Atal Pension Yojana (APY) – Details of the Scheme

1. Introduction

1.1 The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS). To address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, who constitute 88% of the total labour force of 47.29 crore as per the 66th Round of NSSO Survey of 2011-12, but do not have any formal pension provision, the Government had started the Swavalamban Scheme in 2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due to lack of guaranteed pension benefits at the age of 60.

1.2 The Government announced the introduction of universal social security schemes in the Insurance and Pension sectors for all Indians, specially the poor and the under-privileged, in the Budget for the year 2015-16. Therefore, it has been announced that the Government will launch the Atal Pension Yojana (APY), which will provide a defined pension, depending on the contribution, and its period. The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more.  The benefit of fixed minimum pension would be guaranteed by the Government. The APY would be introduced from 1st June, 2015.

2. Benefit of APY

2.1 Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.

PMAPY

3. Eligibility for APY

3.1 Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 201 5-16 to 2019-20, who join the NPS before 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers. However the scheme will continue after this date but Government Co-contribution will not be available.

3.2 The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.

4. Age of joining and contribution period

4.1 The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.

5. Focus of APY

5.1      Mainly targeted at unorganised sector workers.

6. Enrolment and Subscriber Payment

6.1 All bank account holders under the eligible category may join APY with auto-debit facility to accounts, leading to reduction in contribution collection charges. The subscribers should keep the required balance in their savings bank accounts on the stipulated due dates to avoid any late payment penalty. Due dates for monthly contribution payment is arrived based on the deposit of first contribution amount. In case of repeated defaults for specified period, the account is liable for foreclosure and the GoI co-contributions, if any shall be forfeited. Also any false declaration about his/her eligibility for benefits under this scheme for whatsoever reason, the entire government contribution shall be forfeited along with the penal interest. For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term. The subscribers are required to opt for a monthly pension from Rs. 1000 – Rs. 5000 and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April. Each subscriber will be provided with an acknowledgement slip after joining APY which would invariably record the guaranteed pension amount, due date of contribution payment, PRAN etc.

7. Enrolment agencies

7.1 All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through architecture of National Pension System. The banks, as POP or aggregators, may employ BCs/Existing non – banking aggregators, micro insurance agents, and mutual fund agents as enablers for operational activities. The banks may share the incentives received by them from PFRDA/Government, as deemed appropriate.

8. Operational Framework of APY

8.1 It is Government of India Scheme, which is administered by the Pension Fund Regulatory and Development Authority. The Institutional Architecture of NPS would be utilised to enrol subscribers under APY. The offer document of APY including the account opening form would be formulated by PFRDA.

9. Funding of APY

9.1 Government would provide (i) fixed pension guarantee for the subscribers; (ii) would co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to eligible subscribers; and (iii) would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.

10. Migration of existing subscribers of Swavalamban Scheme to APY

10.1 The existing Swavalamban subscriber, if eligible, may be automatically migrated to APY with an option to opt out. However, the benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016- 17, if eligible, and the NPS Swavalamban continued till such people attained the age of exit under that scheme.

10.2 The existing Swavalamban subscribers between 18-40 years will be automatically migrated to APY. For seamless migration to the new scheme, the associated aggregator will facilitate those subscribers for completing the process of migration. Those subscribers may also approach the nearest authorised bank branch for shifting their Swavalamban account into APY with PRAN details.

10.3 The Swavalamban subscribers who are beyond the age of 40 and do not wish to continue may opt out the Swavalamban scheme by complete withdrawal of entire amount in lump sum, or may prefer to continue till 60 years to be eligible for annuities there under.

11. Penalty for default

11.1 Under APY, the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/- per month as shown below:

  • 1 per month for contribution upto Rs. 100 per month.
  • 2 per month for contribution upto Rs. 101 to 500/- per month.
  • 5 per month for contribution between Rs 501/- to 1000/- per month.
  • 10 per month for contribution beyond Rs 1001/- per month.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

11.2 Discontinuation of payments of contribution amount shall lead to following:

  • After 6 months account will be frozen.
  • After 12 months account will be deactivated.
  • After 24 months account will be closed.

12. Operation of additional amount for delayed payments

12.1    APY module will raise demand on the due date and continue to raise demand till the amount is recovered from the subscriber’s account

12.2    The due date for recovery of monthly contribution may be treated as the first day /or any other day during the calendar month for each subscriber. Bank can recover amount any day till the last day of the month. It will imply that contribution are recovered as and when funds are available any point during the month.

