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  • Atal Pension Yojana

    Overview About Atal Pension Yojana

    In an effort to help the unorganized section of the Indian society, the Government of India introduced the “Atal Pension Yojana” in June, 2015. The Atal Pension Yojana is administered by the PFRDA (Pension Fund Regulatory and Development Authority) under the National Pension System (NPS). The scheme was launched to encourage individuals from the weaker section to opt for pension, which would immensely benefit them during their old age. The Atal Pension Yojana scheme can also be taken by individuals working in private sector organisations or by anyone who is self-employed. The Atal Pension Yojana scheme helps the weaker section to save up for their old age and get a guaranteed monthly pension amount. Under this plan, the subscriber will receive a fixed pension after the age of 60, depending on his contribution amount and tenure.

    Features of Atal Pension Yojana

    A fixed monthly pension amount starting from Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and up to Rs. 5000 can be received by subscribers, every month after their retirement at the age of 60, until the death of the subscriber. After the death of the account holder, the spouse will be entitled to get the exact same pension amount as the subscriber, until the death of the spouse. The nominee will receive the entire pension amount accrued by the account holder after the death of the subscriber and his spouse. This fixed pension amount varies yet again with the contribution the subscriber has made previously. To get the maximum benefit from the Atal Pension Yojana scheme, individuals should join this plan at the age of 18 and contribute, till they turn 40. Depending on this, the maximum period of contribution would be 20 years or above.

    Subscriber Contribution Amount for Atal Pension Yojana

    If a new subscriber starts contributing at the age of 18, the monthly amount required will be Rs. 42 every month to receive a pension amount of Rs. 1000. The monthly contribution amount will differ according to the tenure of payment, depending on when the individual joins the APY scheme. Subscribers can contribute monthly through the auto-debit facility available on any bank account in India. If a customer fails to pay the monthly contribution amount, then he can re-enter the Atal Pension Yojana scheme by paying the interest rate and the pending principal amount for that exact time period.

    Government of India’s Co-contribution Scheme

    In order to encourage more number of citizens to open an Atal Pension Yojana account, the Government of India will also be contributing a sum towards the pension scheme for a time period of five years, i.e., from 2015 to 2020. This contribution will be done to Atal Pension Yojana subscriber accounts that have been opened between June 1, 2015 and December 31, 2015. These customers should not be income tax payers and should not have been covered under any Statutory Social Security Schemes. The Government of India’s contribution is either 50% of the subscriber’s monthly contribution amount or Rs. 1000, whichever is lower, for the tenure of five years. It is essential that, to receive the Government’s contribution, the Atal Pension Yojana subscriber has to make regular monthly contributions during the entire course of the year. Only then will the Government of India credit 50% of the monthly contribution paid, to the subscriber’s account.

    State Government Co-contribution

    State Governments are also authorised to provide an additional co-contribution to Atal Pension Yojana subscribers, in their respective states. As required, the procedure for this would be given by the Pension Fund Regulatory and Development Authority, in accordance to the Central Government rules.

    Subscriber Payment / Enrolment

    Customers holding valid bank accounts can join the Atal Pension Yojana scheme and use the auto debit facility to pay monthly, quarterly or half-yearly. It is important that the subscriber maintains the required balance in his savings bank account, to be paid on the due date, to avoid any late payment charges. The due date for the monthly contribution is decided depending on the first monthly contribution amount. If the subscriber does not pay his monthly contributions on a regular basis, then the Atal Pension Yojana account can be closed and the Government of India’s contribution amount will be forfeited. Any wrong declaration done with regards to eligibility by the subscriber will lead to the entire Government’s contribution amount and the interest being forfeited. Banks would require the Aadhaar card to be submitted as the primary KYC document for identifying spouse, beneficiaries and nominees in order to avoid any disputes. Every subscriber is required to choose a pension amount between Rs. 1000 and Rs. 5000 and also make sure that contributions are done correctly. The Atal Pension Yojana scheme also offers flexibility to subscribers in the form of changes in monthly contribution amounts. An APY subscriber can increase or decrease the monthly pension amount, when the contribution is being made. If an APY subscriber wishes to change his fixed pension amount, then this can be done once a year, in April. Once a subscriber joins the Atal Pension Yojana scheme, the bank would provide an acknowledgement receipt, which would carry details like due date of the monthly contribution, guaranteed pension amount and PRAN.

    Atal Pension Yojana - Operational Framework

    The Atal Pension Yojana scheme has been provided by the Government of India and is administered by the PFRDA - Pension Fund Regulatory and Development Authority. This scheme includes the institutional architecture of the National Pension System to enroll new subscribers. PFRDA has formulated the offer document and the account opening form of the Atal Pension Yojana plan.

    Enrolment Agencies

    Aggregators present under the Swavalamban scheme and service providers (Points of Presence - POP) would be enrolled via the National Pension System’s architecture. Banks, being aggregators or POPs can employ non-banking aggregators, BCs, mutual fund agents and micro insurance agents to be enablers for activities related to operations. Banks are also allowed to share the incentives received with regards to this scheme from the Government of India or PFRDA, as they see fit.

    Atal Pension Yojana - Funding

    The Government of India provides a guaranteed fixed pension to subscribers, co-contributes Rs. 1000 or 50% of the total contribution amount, annually and also reimburses the cost for developmental and promotional activities along with the incentives for the contribution collection agencies.

    Migration of current Swavalamban Scheme subscribers to Atal Pension Yojana

    Existing subscribers of the Swavalamban scheme will be automatically migrated to the Atal Pension Yojana plan, with an additional option of choosing to pull out, provided they meet the required eligibility criteria. The five year co-contribution of the Government might not however exceed for all these subscribers. For example, if an existing Swavalamban subscriber has got Government contribution for two years, then under the Atal Pension Yojana scheme he will receive only three years of co-contribution from the Government. If any of the current Swavalamban subscribers want to opt out of the Atal Pension Yojana scheme, then the Government’s contribution will be given only till 2016/2017, if they are found eligible. Further, such subscribers can continue under the NPS Swavalamban scheme, until the age of exit has been reached.

