The Atal Pension Yojana assures an income to subscribers after they turn 60 through pension returns. One will get the returns directly on his/her bank account. One has to invest a particular amount every month to earn pension after retirement.
Atal Pension Yojana guarantees financial security in future for people working in unorganized sector. APY allows a monthly investment, which is based on age, and the return will be after the member turns 60. The investment will be directly returned to the bank.
The table below gives a snapshot of Atal Pension Yojana returns.
|Entry Age||Years of Contribution||Indicative Monthly Contribution Rupees||Monthly Pension in Rupees||Indicative corpus return to nominee of subscribers|
Table for Pension Payment Details
The member must contribute the amount mentioned in the table, according to their age and the amount that they wish to receive after they turn 60.
|Age||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|
The member should request the concerned bank manager in application after they turn 60 to get the money back as monthly pension.
Benefits & Features of Atal Pension Yojana
- APY scheme will help the poor people and those working in unorganized sector to invest for their future. This scheme allows them to save a certain amount which otherwise they cannot, because of the nature of their sector.
- This scheme has pension amounts ranging from Rs.1000 to Rs.5000, allowing people to make flexible contributions.
- The lower the age of the applicant, the contribution amount is also lower. In a way, this scheme motivates young people in unorganized sector to save.
- If the contributor is found to be providing false proofs to get benefits from government, all his contributions will be made void and a penalty will also be charged.
- The contributor will also attract a penalty for delayed monthly payments. This is to ensure that the enroller makes constant payments towards APY.
- Any Indian resident can apply and enroll in Atal Pension Yojana by just contacting their nearest branch.
- To facilitate greater enrolment, government has made the application form for Atal Pension Yojana available in all regional languages and also online.
- The Government will invest 50% of the contribution or Rs.1000 whichever is lower for members who are not tax payers and who are not enrolled in other social security schemes.
Atal Pension Yojana Top Pages
Atal Pension Yojana Other Pages
- Atal Pension Yojana ICICI Bank
- Allahabad Bank Atal Pension Yojana
- Atal Pension Yojana Canara Bank
- Atal Pension Yojana Tax Benefits
- Atal Pension Yojana UCO Bank
- Andhra Bank Atal Pension Yojana
- Indusind Bank Atal Pension Yojana
- Syndicate Bank Atal Pension Yojana
- Union Bank of India Atal pension Yojana
- Vijaya Bank Atal Pension Yojana