Atal Pension Yojana Pension Return

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.
More

Overview about About Atal Pension Yojana

Atal Pension Yojanan, popularly referred to as APY, is for all people of the unorganized sector who wants to join the National Pension Scheme. Put simply, this scheme is aimed at people working in private sector who wishes to get a fixed pension amount after retirement. Under Atal Pension Yojna, a member can receive a fixed amount of Rs.1000 to Rs.5000, in multiples of Rs.1000m after the age of 60 years. The pension amount is based on the contribution that the member makes and depends on the age of member when joining the scheme.

At present, Atal Pension Yojana has more than one crore subscribers and is viewed as a scheme that will facilitate the achievement of financial security for people in unorganized sectors.

Eligibility for Atal Pension Yojana

The eligibility for joining Atal Pension Yojana scheme is as described below.

  • Only citizens of India can enroll in this scheme. Mainly, this scheme aims to cover Indian citizens who work in unorganized sector.
  • People who wish to join APY scheme must have an operative bank account. The contributions and pension returns will be credited directly to the bank account and hence the condition.
  • The person who wants to enroll in APY scheme must be aged between 18 to 40 years. The monthly contribution is based on the entry age. Young citizens will have lesser contribution amount.
  • If the contributor is not a tax payer and is not a part of any social security scheme, the government will also contribute.

Benefits and 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 - Pension Return

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
18 42 210 5000 8.5 lakhs
20 40 248 5000 8.5 lakhs
25 35 376 5000 8.5 lakhs
30 30 577 5000 8.5 lakhs
35 25 902 5000 8.5 lakhs
40 20 1454 5000 8.5 lakhs

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
18 42 42 84 126 168 210
19 41 46 92 138 183 228
20 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752
34 26 165 330 495 659 824
35 25 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1087
38 22 240 480 720 957 1196
39 21 264 528 792 1054 1318
40 20 291 582 873 1164 1454

The member should request the concerned bank manager in application after they turn 60 to get the money back as monthly pension.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.