12.3    Monthly contribution will be recovered on FIFO basis- earliest due instalment will recovered first along with the fixed amount of charges as mentioned above.

12.4 More than one monthly contribution can be recovered in month subject to availability of the funds. Monthly contribution will be recovered along with the monthly fixed due amount, if any. In all cases, the contribution is to be recovered along with the fixed charges. This wilbe banks’ internal process. The due amount will be recovered as and when funds are available in the account.

13. Investment of the contributions under APY

13.1 The amount collected under APY are managed by Pension Funds appointed by PFRDA as per the investment pattern specified by the Government. The subscriber has no option to choose either the investment pattern or Pension Fund.

14. Continuous Information Alerts to Subscribers

14.1 Periodical information to the subscribers regarding balance in the account, contribution credits etc. will be intimated to APY subscribers by way of SMS alerts. The subscribers will have the option to change the non – financial details like nominee s name, address, phone number etc whenever required.

14.2 All subscribers under APY remain connected on their mobile so that timely SMS alerts can be provided to them at the time of making their subscription, auto-debit of their accounts and the balance in their accounts.

15. Exit and pension payment

15.1 Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.

15.2 Exit before 60 years of age is not permitted, however, it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

16. Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of subscribers

16.1 The Table of contribution levels, fixed minimum monthly pension to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period is given below. For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins at the age of 18 years. For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454, if the subscriber joins at the age of 40 years.

Table of contribution levels, fixed monthly pension of Rs. 1,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years of
Contribution
Indicative Monthly Contribution (in Rs.) Monthly Pension
to the subscribers and   his spouse
(in Rs.)
Indicative  Return    of Corpus  to the nominee of the subscribers (in Rs.)
18 42 42 1,000 1.7 Lakh
20 40 50 1,000 1.7 Lakh
25 35 76 1,000 1.7 Lakh
30 30 116 1,000 1.7 Lakh
35 25 181 1,000 1.7 Lakh
40 20 291 1,000 1.7 Lakh

Table of contribution levels, fixed monthly pension of Rs. 2,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years         of
Contribution
Indicative Monthly Contribution (in Rs.) Monthly Pension to the subscribers and his spouse (in Rs.) Indicative Return of Corpus to the nominee of the
subscribers (in Rs.)
18 42 84 2,000 3.4 lakh
20 40 100 2,000 3.4 lakh
25 35 151 2,000 3.4 lakh
30 30 231 2,000 3.4 lakh
35 25 362 2,000 3.4 lakh
40 20 582 2,000 3.4 lakh

 Table of contribution levels, fixed monthly pension of Rs. 3,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years          of
Contribution
Indicative Monthly Contribution (in Rs.) Monthly Pension to the subscribers    and his    spouse    (in
Rs.)
Indicative Return of Corpus       to       the nominee      of     the
subscribers (in Rs.)
18 42 126 3,000 5.1 Lakh
20 40 150 3,000 5.1 Lakh
25 35 226 3,000 5.1 Lakh
30 30 347 3,000 5.1 Lakh
35 25 543 3,000 5.1 Lakh
40 20 873 3,000 5.1 Lakh

Table of contribution levels, fixed monthly pension of Rs. 4,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years        of
Contribution
Indicative Monthly Contribution    (in Rs.) Monthly    Pension
to the subscribers and his spouse
(in Rs.)
Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18 42 168 4,000 6.8 Lakh
20 40 198 4,000 6.8 Lakh
25 35 301 4,000 6.8 Lakh
30 30 462 4,000 6.8 Lakh
35 25 722 4,000 6.8 Lakh
40 20 1164 4,000 6.8 Lakh

Table of contribution levels, fixed monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining Years          of
Contribution
Indicative Monthly Contribution   (in Rs.) Monthly Pension to the subscribers and his   spouse
(in Rs.)
Indicative Return of Corpus to       the nominee of      the subscribers (in Rs.)
18 42 210 5,000 8.5 Lakh
20 40 248 5,000 8.5 Lakh
25 35 376 5,000 8.5 Lakh
30 30 577 5,000 8.5 Lakh
35 25 902 5,000 8.5 Lakh
40 20 1,454 5,000 8.5 Lakh

 Frequently Asked Questions-Atal Pension Yojana

Q1. What is Pension? Why do I need it?

A Pension provides people with a monthly income when they are no longer earning. Need for Pension:

  • Decreased income earning potential with age.
  • The rise of nuclear family-Migration of earning members.
  • Rise in cost of living.
  • Increased longevity.

Assured monthly income ensures dignified life in old age.

Q2.What is Atal Pension Yojana?