    The migration will be done mainly for subscribers aged between 18 and 40 years. In order to perform the change without any hassles, the aggregator will be required to facilitate the migration process by providing complete support. Subscribers who wish to move on to the Atal Pension Yojana scheme can also contact the nearest bank to move from a Swavalamban account into an Atal Pension Yojana account containing PRAN details.

    Swavalamban subscribers who fall beyond the age group of 40 can also opt to discontinue from the Swavalamban scheme by completely withdrawing the entire amount, inclusive of the principal amount and the interest earned. Otherwise they can choose to continue till they turn 60, in order to be eligible to receive annuities.

    Atal Pension Yojana - Investment of monthly contribution

    Contribution amounts accumulated under the Atal Pension Yojana scheme are managed by the Pension Funds, authorised by the Pension Fund Regulatory and Development Authority. The investment pattern followed is as per Government of India regulations. Subscribers do not have the option of choosing any other pension fund or investment pattern under the Atal Pension Yojana scheme.

    Regular Alerts to Atal Pension Yojana subscribers

    Atal Pension Yojana subscribers can get regular alerts regarding account balance, credit of contribution and other account related activities, via SMS alerts. Atal Pension Yojana subscribers can easily modify certain details like a nominee name, phone number, address, etc. whenever they wish to do so.

    Registration of a valid mobile number is mandatory under the Atal Pension Yojana scheme, so that subscribers can stay connected through SMS alerts to their APY accounts. This will help them get know their due dates, arrange their auto-debits and check the balance available in their APY accounts.

    How do you apply for Atal Pension Yojana online?

    The Atal Pension Yojana subscriber form is available online on bank websites and other third party websites. Customers have to just download the form, fill in the required details and submit it to their banks. Other necessary documents also have to be furnished and applicants can then easily open as Atal Pension Yojana account. Direct applications for the Atal Pension Yojana scheme cannot be made online and it is mandatory to submit the forms to the nearest bank branch.

    Atal Pension Yojana Application Form

    To register for the Atal Pension Yojana scheme, customers have to submit the application form available online to the concerned bank along with the list of other documents required. The Aadhaar card would be the primary KYC document required for identifying nominees, beneficiaries and the subscriber’s spouse in order to avoid entitlement disputes. The Atal Pension Yojana subscriber registration form is available in various languages namely, Hindi, Bangla, English, Gujarati, Telugu, Kannada, Odia, Tamil and Marathi.

    The Atal Pension Yojana subscriber registration form contains the following fields that have to be filled in by the applicant/subscriber -

    Section 1 (Bank Details) Section 2 (Personal Details) Section 3 (Pension Details) Additional Details - If nominee is a minor
    Bank Account Number Name of the applicant Pension Amount selected - 1000/2000/3000/4000/5000 Date of Birth
    Bank Name Date of Birth Monthly Contribution Amount Guardian’s Name
    Bank Branch Email ID - Is the minor a beneficiary of other statutory social security schemes?
    - Marital Status - Is the minor an income tax payer?
    - Name of the spouse - -
    - Name of the nominee - -
    - Relationship of the nominee with the subscriber - -
    - Age - -
    - Mobile Number - -
    - Aadhaar Card Details for the subscriber, spouse and the nominee - -

    The application form has to be signed by the subscriber and submitted to the bank. The Atal Pension Scheme form also carries an acknowledgement section named, “Acknowledgement - Subscriber Registration for Atal Pension Yojana (APY)”, that will be filled in by the bank. Applicants are not required to fill this section. This acknowledgment receipt will be given back by the bank after the application has been processed.

    Note for the applicant - Some fields in the form have been marked with an asterisk, which indicates that these fields have to be mandatorily filled. Additionally, the Atal Pension Yojana application form should not be filled in cursive writing and should be completed only using block letters.

    Atal Pension Yojana Calculator

    Every subscriber joining the Atal Pension Yojana will have questions about how much money has to be invested and how much return of investment can be got. A simple answer to these questions is that, the contribution that a subscriber has to do every month, depends on the fixed pension amount he wants to receive and the age the subscriber joins the scheme. The fixed monthly pension would be calculated based on these factors and also on the interest earned. If a customer joins the scheme at the age of 18, then the monthly premium that has to paid will be lesser. Contribution can done for the longest period possible, till the retirement age is reached. If a subscriber joins at the age of 40, then the contribution period will be relatively lesser, as there would only be 20 years before the subscriber reaches the age of 60. If contributions are started at the age of 18, then for a pension amount of Rs. 1000, the contribution amount would be Rs. 42. If a customer opts for a pension amount of Rs. 5000, then the highest monthly premium amount that has to be paid at the age of 40 years, is Rs. 1454.

    Depending on the age of joining and the chosen fixed pension amount, the tables below represent the monthly contribution amounts that have to be paid by subscribers. Based on the period of contribution, the monthly premium amount is generally determined. As a word of advice, subscribers should opt to join the Atal Pension Yojanapension scheme at an early age, when the premium is lower and the fixed pension amount that will be got is relatively higher. The guaranteed fixed pension amount will be paid to the subscriber or the spouse.

    Atal Pension Yojana Scheme - Calculation Tables

    a) Atal Pension Scheme Calculator for a contribution for Rs. 1000

    If a subscriber opts to get a fixed monthly pension of Rs. 1,000, then the amount that will be debited from the subscriber’s bank account will fall between Rs. 42 and Rs. 291. After the death of the subscriber and his spouse, the nominee stands to receive Rs.1, 70,000, as per the Atal Pension Yojana calculation plan.

    Joining Age Contribution Period Monthly Contribution Fixed Monthly Pension to the subscriber / spouse Return of Corpus to the nominee
    18 years 42 years Rs. 42 Rs. 1,000 Rs.1,70,000
    20 years 40 years Rs. 50 Rs. 1,000 Rs.1,70,000
    25 years 35 years Rs. 76 Rs. 1,000 Rs.1,70,000
    30 years 30 years Rs. 116 Rs. 1,000 Rs.1,70,000
    35 years 25 years Rs. 181 Rs. 1,000 Rs.1,70,000
    40 years 20 years Rs. 291 Rs. 1,000 Rs.1,70,000

    b) Atal Pension Scheme Calculator for a contribution for Rs. 2000

    If a subscriber opts to get a fixed monthly pension of Rs. 2,000, then the amount that will be debited from the subscriber’s bank account will fall between Rs. 84 and Rs. 582. After the death of the subscriber and his spouse, the nominee stands to receive Rs.3, 40,000, as per the Atal Pension Yojana plan.

    Joining Age Contribution Period Monthly Contribution Fixed Monthly Pension to the subscriber / spouse Return of Corpus to the nominee
    18 years 42 years Rs. 84 Rs. 2,000 Rs.3,40,000
    20 years 40 years Rs. 100 Rs. 2,000 Rs.3,40,000
    25 years 35 years Rs. 151 Rs. 2,000 Rs.3,40,000
    30 years 30 years Rs. 231 Rs. 2,000 Rs.3,40,000
    35 years 25 years Rs. 362 Rs. 2,000 Rs.3,40,000
    40 years 20 years Rs. 582 Rs. 2,000 Rs.3,40,000

    c) Atal Pension Scheme Calculator for a contribution for Rs. 3000

    If a subscriber opts to get a fixed monthly pension of Rs. 3,000, then the amount that will be debited from the subscriber’s bank account will fall between Rs. 126 and Rs. 873. After the death of the subscriber and his spouse, the nominee stands to receive Rs.5, 10,000, as per the Atal Pension Yojana plan.

    Joining Age Contribution Period Monthly Contribution Fixed Monthly Pension to the subscriber / spouse Return of Corpus to the nominee
    18 years 42 years Rs. 126 Rs. 3,000 Rs.5,10,000
    20 years 40 years Rs. 150 Rs. 3,000 Rs.5,10,000
    25 years 35 years Rs. 226 Rs. 3,000 Rs.5,10,000
    30 years 30 years Rs. 347 Rs. 3,000 Rs.5,10,000
    35 years 25 years Rs. 543 Rs. 3,000 Rs.5,10,000
    40 years 20 years Rs. 873 Rs. 3,000 Rs.5,10,000

    d) Atal Pension Scheme Calculator for a contribution for Rs. 4000

    If a subscriber opts to get a fixed monthly pension of Rs. 4,000, then the amount that will be debited from the subscriber’s bank account will fall between Rs. 168 and Rs. 1164. After the death of the subscriber and his spouse, the nominee stands to receive Rs.6, 80,000, as per the Atal Pension Yojana plan.

    Joining Age Contribution Period Monthly Contribution Fixed Monthly Pension to the subscriber / spouse Return of Corpus to the nominee
    18 years 42 years Rs. 168 Rs. 4,000 Rs.6,80,000
    20 years 40 years Rs. 198 Rs. 4,000 Rs.6,80,000
    25 years 35 years Rs. 301 Rs. 4,000 Rs.6,80,000
    30 years 30 years Rs. 462 Rs. 4,000 Rs.6,80,000
    35 years 25 years Rs. 722 Rs. 4,000 Rs.6,80,000
    40 years 20 years Rs. 1164 Rs. 4,000 Rs.6,80,000

    e) Atal Pension Scheme Calculator for a contribution for Rs. 5000

    If a subscriber opts to get a fixed monthly pension of Rs. 5,000, then the amount that will be debited from the subscriber’s bank account will fall between Rs. 210 and Rs. 1454. After the death of the subscriber and his spouse, the nominee stands to receive Rs.8, 50,000, as per the Atal Pension Yojana plan.

    Joining Age Contribution Period Monthly Contribution Fixed Monthly Pension to the subscriber / spouse Return of Corpus to the nominee
    18 years 42 years Rs. 210 Rs. 5,000 Rs.8,50,000
    20 years 40 years Rs. 248 Rs. 5,000 Rs.8,50,000
    25 years 35 years Rs. 376 Rs. 5,000 Rs.8,50,000
    30 years 30 years Rs. 577 Rs. 5,000 Rs.8,50,000
    35 years 25 years Rs. 902 Rs. 5,000 Rs.8,50,000
    40 years 20 years Rs. 1454 Rs. 5,000 Rs.8,50,000

    Atal Pension Yojana Interest / Other Charges

    Atal Pension Yojana subscribers have to bear extra charges, fees and overdue interest for delayed payments and non-payments of the monthly contribution amount, from time to time. These charges will be levied and applied according to the norms of the Pension Fund Regulatory and Development Authority, with authorisation from the Government of India.

    Fees and Charges for maintaining an Atal Pension Yojana account

    Intermediary Charges
    Point of Presence APY Subscriber Registration Rs.120 to 150, based on the number of subscribers
    Recurring Charges Per Annum Rs. 100 / subscriber

    Central

    Recordkeeping

    Agencies

    APY Account

    opening charges

    Rs. 15 / account

    Account

    Maintenance

    Charges

    Rs.40/account/annum
    Custodian

    Investment

    Maintenance Fee (per annum)

    0.0075% for electronic /

    0.05% for physical segment of AUM

    Pension Fund Managers

    Investment

    Maintenance Fee (per annum)

    0.0102% of AUM

    Atal Pension Yojana Eligibility

    Citizens of India are eligible to join the Atal Pension Yojana scheme. The following eligibility criteria have to be met by every applicant.

    a) Customers holding valid savings accounts are eligible to open an Atal Pension Yojana account.

    b) The applicant should be aged between 18 and 40 years.

    c) Every applicant should have a mobile number, which has to be registered at the time of application.

    d) A co-contribution amount will also be given by the Government to certain Atal Pension Yojana subscribers.

