The Atal Pension Scheme

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The Atal Pension Scheme will bring security to ageing Indians while at the same time promote a culture of savings and investment among the lower and lower middle class sections of society. One of the greatest benefits of the scheme may be enjoyed by the poorer sections of society. The government of India has decided to contribute 50 percent of the user’s contribution or INR 1,000 a year (whichever is lower) for a period of five years. This contribution will, however, be enjoyed only by those who are not income tax payers and those who join the scheme before 31 December 2015.

Scheme Atal Pension Yojana
Objective
  1. To enable all unorganized sector workers who currently do not avail of any social security scheme ,to save for future.
  2. To encourage the workers in unorganised sector to voluntarily save for their retirements
  3. To provide a definite sum of money as pension to assist in times they are no longer earning.
Date of effect of Scheme 1st June ,2015
Eligibility 18 to 40 years
Maturity of Scheme When the beneficiary attains 60 years of age
Target Group Employees of Unorganised sectors, farmers, backward masses , women, SC/ST etc.
Pension Amount Rs. 1,000  to  Rs. 5000
Government Contribution to the Scheme 50% of beneficiarys contribution or Rs.1,000 per year for 5 years.
Eligibility to take govt. Contribution Must be non tax prayer and must join APY before Dec.2015
Mode of Payment Auto debit process from the bank account linked with APY account
Where to Apply All Nationalised banks
Non payment for 6 months Account Frozen
Non payment for 12 months Account Deactivated
Non Payment for 24 Months Account Permanently closed
Exit and pension payment Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.

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.
Highlights of Scheme
Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.

The benefit of minimum pension would be guaranteed by the GoI.

GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.

 
Process to Apply
  1. Contact the bank where you have a savings account.
  2. Ask for the APY registration form.
  3. Fill it carefully and provide the details of your Aadhaar card.
  4. Mention your mobile number and contact details mentioned in the form.
  5. Make sure that you maintain the required minimum balance in your savings account
  6.  Your contribution amount will get deducted from your account on the monthly basis.
Application form The application form can be downloaded from  http://www.jansuraksha.gov.in/FORMS-APY.aspx. The forms are available in different languages – English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil.
Website http://www.jansuraksha.gov.in
Toll-free Number National Toll-Free Number – 1800-180-1111 / 1800-110-001

 

 

 

Entry Age Years of Contribution Monthly Pension INR 1000 Monthly Pension INR 2000 Monthly Pension INR 3000 Monthly Pension INR 4000 Monthly Pension INR 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