IndusInd Bank Atal Pension Yojana

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IndusInd Bank provides the Atal Pension Yojana, a government scheme, to customers belonging to the unorganised sector. One can receive a fixed monthly pension ranging from Rs.1,000 to Rs.5,000 after he or she turns 60 years old.

IndusInd Bank formally came into existence in the year 1994, and started with a capital of Rs. 1000 million. This amount was contributed by Indian residents and NRIs with the vision of contributing towards India's social and economic development.

Currently, IndusInd Bank boats of a wide network of more than 800 branches and over 1500 ATMs spread across the entire country.

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IndusInd bank also has representative offices in London and Dubai.

Features of IndusInd Bank Atal Pension Yojana

The key features of government's Atal Pension Yojana scheme, provided by IndusInd Bank, have been listed below -

Under this Indusind Bank Atal Pension Yojana scheme the subscribers will receive a fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, depending on their contributions (which in turn is based on the age of joining the APY).
They are entitled to receive the stipulated amounts on hitting the age of 60.
The minimum age of joining Indusind Bank Atal Pension Yojana is 18 years and maximum age is 40 years.
The minimum period of contribution, by any subscriber, under Atal Pension Yojana is 20 years or more.
APY has been introduced from 1st of June 2015 and, the benefit of guaranteed minimum pension will be decided by the Government.

Eligibility for IndusInd Bank Atal Pension Yojana

Indusind Bank Atal Pension Yojana is open to all bank account holders. The Central Government will also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower.
The above contribution will be made to each eligible subscriber account, for a period of 5 years.
This is valid for people who join the NPS before 31st December, 2015, are not members of any statutory social security scheme and aren't income tax payers.
Even though the scheme will continue after the aforementioned date but Government Co-contribution will not be available.
The Government co-contribution is payable to eligible PRANs by PFRDA. This is done only after receiving the confirmation from Central Record Keeping Agency at that period as may be decided by PFRDA.

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Given below is comprehensive table which lists out the contribution and accumulated corpus and Pension benefit chart for all ages of subscribers under Atal Pension Yojana-

Age at which you start contributing	Number of years that you contribute	Pension of INR 1,000 per month	Pension of INR 2,000 per month	Pension of INR 3,000 per month	Pension of INR 4,000 per month	Pension of INR 5,000 per month
18 years	42 years	INR 42	INR 84	INR 126	INR 168	INR 210
19 years	41 years	INR 46	INR 92	INR 138	INR 183	INR 228
20 years	40 years	INR 50	INR 100	INR 150	INR 198	INR 248
21 years	39 years	INR 54	INR 108	INR 162	INR 215	INR 269
22 years	38 years	INR 59	INR 117	INR 177	INR 234	INR 292
23 years	37 years	INR 64	INR 127	INR 192	INR 254	INR 318
24 years	36 years	INR 70	INR 139	INR 208	INR 277	INR 346
25 years	35 years	INR 76	INR 151	INR 226	INR 301	INR 376
26 years	34 years	INR 82	INR 164	INR 246	INR 327	INR 409
27 years	33 years	INR 90	INR 178	INR 268	INR 356	INR 446
28 years	32 years	INR 97	INR 194	INR 292	INR 388	INR 485
29 years	31 years	INR 106	INR 212	INR 318	INR 423	INR 529
30 years	30 years	INR 116	INR 231	INR 347	INR 462	INR 577
31 years	29 years	INR 126	INR 252	INR 379	INR 504	INR 630
32 years	28 years	INR 138	INR 276	INR 414	INR 551	INR 689
33 years	27 years	INR 151	INR 302	INR 453	INR 602	INR 752
34 years	26 years	INR 165	INR 330	INR 495	INR 659	INR 824
35 years	25 years	INR 181	INR 362	INR 543	INR 722	INR 902
36 years	24 years	INR 198	INR 396	INR 594	INR 792	INR 990
37 years	23 years	INR 218	INR 436	INR 654	INR 870	INR 1,087
38 years	22 years	INR 240	INR 480	INR 720	INR 957	INR 1,196
39 years	21 years	INR 264	INR 528	INR 792	INR 1,054	INR 1,318
40 years	20 years	INR 291	INR 582	INR 873	INR 1,164	INR 1,454
Indicative Return of Corpus to the nominee of subscribers		Rs. 1.7 lakhs	Rs. 3.4 lakhs	Rs. 5.1 lakhs	Rs. 6.8 lakhs	Rs. 8.5 lakhs

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