    Atal Pension Yojana Age Limit

    Individuals aged 18 years and up to a maximum of 40 years can join the Atal Pension Yojana scheme. At the time of exit, subscribers need to be atleast 60 years. Only after this the guaranteed fixed pension would start. Based on the entry and exit years, the minimum contribution period for an Atal Pension Yojana subscriber would be 20 years or more.

    Atal Pension Yojana Monthly Premium plans

    There are five Atal Pension Yojana Monthly Premium plans offered to customers and following tables explain the amount that has to be contributed by subscribers every month, in order to get a fixed pension amount. Subscribers can choose any monthly premium plan according to convenience and as per the fixed pension amount that they would like to get.

    a) To get a fixed pension of Rs. 1000, the amount that has to be invested is as given below -

    Joining Age of the Subscriber No. of Years (Contribution) Monthly Contribution Amount Monthly Fixed Pension Amount
    18 42 Rs. 42 Rs. 1000
    20 40 Rs. 50 Rs. 1000
    25 35 Rs. 76 Rs. 1000
    30 30 Rs. 116 Rs. 1000
    35 25 Rs. 181 Rs. 1000
    40 20 Rs. 291 Rs. 1000

    b) To get a fixed pension of Rs. 2000, the amount that has to be invested is as given below -

    Joining Age of the Subscriber No. of Years (Contribution) Monthly Contribution Amount Monthly Fixed Pension Amount
    18 42 Rs. 84 Rs. 2000
    20 40 Rs. 100 Rs. 2000
    25 35 Rs. 151 Rs. 2000
    30 30 Rs. 231 Rs. 2000
    35 25 Rs. 362 Rs. 2000
    40 20 Rs. 582 Rs. 2000

    c) To get a fixed pension of Rs. 3000, the amount that has to be invested is as given below -

    Joining Age of the Subscriber No. of Years (Contribution) Monthly Contribution Amount Monthly Fixed Pension Amount
    18 42 Rs. 126 Rs. 3000
    20 40 Rs. 150 Rs. 3000
    25 35 Rs. 226 Rs. 3000
    30 30 Rs. 347 Rs. 3000
    35 25 Rs. 543 Rs. 3000
    40 20 Rs. 873 Rs. 3000

    d) To get a fixed pension of Rs. 4000, the amount that has to be invested is as given below -

    Joining Age of the Subscriber No. of Years (Contribution) Monthly Contribution Amount Monthly Fixed Pension Amount
    18 42 Rs. 168 Rs. 4000
    20 40 Rs. 198 Rs. 4000
    25 35 Rs. 301 Rs. 4000
    30 30 Rs. 462 Rs. 4000
    35 25 Rs. 722 Rs. 4000
    40 20 Rs.1164 Rs. 4000

    e) To get a fixed pension of Rs. 5000, the amount that has to be invested is as given below -

    Joining Age of the Subscriber No. of Years (Contribution) Monthly Contribution Amount Monthly Fixed Pension Amount
    18 42 Rs. 210 Rs. 5000
    20 40 Rs. 248 Rs. 5000
    25 35 Rs. 376 Rs. 5000
    30 30 Rs. 577 Rs. 5000
    35 25 Rs. 902 Rs. 5000
    40 20 Rs. 1454 Rs. 5000

    Atal Pension Yojana Penalty charges

    The Atal Pension Yojana scheme requires subscribers to make regular monthly contributions without any break in payments. If the subscriber does not make regular payments or completely stops contributing, then the concerned bank can levy penalty charges as stipulated by the Government. The additional penalty charges that are levied range from Rs.1 to Rs. 10 every month. This fixed penalty amount or interest shall be a portion of the pension corpus of the contributor.

    • If the contribution amount is up to Rs.100, then the penalty amount would be Rs.1, every month.
    • If the contribution amount is between Rs.101 and Rs. 500, then the penalty amount would be Rs.2, every month.
    • If the contribution amount is between Rs.501 and Rs. 1000, then the penalty amount would be Rs.5, every month.
    • If the contribution amount is above Rs.1001, then the penalty amount would be Rs.10, every month.

    On Atal Pension Yojana accounts where payments are discontinued the following measures will be taken -

    • If payments are not done for six months, the subscriber’s account would be frozen.
    • If payments are not done for twelve months, the subscriber’s account would be deactivated.
    • If payments are not done for twenty four months, the subscriber’s account would be permanently closed.

    To avoid late payments, the Atal Pension Yojana module will constantly raise a request with subscriber on the due date, till the payment is done. The monthly contribution is recovered generally on the first day of the calendar month and the bank will also be allowed to recover the required contribution amount on any day of the month. The monthly contribution amount will be got on the FIFO basis, i.e., the earliest amount that is due will be got first along with the pre-determined penalty charges. The bank also has the option of recovering more than one contribution in one month, provided the subscriber has the required funds. This will be received along with the fixed monthly due amount.

    How do you make withdrawals from an Atal Pension Yojana Account?

    When a subscriber completes 60 years, the guaranteed fixed pension amount would be given to him as per the contribution done previously with 100% annuitisation of benefits. Under specific circumstances like, the subscriber’s untimely death or sudden illness occurring before the age of 60, the accrued pension amount will be handed out to the subscriber or the nominee. This will be applicable as mentioned in the Pension Fund Regulatory and Development Authority Regulations (Exits and Withdrawals under the National Pension System), 2015. Any subscriber who has got co-contribution from the Government can also voluntarily choose to withdraw or exit the Atal Pension Yojana scheme. The bank will refund only the contribution amount given by him including the interest earned on all the contributions. The account maintenance charges will be deducted from the refund amount. The co-contribution amount from the Government and the interest earned for that amount will not be refunded.

