should be between 18 - 40 years.
- He/She should have a savings bank account/ post office savings bank account.
Withdrawal procedure from APY
- On attaining age of 60 :- Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed minimum monthly pension or higher monthly pension, if investment returns are higher than the guaranteed returns embedded in APY. The same amount of monthly pension is payable to spouse (default nominee) upon death of subscriber. Nominee will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the subscriber and spouse.
- In case of death of the subscriber due to any cause after the age of 60 :- In case of death of subscriber, same pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension wealth accumulated till age 60 of the subscriber would be returned to the nominee.
- Exit before the age of 60 :- In case a subscriber, who has availed Government co-contribution under APY, chooses to voluntarily exit APY at a future date, he shall only be refunded the contributions made by him to APY, along with the net actual accrued income earned on his contributions (after deducting the account maintenance charges). The Government co-contribution, and the accrued income earned on the Government co-contribution, shall not be returned to such subscribers.
- Death of subscriber before age of 60 :-
- In case of death of the subscriber before 60 years, option will be available to the spouse of the subscriber to continue contribution in the APY account of the subscriber, which can be maintained in the spouse’s name, for the remaining vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber until death of the spouse.
- Or, the entire accumulated corpus under APY will be returned to the spouse/nominee.
APY Contribution Chart (Age wise)
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