Atal Pension Yojana (APY),1 a pension scheme for citizens of India focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

Q3. Who can subscribe to APY?

Any Citizen of India can join APY scheme. The following are the eligibility criteria,

i        The age of the subscriber should be between 18 – 40 years.

ii        He / She should have a savings bank account/ open a savings bank account.

iii        The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.

Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.

Q4.  Who are the other social security schemes beneficiaries not eligible to receive Government co-contribution under APY?

Beneficiaries who are covered under statutory social security schemes are not eligible to receive Government co-contribution. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution:

i. Employees’ Provident Fund & Miscellaneous Provision Act, 1952.

ii. The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.

iii. Assam Tea PlantationProvident Fund and Miscellaneous Provision, 1955.

iv. Seamens’ Provident Fund Act, 1966.

v. Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act,

Any other statutory social security scheme.

Q5.  How much pension will be received under APY?

Guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

Q6.  What is the benefit in joining APY scheme?

In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.

Q7. How are the contributions of APY invested?

The contributions under APY are invested as per the investment guidelines prescribed by Ministry of Finance, Government of India. The APY scheme is administered by PFRDA/GOVERNMENT.

Q8. What is the procedure for opening APY Account?

i       Approach the bank branch where individual’s savings bank account is held.

ii       Fill up the APY registration form.

iii      Provide Aadhaar/Mobile Number.

iv     Ensure keeping the required balance in the savings bank account for transfer of monthly contribution.

Q9.  Whether Aadhaar Number is compulsory for joining the scheme?

It is not mandatory to provide Aadhaar number for opening APY account. However, For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.

Q10.  Can I open APY Account without savings bank account?

For joining APY, savings bank account is mandatory.

Q11. What is the mode of contribution to the account?

All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.

Q12. What is the due date for monthly contribution?

The due date for monthly contribution will be as per the initial date of deposit of contribution into APY.

Q13. What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date?

Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:

i. Rs. per month for contribution upto Rs. 100 per month.

ii. Rs. per month for contribution upto Rs. 101 to 500/- per month.

iii. Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.

iv. Rs. 10 per month for contribution beyond Rs 1001/- per month.

Discontinuation of payments of contribution amount shall lead to following:

After 6 months account will be frozen.

After 12 months account will be deactivated.

After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Q14. How much should I invest in APY to get the guaranteed pension of Rs. 1000?

Age of Joining Years of Contribution Indicative Monthly contribution
18 42 42
20 40 50
25 35 76
30 30 116
35 25 181
40 20 291

All the contributions are to be remitted monthly through auto debit facility from savings bank account of the subscriber.

*For detailed age wise contribution refer Annexure 1.

Q15. Is it required to furnish nomination while joining the scheme?

Yes. It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable. Their aadhaar details are also to be provided.

Q16. How many APY accounts I can open?

A subscriber can open only one APY account and it is unique.

Q17. Will there be any option to increase or decrease the monthly contribution for higher or lower pension amount?

The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.

Q18. What is the withdrawal procedure from APY?

A. On attaining the age of 60 years:

The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.

B. In case of death of the Subscriber due to any cause:

In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

C. Exit Before the age of 60 Years:

The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

Q19. How will I know the status of my contribution?

The status of contributions will be intimated to the registered mobile number of the subscriber by way of periodical SMS alerts. The Subscriber will also be receiving physical Statement of Account.

Q20. Will I get any statement of transactions?

Yes. Periodic statement of APY account will be provided to the subscribers.

Q21. If I move my residence/city, how can I make contributions to APY account?

The contributions may be remitted through auto debit uninterruptedly even in case of dislocation.

Q22.  What will happen to existing subscribers in Swavalamban Yojana?

  • All the registered subscribers under Swavalamban Yojana aged between 18-40 yrs will be automatically migrated to APY with an option to opt out. However, the benefit of five years of Government Co-contribution under APY would be available only to the extent availed by the Swavalamban subscriber already. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only for 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attain the age of exit under that scheme.
  • Other subscribers above 40 years who do not wish to continue may opt out of the scheme with lump sum withdrawal.
  • Subscribers above 40 years may also opt to continue till the age of 60 years and eligible for annuities.
  • The existing Swavalamban scheme may be automatically migrated to APY

Indicative APY Contribution Chart (Agewise)

Annexure 1.