    Atal Pension Yojana Return of Corpus

    Under the Atal Pension Yojana scheme, the return of corpus to the nominee of the subscriber has been explained below in the following tables. This varies according to the contribution amount, the joining age and the contribution period. As an example, in order to receive a fixed monthly pension ranging between Rs. 1000 and Rs. 5000, the subscriber should contribute between Rs. 42 and Rs. 210, provided the joining age is 18 years. If the subscriber’s joining age is 40 years, then the contribution amount would fall anywhere within Rs. 291 and Rs. 1454.

    a) For a fixed pension of Rs. 1000, the return of corpus to the nominee is as given below -

    Joining Age Number of Years (Contribution) Monthly Contribution Amount Quarterly Contribution Amount Half-yearly Contribution Amount Fixed Pension Amount given to the Subscriber and Spouse

    Return of

    Corpus to the

    nominee of the

    subscriber - Indicative Figures

    18 42 42 125 248 Rs. 1000 Rs. 1,70,000
    19 41 46 137 271 Rs. 1000 Rs. 1,70,000
    20 40 50 149 295 Rs. 1000 Rs. 1,70,000
    21 39 54 161 319 Rs. 1000 Rs. 1,70,000
    22 38 59 176 348 Rs. 1000 Rs. 1,70,000
    23 37 64 19 378 Rs. 1000 Rs. 1,70,000
    24 36 70 209 413 Rs. 1000 Rs. 1,70,000
    25 35 76 226 449 Rs. 1000 Rs. 1,70,000
    26 34 82 244 484 Rs. 1000 Rs. 1,70,000
    27 33 90 268 531 Rs. 1000 Rs. 1,70,000
    28 32 97 289 572 Rs. 1000 Rs. 1,70,000
    29 31 106 316 626 Rs. 1000 Rs. 1,70,000
    30 30 116 346 685 Rs. 1000 Rs. 1,70,000
    31 29 126 376 744 Rs. 1000 Rs. 1,70,000
    32 28 138 411 814 Rs. 1000 Rs. 1,70,000
    33 27 151 450 891 Rs. 1000 Rs. 1,70,000
    34 26 165 492 974 Rs. 1000 Rs. 1,70,000
    35 25 181 539 1068 Rs. 1000 Rs. 1,70,000
    36 24 198 590 1169 Rs. 1000 Rs. 1,70,000
    37 23 218 650 1287 Rs. 1000 Rs. 1,70,000
    38 22 240 715 1416 Rs. 1000 Rs. 1,70,000
    39 21 264 787 1558 Rs. 1000 Rs. 1,70,000
    40 20 291 867 1717 Rs. 1000 Rs. 1,70,000

    b) For a fixed pension of Rs. 2000, the return of corpus to the nominee is as given below -

    Joining Age Number of Years (Contribution) Monthly Contribution Amount Quarterly Contribution Amount Half-yearly Contribution Amount Fixed Pension Amount given to the Subscriber and Spouse

    Return of

    Corpus to the

    nominee of the

    subscriber - Indicative Figures

    18 42 84 250 496 Rs. 2000 Rs. 3,40,000
    19 41 92 274 543 Rs. 2000 Rs. 3,40,000
    20 40 100 298 590 Rs. 2000 Rs. 3,40,000
    21 39 108 322 637 Rs. 2000 Rs. 3,40,000
    22 38 117 349 690 Rs. 2000 Rs. 3,40,000
    23 37 127 378 749 Rs. 2000 Rs. 3,40,000
    24 36 139 414 820 Rs. 2000 Rs. 3,40,000
    25 35 151 450 891 Rs. 2000 Rs. 3,40,000
    26 34 164 489 968 Rs. 2000 Rs. 3,40,000
    27 33 178 530 1050 Rs. 2000 Rs. 3,40,000
    28 32 194 578 1145 Rs. 2000 Rs. 3,40,000
    29 31 212 632 1251 Rs. 2000 Rs. 3,40,000
    30 30 231 688 1363 Rs. 2000 Rs. 3,40,000
    31 29 252 751 1487 Rs. 2000 Rs. 3,40,000
    32 28 276 823 1629 Rs. 2000 Rs. 3,40,000
    33 27 302 900 1782 Rs. 2000 Rs. 3,40,000
    34 26 330 983 1948 Rs. 2000 Rs. 3,40,000
    35 25 362 1079 2136 Rs. 2000 Rs. 3,40,000
    36 24 396 1180 2337 Rs. 2000 Rs. 3,40,000
    37 23 436 1299 2573 Rs. 2000 Rs. 3,40,000
    38 22 480 1430 2833 Rs. 2000 Rs. 3,40,000
    39 21 528 1574 3116 Rs. 2000 Rs. 3,40,000
    40 20 582 1734 3435 Rs. 2000 Rs. 3,40,000

    c) For a fixed pension of Rs. 3000, the return of corpus to the nominee is as given below -

    Joining Age Number of Years (Contribution) Monthly Contribution Amount Quarterly Contribution Amount Half-yearly Contribution Amount Fixed Pension Amount given to the Subscriber and Spouse

    Return of

    Corpus to the

    nominee of the

    subscriber - Indicative Figures

    18 42 126 376 744 Rs. 3000 Rs. 5,10,000
    19 41 138 411 814 Rs. 3000 Rs. 5,10,000
    20 40 150 447 885 Rs. 3000 Rs. 5,10,000
    21 39 162 483 956 Rs. 3000 Rs. 5,10,000
    22 38 177 527 1045 Rs. 3000 Rs. 5,10,000
    23 37 192 572 1133 Rs. 3000 Rs. 5,10,000
    24 36 208 620 1228 Rs. 3000 Rs. 5,10,000
    25 35 226 674 1334 Rs. 3000 Rs. 5,10,000
    26 34 246 733 1452 Rs. 3000 Rs. 5,10,000
    27 33 268 799 1582 Rs. 3000 Rs. 5,10,000
    28 32 292 870 1723 Rs. 3000 Rs. 5,10,000
    29 31 318 948 1877 Rs. 3000 Rs. 5,10,000
    30 30 347 1034 2048 Rs. 3000 Rs. 5,10,000
    31 29 379 1129 2237 Rs. 3000 Rs. 5,10,000
    32 28 414 1234 2443 Rs. 3000 Rs. 5,10,000
    33 27 453 1350 2673 Rs. 3000 Rs. 5,10,000
    34 26 495 1475 2921 Rs. 3000 Rs. 5,10,000
    35 25 543 1618 3205 Rs. 3000 Rs. 5,10,000
    36 24 594 1770 3506 Rs. 3000 Rs. 5,10,000
    37 23 654 1949 3860 Rs. 3000 Rs. 5,10,000
    38 22 720 2146 4249 Rs. 3000 Rs. 5,10,000
    39 21 792 2360 4674 Rs. 3000 Rs. 5,10,000
    40 20 873 2602 5152 Rs. 3000 Rs. 5,10,000

    d) For a fixed pension of Rs. 4000, the return of corpus to the nominee is as given below -

    Joining Age Number of Years (Contribution) Monthly Contribution Amount Quarterly Contribution Amount Half-yearly Contribution Amount Fixed Pension Amount given to the Subscriber and Spouse

    Return of

    Corpus to the

    nominee of the

    subscriber - Indicative Figures

    18 42 168 501 991 Rs. 4000 Rs. 6,80,000
    19 41 183 545 1080 Rs. 4000 Rs. 6,80,000
    20 40 198 590 1169 Rs. 4000 Rs. 6,80,000
    21 39 215 641 1269 Rs. 4000 Rs. 6,80,000
    22 38 234 697 1381 Rs. 4000 Rs. 6,80,000
    23 37 254 757 1499 Rs. 4000 Rs. 6,80,000
    24 36 277 826 1635 Rs. 4000 Rs. 6,80,000
    25 35 301 897 1776 Rs. 4000 Rs. 6,80,000
    26 34 327 975 1930 Rs. 4000 Rs. 6,80,000
    27 33 356 1061 2101 Rs. 4000 Rs. 6,80,000
    28 32 388 1156 2290 Rs. 4000 Rs. 6,80,000
    29 31 423 1261 2496 Rs. 4000 Rs. 6,80,000
    30 30 462 1377 2727 Rs. 4000 Rs. 6,80,000
    31 29 504 1502 2974 Rs. 4000 Rs. 6,80,000
    32 28 551 1642 3252 Rs. 4000 Rs. 6,80,000
    33 27 602 1794 3553 Rs. 4000 Rs. 6,80,000
    34 26 659 1964 3889 Rs. 4000 Rs. 6,80,000
    35 25 722 2152 4261 Rs. 4000 Rs. 6,80,000
    36 24 792 2360 4674 Rs. 4000 Rs. 6,80,000
    37 23 870 2593 5134 Rs. 4000 Rs. 6,80,000
    38 22 957 2852 5648 Rs. 4000 Rs. 6,80,000
    39 21 1054 3141 6220 Rs. 4000 Rs. 6,80,000
    40 20 1164 3469 6869 Rs. 4000 Rs. 6,80,000

    e) For a fixed pension of Rs. 5000, the return of corpus to the nominee is as given below -

    Joining Age Number of Years (Contribution) Monthly Contribution Amount Quarterly Contribution Amount Half-yearly Contribution Amount Fixed Pension Amount given to the Subscriber and Spouse

    Return of

    Corpus to the

    nominee of the

    subscriber - Indicative Figures

    18 42 210 626 1239 Rs. 5000 Rs. 8,50,000
    19 41 228 679 1346 Rs. 5000 Rs. 8,50,000
    20 40 248 739 1464 Rs. 5000 Rs. 8,50,000
    21 39 269 802 1588 Rs. 5000 Rs. 8,50,000
    22 38 292 870 1723 Rs. 5000 Rs. 8,50,000
    23 37 318 948 1877 Rs. 5000 Rs. 8,50,000
    24 36 346 1031 2042 Rs. 5000 Rs. 8,50,000
    25 35 376 1121 2219 Rs. 5000 Rs. 8,50,000
    26 34 409 1219 2414 Rs. 5000 Rs. 8,50,000
    27 33 446 1329 2632 Rs. 5000 Rs. 8,50,000
    28 32 485 1445 2862 Rs. 5000 Rs. 8,50,000
    29 31 529 1577 3122 Rs. 5000 Rs. 8,50,000
    30 30 577 1720 3405 Rs. 5000 Rs. 8,50,000
    31 29 630 1878 3718 Rs. 5000 Rs. 8,50,000
    32 28 689 2053 4066 Rs. 5000 Rs. 8,50,000
    33 27 752 2241 4438 Rs. 5000 Rs. 8,50,000
    34 26 824 2456 4863 Rs. 5000 Rs. 8,50,000
    35 25 902 2688 5323 Rs. 5000 Rs. 8,50,000
    36 24 990 2950 5843 Rs. 5000 Rs. 8,50,000
    37 23 1087 3539 6415 Rs. 5000 Rs. 8,50,000
    38 22 1196 3564 7058 Rs. 5000 Rs. 8,50,000
    39 21 1318 3928 7778 Rs. 5000 Rs. 8,50,000
    40 20 1454 4333 8581 Rs. 5000 Rs. 8,50,000

    FAQs for Atal Pension Yojana

    1. Is the Atal Pension Yojana Government of India co-contribution available to beneficiaries of all other social security schemes?
    2. No, beneficiaries who fall under statutory social security schemes cannot receive the Government’s co-contribution. Beneficiaries of social security schemes under the below listed enactments are not eligible to receive the Government co-contribution.

      • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
      • Seamens’ Provident Fund Act, 1966.
      • Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
      • The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
      • Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
      • Other applicable statutory social security schemes.

    3. If a subscriber wants to open an Atal Pension Yojana account, what is the procedure to be followed?
      • Customers have to fill-in the Atal Pension Yojana subscription form.
      • The Aadhaar number and a valid mobile number have to be provided.
      • The submitted form has to be submitted to the concerned bank and auto-debits have to be set in the customer’s bank account. It is mandatory that the subscriber maintains the required balance in his savings account for making regular contributions.

    4. Does the subscriber compulsorily have to submit the Aadhaar number while registering for the Atal Pension Yojana scheme?
    5. It is not mandatory for the applicant to provide the Aadhaar number while subscribing but, the Aadhaar card will be the primary KYC document required by banks to identify beneficiaries, nominees and the subscriber’s spouse.

    6. Can the Atal Pension Yojana account be opened without the subscriber holding a savings account?
    7. No, while joining the Atal Pension Yojana scheme, it is mandatory for applicants to hold a savings bank account.

    8. How is the due date for the monthly contribution decided?
    9. The due date for an Atal Pension Yojana account is decided based on the first deposit date.

    10. Is it mandatory for subscribers to give a nomination when they join the Atal Pension Yojana scheme?
    11. Yes, nominations are mandatory. The nominee details have to be provided along with spouse’s details while applying for the Atal Pension Yojana scheme. The Aadhaar details also have to be provided for the spouse and the nominee.

    12. How many Atal Pension Yojana accounts can a subscriber open?
    13. A single subscriber is allowed to open only one Atal Pension Yojana account, which will remain unique to him.

    14. Can an applicant join the Atal Pension Yojana scheme without holding an Aadhaar number?
    15. When opening the Atal Pension Yojana account an Aadhaar number is not required, but Aadhaar details would be needed for enrolling beneficiaries, spouse and while identifying nominees.

    16. Can members of the Employees Provident Fund (EPF) enroll for the Atal Pension Yojana scheme?
    17. Yes, Employees Provident Fund (EPF) subscribers are also eligible to enroll for the Atal Pension Yojana scheme.

    18. Can Atal Pension Yojana account holders enjoy any tax benefits from the scheme?
    19. No, subscribers cannot get any tax deductions on the monthly contribution amount done under the Atal Pension Yojana scheme.

    20. Are Atal Pension Yojana subscribers eligible to change their monthly contribution amounts?
    21. Yes, monthly contributions amounts can be decreased or increased, depending on the subscriber’s requirements, once a year, during April.

    22. How can a subscriber check his Atal Pension Yojana account balance?
    23. Atal Pension Yojana subscribers will receive periodic statements regarding the status of their accounts and the balance available. Instant information can be got through an SMS alert on the registered mobile number.

    24. If a subscriber changes his city of residence, can he still make monthly contributions to his Atal Pension Yojana account?
    25. Yes, he can continue to make monthly contributions to his Atal Pension Yojana account without any interruptions, as the amount is paid only through preset auto-debits.

    26. What happens if an Atal Pension Yojana account does not hold the required amount of funds for making the monthly contribution?
    27. If the required amount of funds are not available in the subscriber’s account, then the bank will impose a penalty amount for each delayed contribution.

    28. What happens to an Atal Pension Yojana account if the subscriber becomes an NRI?
    29. Only Indian citizens are eligible to open an Atal Pension Yojana account. If an Atal Pension Yojana subscriber becomes an NRI, then the account will be closed. The accrued contribution amount will be given to the subscriber and this will be treated like a voluntary exit done before the age of 60.

    News About Atal Pension Yojana

    • Government provides social security cover for the unorganized sector

      A measure to reach out to people in the country who are less fortunate, the government enacted the Unorganised Workers' Social Security Act, 2008, to aid people from the rural areas and the unorganized sector. The welfare schemes falling under this act are: life and disability cover, old age protection and health and maternity benefits, while benefits under the National Social Security Board also fall under this act. To care for the senior citizens who are often neglected, the government launched the Atal Pension Yojana (APY). Here, senior citizen subscribers would get a fixed minimum pension, provided that the senior citizen is not an Income Tax payer or has any other statutory social security benefit from other schemes.

      5th December 2016

    • Rs.500 and Rs.1,000 Not Legal Tender

      PM Narendra Modi address the nation with an announcement that quite shocked the citizens. In efforts to curb black money in the economy, on 8th November, Modi declared all Rs.500 and Rs.1,000 notes to not be legal tender from midnight. People have the option to deposit all Rs.1,000 and Rs.500 notes into their bank or post office accounts, or they can exchange it for other denominations. All other denominations of notes and coins will be valid in the country including Re.1, Rs.2, Rs.5, Rs.10, Rs.50, and Rs.100. The deadline for depositing the invalid denominations falls on 30th December. Between 31st December and 31st March, people can still deposit or exchange the money at RBI branches with a declaration.While assuring the government that the PFRDA has the infrastructure in place to facilitate the merge, he iterated that consolidation will propel the growth of subscribers for pension products. In addition, he also requested the government to look into forming parity between the EPF and the NPS schemes, as the former is tax-free while in the case of the latter, only upto 40% is tax-free, while considering the consolidation.

      28th November 2016

    • Bring Pensions under one authority to boost coverage: Regulator

      Citing the need to boost the pension coverage of all schemes over the country from the current 13% to 20% by 2020-21, Hemant Contractor, the chairman of the Pension Fund Regulatory and Development Authority (PFRDA), urged the government to consider merging all pension schemes and products under one roof.

      With the National Pension Scheme (NPS) and the Atal Pension Yojana (APY) already under the the PFRDA, Hemant’s plea to the government was a conceived attack against the mutual fund and insurance companies regulated by the IRDAI (Insurance Regulatory and Development Authority of India) and SEBI (The Securities and Exchange Board of India).

      While assuring the government that the PFRDA has the infrastructure in place to facilitate the merge, he iterated that consolidation will propel the growth of subscribers for pension products. In addition, he also requested the government to look into forming parity between the EPF and the NPS schemes, as the former is tax-free while in the case of the latter, only upto 40% is tax-free, while considering the consolidation.

