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 |
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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. |
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Highlights of Scheme |
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Process to Apply |
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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 |