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. IndusInd bank also has representative offices in London and Dubai.
Government of India aims at providing old age income security to the working poor, hence wants to enable them to join the National Pension System (NPS). This is a huge step towards the welfare of people working in the unorganised sector, as it minimises the long term financial risks that they might face in their life, post-retirement. It is a pity that these labourers of the unorganised sector, who form a significant amount of the country’s labour force, are not entitled to any formal pension scheme. Unless they save money, voluntarily, for their post-retirement period, it is highly likely they will face a financially uncertain future.
Owing to an attempt to eradicate these financial uncertainties, the Government of India has introduced universal social security schemes in insurance and pension sectors for poor and underprivileged Indians. The budget for the 2015-2016 announced the launch the Atal Pension Yojana. This scheme will provide a defined pension, depending on the contribution, and its period to workers in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Features of IndusInd Bank Atal Pension Yojana
The key features of government’s APY 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 (APY) 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.
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 (APY) -
|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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