      22nd November 2016

    • Atal Pension Yojana Enrolling to Become Automatic?

      The PFRDA (Pension Fund Regulatory and Development Authority) is pondering on enrolling all employees automatically in the Atal Pension Yojana, which until recently was targeted at workers from the unorganised sector. A move like this would mean that even individuals who ply their trade in the private sector, semi-government and government organisations could potentially be enrolled in the scheme. The potential move to automatically enrol in Atal Pension Yojana will be an addition to any of the subscriptions customers may currently have, be it NPS or EPS. Since EPF and EPS may not be adequate for individuals to meet their financial requirements after retirement, enrolment into the Atal Pension Yojana is expected to help address the retirement crisis in India.

      21st November 2016

    • Social Security Schemes not Hitting Targeted Population

      The government’s social security schemes were set up mainly to target the rural Indian population but more than half of these schemes are being subscribed to by people living in urban areas. The three schemes under this are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the Atal Pension Yojana (APY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY). According to records near 6.3 crore of the 13 crore that have applied for these scheme hail from urban areas. The government announced these three schemes in regards to pension and insurance in the 2015 budget. These were mainly set up to create a universal social security system and mainly targeted the underprivileged sections of society. However, the targeted population is still not receiving the benefits of these schemes.

      14th November 2016

    • Savings Bank Account Can be Used to Enrol for Atal Pension Yojana

      Potential subscribers of the Atal Pension Yojana can now be enrolled by using the information in their savings bank account, thereby ensuring that the process can be completed quickly and without any hassles. The PFRDA (Pension Fund Regulatory and Development Authority of India) has made the necessary arrangements to make sure that individuals can join the scheme as easily as possible. The pension fund regulator recently revealed that banks will just have to enter the potential subscriber’s savings bank account number and the module of the Atal Pension Yojana will automatically pick up the necessary information from the master data base of the bank and the customers will then immediately be allotted a PRAN (Permanent Retirement Account Number).

      9th November 2016

    • Auto Enrolment under the Atal Pension Yojana Scheme

      The Pension Fund Regulatory and Development Authority (PFRDA) on Thursday, proposed auto enrolment of all persons irrespective of the nature of their employment, under the Atal Pension Yojana. In view of the fact that pensions are limited to salaried professionals and business class, government in 2004 had launched the National Pension System (NPS) to protect the underprivileged from economic deprivation. This voluntary contribution pension system which is regulated by PFRDA focuses on providing financial stability in the form of monthly pension or lump sum withdrawals.

      Under NPS scheme, the accounts are classified as Tier I and Tier II. Tier I account does not facilitate premature withdrawal whereas Tier II permits to withdraw money at any chosen time. However, more improvements have been made in the structuring of these accounts whereby a pre-existing Tier I account holder can join Tier II account and withdraw the invested amount. NPF contributions are categorized under the Exempt Tax (EET) regime.

      29th September 2016

    • Proposal for Automatic Enrolment in Atal Pension Yojana

      If you meet the proposed criteria, being employed might soon result in automatic enrolment for the Atal Pension Yojana. The Pension Fund Regulatory and Development Authority (PFRDA) has made a proposal to make enrolment of any person employed formally or informally by employer, organisation or department compulsory. The employer will be responsible for enrolling the individual. There will be no underlying obligation on the employer to contribute to this scheme. Once registered, the person has the option to discontinue the scheme. This move aims at widening the net of old age income security and increase coverage of the population under pension schemes. At the same time, it preserves the right of every individual to choose not to enrol in the scheme. The age criteria for this scheme is 18 years to 40 years. It has been proposed to extend it to 50 years.

      20th September 2016

    • Finance Minister to Meet Heads of PSU Banks

      Finance Minister Arun Jaitley will meet the heads of public sector banks to conduct a review on the first quarter performance of banks and financial institutions belonging to the public sector. Discussion on credit growth, bad loan situation, and the recovery steps by banks and the legislative measures opted by the government to expedite the recovery, will also be a part of the agenda. The meeting will also make an assessment of schemes such as PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), APY (Atal Pension Yojana), and PMSBY (Pradhan Mantri Suraksha Bima Yojana. The finance minister will also review the progress in MUDRA (Micro Units Development & Refinance Agency) and Stand Up India programme.

      According to sources, banks have already enhanced their efforts to recover bad loans. The gross NPA of the public sector banks have climbed to 9.32% from 5.43% last year.

      1st September 2016

    • Rs.99.57 crore released from Centre towards APY.

      The Central government announced that it has released funds amounting to Rs.99.57 crore as promised for its contribution towards the Atal Pension Yojana (APY) scheme for the FY 2015-16.

      If any individual has registered for the scheme on or before the 31st day of March, 2016, he or she will receive the co-contribution from the government. The co-contribution will be 50% of the contribution amount made by the registered individual.

      There are currently 16.96 lakh subscribers to the Atal Pension Yojana (APY) scheme.

      The Centre has also stated that no co-contribution will be paid to those subscribers who currently have any kind of pending contributions due in their accounts.

      1st August 2016

    • APY scheme coverage should increase: Government to PSBs.

      The sales target for the Atal Pension Yojana (APY) scheme was missed by a wide margin by Public Sector Banks (PSB) in the last year.

      The target for enrolling people in the first phase (which ended on 31st December 2015) under the Atal Pension Yojana scheme (APY) was 44,80,000 people, but SBI was only able to enrol 2,83,553 people in that phase. The target for the second phase (which ended on 31st March, 2016 was 4,86,180 but SBI only managed to enrol 50,315 people in the second phase. Needless to say, the PSBs, inclusing SBI, needs to step up their game and get the ball rolling on getting registrations for this scheme.

      The APY scheme has been designed to aid those who need the financial support it offers, and the distance between the target and what was achieved was highlighted in a recent review meeting presided over by Finance Minister Arun Jaitley.

      14th June 2016

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