Age of Entry 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 1,087
38 22 240 480 720 957 1,196
39 21 264 528 792 1,054 1,318
40 20 291 582 873 1,164 1,454

(Article is Compiled by Taxguru Team based on Information from Various Government Websites)

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85 responses to “All about Atal Pension Yojana (APY)”

  1. Ravindra Kumar says:

    Me and MY Wife has opened APY in SBI. can we get pension both after the 60 Years?

    Me mention nominee name is my wife name and My wife mention nominee me, is that correct ? if it is not correct than can we change the nominee name as my child in future ??

    Please confirm
    Thanks

  2. Jagdish says:

    My self Jagadish Kumar, I am banker i have planned to take an customer meet with an subject of APY scheme. I need few quality clarifications for my below questions before explaining to customers so that it will help both customer & bank.

    Suppose Mr A.. have enrolled in APY scheme for Rs 5,000/- pension on 22 Feb 2017 & he will be an bachelor & have nominated his mother as nominee & same nominee will be nominated in Saving Bank account.

    Mr A.. got married after 5 years.

    My Questions are

    1. If he dies after 6 months due to accidental/in natural cause in how many days will pension starts to nominee.

    2. Is their any minimum years of contribution for receiving pension to nominee on event of death of subscriber.

    3.On the event of accidental death of both subscriber & nominee before 5 years(before marriage) on same date who will receive the scheme benefits.

    4.After death of subscriber (before marriage) nominee will receive pension till her death. After the death of nominee who will receive Corpus amount.

    4.How will nominee en-role the person for receiving Corpus amount ,What is the procedure ?

    5. What is the procedure for claiming pension amount by spouse ?

    6. After marriage wife will receive pension, if nominee (mother) is expired who will receive corpus amount on event of death of spouse.

    7. If wife expired and in how many days Nominee will receive corpus amount ?

    8. What is the procedure to change nomination in APY scheme ?

    9. Government contribution is Monthly, Quarterly,Half Yearly, Yearly ?

    10.What should be the average age nominee?

    Sorry for the trouble.

  3. ASHOKE KUMAR GHOSH says:

    CAN I REBATE U/S 80C THE AMOUNT OF ATAL PENSION YOJANA ?

  4. Syed Khan says:

    Will the pension amount paid post 60 years will be taxable?

  5. Sarita N says:

    Can I show this APY contribution to get Income Tax benefit under 80C? please confirm.

  6. Gaurang Mehta says:

    can i get any income tax benefits for this scheme ?

  7. Sunil Panchak says:

    I am tax payer & have taken APY scheme – completed 8 months already. I just came to know that this scheme is not applicable for tax payers. Now if i want to discontinue this scheme, can i get my money back invested in this scheme. if i can’t do it now, when can i discontinue it? Please advice urgently SIR. thanks Sunil P

    • ranjeet says:

      Tax payer को गवर्नमेंट कॉन्ट्रिब्यूशन नहीं मिलेगा बस ये सबके लिए अब सर्कार 80सीसीडी के तहत जैसे नपस में छुट भी दे रही है ।

  8. abul says:

    Tax Benefits in APY?

    The government made it very clear that people who pay taxes cannot avail Atal Pension Yojana. This means that payments made under this scheme will not have any tax benefits. The reason is simple! Those who do not pay taxes are in of no need for tax benefits and hence, no such provision.

    • Manoj jaiswal says:

      Please read below

      Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.

      For tax payer Government co-contribution would not be available .That’s it. Tax payer can also join the APY.
      Let me correct with proper authorized link if i am wrong.

      Now my question is Tax Benefits in APY? is it come under 80CCE or 80 CCD?

  9. Anshuli Tiwari says:

    I joined Apy
    My age. Is 28
    Due to bank default my date of birth is 23/04/1980 but my actual date of birth is 23/04/1987
    Due to such mistake done by bank my apy deductibles amount is Rs 902 PM instead of Rs 485 pm.. What should I do for refund and renew of Apy

    My adhaar card is linked with apy and that document have a record of my actual dob ie 23/04/1987

  10. Srikanth Iyangar says:

    I opened an APY account on 02-Nov-2015. After opening they allotted a PRAN Number to me. Now I want to open a NPS account for tax saving purpose. Is it allowed to open a NPS account with existing APY account?

  11. Kkchapeyar says:

    If the dies before attaining age of 60 years. Whether nominee will continue his contribution or what amount guaranteed corpus fund will be return to the nominee.

  12. Mahesh Krishna Ambekar says:

    Dear Sir,
    Can we claim the amount of contribution for tax rebate under 80C.

    Now I am not paying the TAX…..Because I have some Insurance bond, mediclaim etc. So, I am not paying the TAX…After some years My salary will increase so that time I need to pay tax and I have PF account is deducted from private office. Please sagest me…What I need to do.

    Regards,
    Mahesh Ambekar

  13. Heman says:

    Dear Sir,
    Can we claim the amount of contribution for tax rebate under 80c

  14. Rohiniviswanathan says:

    Can i join this scheme now. I want to enroll my daughter also in this scheme. Fo r that shall i pay the premium from my sb a/c instead of her.

  15. Savita.Kambli says:

    Now I am not paying the TAX…Because I have some Insurance bond, rent paying So, I am not paying the TAX…After some years My salary will increase so that time I need to pay tax and I have PF account is deducted from private office. Please sagest me…What I need to do.

    Already me and my husband has opened APY in SBI. Is it good or not or we need to stop it (Because after this government will not rise these).

    Please reply…or mail me.

  16. Savita.Kambli says:

    Hi I am working in one of the private company. They are deducting the PF in every Month. So, I am eligible for APY.

  17. Anshul Modi says:

    How do I opt for government co-contribution? I have already opened APY account few months back but the bank had not asked for this particular detail.

  18. KANAKARAJU H says:

    I have enrolled in APY scheme and paying Rs.1196/- per month. This amount can I get any tax rebate under section 80 C. Please reply me.

  19. ravi chandra says:

    hi sir i subscribed for apy and i recieved acknowledgment number for my mobile no.but amount not debited in my account

  20. ANAND says:

    i have two query about APY, first query is about Indicative Return of Corpus to the nominee of the subscribers. can anybody explain its functionality? second Query is that, if i Start an APY account and donot able to pay monthly contribution after 5-6 years (so my account will closed) then what will happened to my deposited amount?

  21. Gagan says:

    Sir if a govt servant comes under New Pension Scheme opens APY Account of his wife who is not employed anywhere will that Govt employee be eligible for pension after his wife ?? Please explain Sir

  22. Karthik says:

    Hi,,,

    My age is 30 and my wife is 25

    We have applied “Atal Pension Yojana”(5000 per month) for both me & Wife..amount has been deducting for both like below

    376/- ruppes for my wife , I need to pay for 35 years

    577/- for me,I need to pay for 30 years

    i have a below questions, could u please clarify

    1) I am thinking that ..unnecessarly i have taken policy for my wife because i already have APY

    2) Is It good have a APY for both me & Wife, For one person in famaily will have a pension is sufficient right?

    3) Instead of paying amount 4512 yearly upto 35 years for my wife, i could have taken some other insurance policy for 15 years .

    Please suggest me,

    whether it is good to invest money in APY for both me & wife?

    else

    Can i cancel APY for my wife and i will apply NPS for me ..Is it Good?

    • anil says:

      Hi I suggest you should invest in APY.Because it will geiven you gauranteed income of 10000 for both while NPS does not provide such type of gurantee.

  23. Prasad Deshpande says:

    i am a service peron having month salary of Rs 65000 & having contributing in PPF , Pradhan Mantri Jeevan Jyoti Bima Yojana & Pradhan Mantri Suraksha Bima Yojana also, My query is will I be eligible for Atal Pension yogana.

  24. Prasad Deshpande says:

    I am a service person earning around RS 60,000 per month of monthly salary, I am having PPF account & also contributed for Pradhan Mantri Suraksha Bima Yojana & Pradhan Mantri Jeevan Jyoti Bima Yojana, will I be Eligibile for Atal pension yogana.

  25. prasad says:

    I have few queries…

    How is the age for enrollment calculated? Is it as per nearest birthday or only number of years completed?

    What is the lump sum amount paid to nominee for various pension amounts? Does it depend upon corpus accumulated or fixed by govt.?

    If the policy holder expires before 60, what lump sum amount will be paid to nominee for 5000/- pension scheme?

    In case the policy holder expires before 60,
    do the spouse need to pay premium for remaining term?
    Will the spouse start getting pension (immediately or after 60 yrs) or will get lump sum amount?
    If spouse gets pension, after spouse expiry, will the nominee get lump sum?

    If no premium deposited for 24 months, the account gets closed. What will happen to corpus accumulated?

    Is it possible to withdraw Lump sum amount / accumulated corpus amount any time during the policy (before 60 yrs age) / (after start of pension by self or by spouse due to death of policy holder)?

    If the spouse and nominee are same, how will it work for providing pension to spouse and lump sum to nominee?

    I know the queries are many, but I believe answers to these will help many get a clarity, and decide on subscribing for this scheme.

    Thanks in advance for your time and efforts in answering these queries.

