The Atal Pension Yojana (APY) was launched on 09.05.2015 to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. APY is administered by Pension Fund Regulatory and Development Authority (PFRDA).

1.Who can Opt?

a. APY is applicable to all citizen of India aged between 18-40 years.

b. He / She should have a savings bank account/ open a savings bank account.

2. How much pension will be received?

Guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

3. Contribution under APY

Indicative Monthly Contribution Chart:

4. Maturity / Withdrawal of APY

• On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.
• In case of death of the Subscriber due to any cause: In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
• Exit Before the age of 60 Years: The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

Note: In case of death of subscriber before age 60, spouse has option to continue the contribution to the scheme upto when the original subscriber would obtain the age 60.

5. Charges for default and late payment

Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
• Re. 1 per month for contribution upto Rs. 100 per month.
• Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
• Re 5 per month for contribution between Rs 501/- to 1000/- per month.
• Rs 10 per month for contribution beyond Rs 1001/- per month.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
In case of discontinuation of payments of contribution amount shall lead to following:
• After 6 months account will be frozen.
• After 12 months account will be deactivated.
• After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

6. How to contribute?

All the contributions are to be remitted, through auto-debit facility from savings bank account of the subscriber. Therefore, For joining APY, savings bank account is mandatory.

Amount can be contributed monthly/quarterly/half-yearly.

7. Nomination Facility

It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable.