Atal Pension Yojana Scheme - Benefits and Key features

Atal Pension Yojana Scheme Introduction

Atal Pension Yojana Scheme was introduced by Government of India in the year 2015-16. Main aim of starting this Pension Yojana Scheme was to provide income security to society in the old age. This Government Atal Pension Yojana Scheme provides Guaranteed Pension as monthly income after retirement age. Under this APY scheme a guaranteed minimum pension of Rs. 1,000 and upto maximum Rs. 5,000 per month will be given at the age of 60 years which depends on the contributions by the scheme holder.

All account holders who are interested can join under this Government APY Scheme and can pay premium through savings bank account or open a savings bank account to join in this Government Pension Scheme. Premiums are based on the Pension selected by the scheme holder and based on the starting age of APY scheme. Detailed information about Monthly Premiums to be paid, entry age, starting age of Pension and other benefits of Atal Pension Yojana Scheme are given below.

Government Atal Pension Yojana Scheme Eligibility Conditions

Entry age to join in APY Scheme	Minimum – 18 years Maximum – 40 years
Guaranteed Monthly Pension	Minimum – Rs. 1000 Maximum – Rs. 5000
Starting Age to receive Pension	60 Years
Contribution Period	Based on Entry Age of Scheme holder
Mode of Paying Premium	Monthly Premium will be Auto-debited by the bank from the Scheme holder’s account.
Date of Implementation	1st June 2015
Primary KYC	Aadhar number

Government APY Scheme Monthly Contribution Chart

EntryAge	Number of Years of Paying Contribution (in Years)	Based on Pension Needed, the Monthly Contribution has to Pay in Rs.
EntryAge	Number of Years of Paying Contribution (in Years)	For Monthly Pension of Rs. 1000	For Monthly Pension of Rs. 2000	For Monthly Pension of Rs. 3000	For Monthly Pension of Rs. 4000	For 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

Atal Pension Yojana Government Scheme Key Features

Main Key features of Government Atal Pension Yojana Scheme are as follows

Any Citizen of India from un-organized sector can join in this Atal Pension Yojana Scheme.
Monthly Contribution will be Auto-debited by the bank from the Scheme holder’s account.
Guaranteed Minimum monthly pension of Rs. 1000 and Maximum Rs. 5000 is given to the scheme holder and spouse with return of corpus to the nominees after 60 years of age.
Government Co-contribution is 50% of the total contribution amount or Rs. 1000 per annum, whichever is lower, for a period of 5 years.
In case of Discontinuation of payments
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.

APY Scheme Delay Charges

In case of late payments, banks are required to collect additional amount as penalty. This for delayed payments will vary from minimum Rs. 1 per month to Rs. 10 per month as shown below

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

Note: The fixed amount of interest or penalty will remain as part of the pension corpus of the subscriber.

Atal Pension Yojana Government Scheme Withdrawal

On attaining the age of 60 years:

Exit will be permitted at the age of attaining 60 years only.
After exit, Pension will start to scheme holder based on his contribution.

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

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

Exit Before the age of 60 Years:

In case of exit before 60 years of age then such conditions are not permitted.
But, in case of death of Scheme holder or terminal disease such cases are exceptional under this APY Scheme.