  26. harsha says:

    hi all,

    Am i and spouse both can avail for this scheme individually.
    will i get both the pensions,

    1. if one of them demise
    2. both alive
    3. does the widow pension scheme is applicable(like 50% pension credited to the alive spouse)

  27. puvannan says:

    my query is suppose some one joined 5000 pension scheme am successfully completed 60 years then I get pension na like this they will get 65 years after that subscriber dead and spouse also no more the how much corpus amount will given to nominee. means the total taken pension 60-65 amount will debit from total corpus amount(8.5lakh)?. please tell me how much amount will get to the nominee after death of subscriber and spouse. – See more at: https://taxguru.in/finance/atal-pension-yojana-apy.html#sthash.0Tf7auMr.dpuf

  28. AMAR says:

    IF APY SUBSCRIBER UNABLE TO SUBSCRIBE IN FUTURE, WILL ALL ACCUMULATED SUBSCRIBED AMOUNT BE FORFEITED ?

  29. Rishabh says:

    My query is suppose i subscribed for apy and after some (2/3)years i want to change the nominee, is it possible to do so and how?

  30. ANIL KUMAR SINGH says:

    my query is subscriber died at the age of 75 pension should continue for his spouse ? when his spouse is died the indicative return of corpus given to his nominee ? and in case of spouse & nominee is same person ,what happen? Please clear this point.

  31. Shiv Kumar Singh says:

    Sir,
    I have some questions, which are as under :
    i) I am a Income Tax Payee. Can I join APY Scheme?
    ii) In case of death then spouse has to pay the premium or not?
    Regards
    Shiv kumar singh

  32. Bharati says:

    How is the return pattern after being 60 of age how long will i get the pension??? is it till my death or for a specific period??? will the wholesome be provided in a lump sum at a time??-eg: RS.8.5 lac in case of 5000 pension scheme? or else it will be provided monthly??? if monthly then how long after the age of 60?? please clarify

  33. Prasun says:

    Dear Sir

    I have my own NPS account maintained by self only. Can I open APY? please advise

    Best Regards,
    Prasun

  34. Subhajit Basu says:

    Dear Sir,
    I am 27 yrs.old, working in a private college and not yet tax payer. I joined APY in the SBI on 20.06.2015. After some years if I am to pay IT what will be my fate.If it is stopped automatically should I claim accumulated amount ?

  35. alok rungta says:

    it is written in documents that after 24 months account will be closed, if a person discontinues to invest in pension fund.What will happen to the money invested ? Is it to be returned to investor or not – See more at: https://taxguru.in/finance/atal-pension-yojana-apy.html#sthash.PwhPlKEY.dpuf

  36. SUDHIR MORESHWAR BIDWAI says:

    Dear sir
    What is the alternet scheme for APY scheme If i crossed my age limit and not able to participate

    please ask

  37. rabindra kumar panigrahi says:

    Dear Mam
    My details
    DOB-07-03-1984
    WHAT IS THE EMI PER MONTH FOR 5000/ PENSION /MONTH

    IF AFTER THE AGE OF 80 YEARS THE PERSON DEATH HAPPEN THEN THE RETURN DETAILS..
    BENEFITS LIKE TOTAL AMOUNT I DEPOSIT AND RETURN..

    BANKS LIKE SBI, ICICI IS THERE ANY PROVISION FOR ONLINE OPENING…

    IS THERE ANY DISCOUNT FOR CUSTOMER WHO WANT TO DEPOSIT THE EMI FOR YEARLY,HAPPY EARLY OR QUARTERLY..

    PLZ RPLY ME..

  38. Asish K Das says:

    It has been stated in the Write UP that “In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.”

    Now, my question is: if the subscriber dies before attaining the age of 60, will his nominee or spouse would still get pension? If so, what will be the rate of pension?

  39. Ajith says:

    Sir, On APY , if the payer joines the scheme at the age of 38 yrs dies in his early age (say at 50) after paying the premium for only 12 years. What will the nominee gets at this condition (Please note the case that She is not possible to pay the balance premium )

  40. Montu Shah says:

    Suppose someone joined @ 23 years age and paid contribution of 17 years and expired @ 40 years age. then whether his wife will get Pension ? if yes , at what age pension will be started and further whether his wife have to contribute for the rest of period i.e. 40 to 60 years?

  41. Vijay Mangave says:

    If I stop Atal Pension Yojana Can I got my invested money back

  42. S.S. Rawat says:

    Dear sir,

    I have a similar query supposed if a pensioner completed 60 years and he took pension only one year and he got died after leaving nominee wife then wat would she get reimburse.

    regards

  43. Kaushik Paul says:

    Sir,
    I have some questions, which are as under :

    i) I am a Income Tax Payee. Can I join APY Scheme?
    ii) In case of death then spouse has to pay the premium or not?

    Regards
    Kaushik Paul

  44. Susmita says:

    How is the return pattern
    after being 60 of age how long will i get the pension???
    is it till my death or for a specific period???
    will the wholesome be provided in a lump sum at a time??-eg: RS.8.5 lac in case of 5000 pension scheme?
    or else it will be provided monthly???
    if monthly then how long after the age of 60??
    please clarify

  45. MRITYUNJAY Kumar says:

    Sir, I file my ITR Since year 2008 but below the level.Can I avail the benefit of APY Pension plan.

  46. G.V.SESHAVATHARAM says:

    Dear sir, I am 50 years old now and working for an autonomous body which is not having any proper policy for the employees. Of course they are cutting PF but after the completion of my service I may be getting only 2 or 3 thousand rupees a month which is not enough to meet my ends. so now i want to invest at least a lac for year but need at least Rs. 10,000 a month which could be just equal to about Rs.1000/- as the cost of living that day. so how could the government help me to fulfill my needs to the extend of a small family for a wife and husband. Pl. give a solution that is helpful to many private employees and their life value.

  47. shankar says:

    Sir I m a govt employee on defence so I have open a atal pension yojana

  48. jagmohan says:

    I am in crpr ,I can do atal panson yogana,

  49. vivek rakunde says:

    Sir
    Ipresently I am working in pvt company. And PF is deducting in my salary. as per my understanding , in attal pension scheme, who ever deducting there PF there are not elgable for this scame. please correct me if my understanding is right. Due to uncertainty of job. (Since I am in pvt company) or due to health problem, if I am not able to work in future. Deduction PF will autometicaly stop. Don’t you think we are all also should add for this scheme.

  50. samiran says:

    I AM TAX PAYER .can I join this APY SCHEME?

  51. ANAND PRAKASH says:

    Sir,
    These schemes are only to motivate the savings by depositer.
    Hope all should welcome otherwise wester culture wil arise i.e.
    eat and enjoy & left nothing behind.
    A.P.Saxena
    Advocate

  52. S A KRISHNAN says:

    I would like to enrol my son who is a college graduate at present in the scheme. At present he is unemployed and is not covered by any social security scheme. When he gets a job on a later date along with social security schemes, can he continue to be a member of this scheme. If not, what will happen to the initial monthly contributions. At present he is eligible for government contributions to his account. What will happen to this contribution on a future date when he gets a job?

  53. Vijay Kumar Shetty says:

    Really every employees of private sector invest this scheme. After 60 years if both husband & wife get Rs.5000/- per month then they need not depends their children. Thanks to Modiji

  54. A.K.Katiyar says:

    Dear sir
    I want to kinow that if i will deposite Rs 5000/ per month and my age is 40 years there will be corpus deposite 8.5 lacs after 20 years. That corpus will be hand over to me after 20 years or not and accordingly pension details.

    Regards.
    A.K.katiyar
    8756331020

  55. Sunil kumar says:

    Govt. is making fool. For pension of Rs.5000 contribution has been fixed in such a way that corpus becomes around 8.5 lakh at age 60 years @8% per annum. Then interest on 8.5 lakh amounts Rs.60,000 per year which will be given as pension. Now the issue is suscriber and even his/her spouse will have no right on his corpus. It will be given to the nominee the death of both.

    If same invvestment is done in any 8% post office scheme. Anyone can give 5000 per month pension to himself and his corpus will be at his disposal. Even with his age corpus will increase year by year even by withdrawing 5000 per month.

  56. Yash says:

    It is a waste policy as the govt. has put so many clauses. I wanna buy the policy for my brother. as for now he is not a tax payer when he will be then what will happen to the policy.

  57. MIGHTY BOMBER says:

    Unclarified points :
    1)What happens after 2019 ? If there is no contribution from government and a person just deposits his share of money in pension fund, is the investor sure to receive the pension ?
    2)It is written in documents that after 24 months account will be closed, if a person discontinues to invest in pension fund.What will happen to the money invested ? Is it to be returned to investor or not ?
    3)For how long after sixty years pension is to be provided ? Till person is alive or any particular period ?
    4)What if a person wants to change his plan from Rs.2000 per month pension to Rs.4000 per month pension ? Is it possible ?
    5)Government is to contribute at the most only Rs.5000 per person in five years, this amount is too small.

  58. ronak says:

    Dear All

    As per this policy tax payer can not apply for this. My Question is that if some one applies for this at that point of time he is not a tax payer but after few years he come under tax payer then will he get the benefits or not…?
    He need to continue his payments or should stop it & close the plan…

    Mob:9001602333

    Pls clear it..?

  59. rajesh says:

    I am 45year old cen i join APY

  60. AGD says:

    ———————————
    if i deposit 181 rs every month which is the amount according to my age 35 for 25 years in a recurring deposit at 9% it comes out to 20 LAC something after 25 years and let’s say even if interest rate at that time is 5% then i would be getting 1Lac every year or 8500 every month.Goverment thinks we are idiot they should encourage people to save more then to spend more.Shit scheme for anybody as per my understanding. – See more at: https://taxguru.in/finance/atal-pension-yojana-apy.html#comment-1658757
    ———————————

    Can someone tell me how is that possible…..

    when i try monthly installment of 500 at 9% interest for 360 months i get anount around 100000

  61. Rahul sharma says:

    Also if central govt. Contribute 50% or 1000 Rs for the period of 5 years, the maturity amount should be greater but its not increased. So why govt. Wants to make us fool

  62. Rahul sharma says:

    There ia nothing special in that scheme , its better to invest in rd for 25 years instead of APY as subscriber can opt out his money in case of any emergency by withdrawing rd , he should not have to wait till the age of 60 years. Rd will give you more return than APY.

  63. Vaidehi Bhalavi says:

    Plz Increase the age limit because my parents cross 40 and i will have to Contribute for my parents with the help of APY.

  64. Azad Samdani says:

    Some points are not clear:
    1) Rebate in Income Tax or not
    2) If Sum Assured or insurance of subscriber is equal to corpus fund or not.
    3) If not insurance of subscriber, then it is like a Recurring Deposit?
    4) If it is like a Recurring Deposit, then lose of subscriber is too much.

  65. Sukumar says:

    I would like to know what is the position of the contribution if anyone were die before the age of 60? and what happens to the pension after death.

  66. gouri prasad says:

    my query is subscriber died at the age of 75 pension should continue for his spouse ? when his spouse is died the indicative return of corpus given to his nominee ? and in case of spouse & nominee is same person ,what happen?

  67. Shammi more says:

    PPF is much better then APY as we get 8.5% retunr now and even if it reduced to 7.5% in future then also be PPF is much better.

  68. Subroto says:

    What is “Indicative Return of Corpus to the nominee of the subscribers” –

  69. pra says:

    In case anybody join this scheme after three year he will dead what is next step by gov.and bank for nominees paying all instalment and pension process.

  70. sukanta sen says:

    PUBLIC PROVIDENT FUND is better than APY

  71. G PRABHAKAR NAYAK says:

    Good number of schemes are introduced and it may well received by the public in general. But government has not come out any schemes above the age of 60 years.

  72. rahul says:

    if i deposit 181 rs every month which is the amount according to my age 35 for 25 years in a recurring deposit at 9% it comes out to 20 LAC something after 25 years and let’s say even if interest rate at that time is 5% then i would be getting 1Lac every year or 8500 every month.Goverment thinks we are idiot they should encourage people to save more then to spend more.Shit scheme for anybody as per my understanding.

  73. xyz says:

    waste policy if our age is 30 and we invest the mentioned amount into rd we can get 6000 as pension on the amount @ 60 years.

  74. Biplab says:

    I don’t understand, why the nominees are eligible for corpus amount in place of pension holder ?

  75. Biplab says:

    Pension should be start at the age 50 or 55

  76. S. P. MANDAL says:

    AT LOHITT OF DISTRICT OF ARUNACHAL PRADESH STILL ADHAR CARD IS NOT AVAILABLE. IT POSSIBLE TO JOIN IN APY?

  77. sandeep pait says:

    its a very good step taken by..our PM Modi..i really like the shceme…but little bit confuse about the requirment of adhar card..becouse iam till not getting my adhar no..

  78. arijit dey says:

    miximum age should be enhanced to 50 years

  79. Santhosh says:

    my query is suppose some one joined 5000 pension scheme am successfully completed 60 years then I get pension na like this they will get 65 years after that subscriber dead and spouse also no more the how much corpus amount will given to nominee. means the total taken pension 60-65 amount will debit from total corpus amount(8.5lakh)?. please tell me how much amount will get to the nominee after death of subscriber and spouse.

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