Atal Pension Yojana (APY), a pension scheme for all Indians was launched in June 2015, specially for the poor and the under-privileged, unorganised sector workers such as personal maids, drivers, gardeners etc. APY aims to help these workers save money for their old age while they are working and guarantees minimum pension of Rs.1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month. The pension will be given at the age of 60 years depending on the contributions by the subscribers
APY guarantees a fixed pension at the age of 60 years of Rs 1000, Rs 2000/, Rs 3000, Rs 4000 or Rs 5000 depending on the contributions by the subscribers.
The monthly contribution depends upon the fixed amount of monthly pension opted between Rs.1000 to Rs 5000 and the age when subscriber joins the scheme.
You can calculate below monthly contribution payable by the subscriber on joining the scheme, the amount varies and increases with increase in age from 18 years to 40 years. This calculator will display indicative amount of monthly contribution by the subscriber, total years to contribute till the age of 60, total amount will be contributed and indicative amount upto that the nominee will receive in case of unfortunate death, as per the provisions of the scheme*
Approach the bank branch/post office where your savings bank account is held or open a savings account if you don't have one and fill up the APY registration form.
The subscriber can get enrolled for APY for auto debit facility to his / her bank account for monthly contributions. The contibution will be debited from the account till the 60 years of age.
Income tax department notified 19.02.16 that APY would have same benefits as NPS this means that premium amount paid can be claimed under section 80CCD. This means contributions to Atal Pension Yojana (APY) are eligible for the same tax benefits as the NPS
However if the subscriber dies before 60 years, the spouse will have the choice to either exit the scheme and claim the accumulated amount or continue maintaining the account under the subscriber's name for the remaining vested years. The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber until death of the spouse in the latter case.
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.
Upon completion of 60 years of age - After attaining the age of 60 years, you need to get in touch with your respective bank or post office and submit the request for drawing the pension.
In case of subscriber's death after 60 years: the same amount of monthly pension is payable to spouse (default nominee). Nominee will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the subscriber and spouse.
Deduction would be made in the subscribers account for account maintenance charges and other related charges on a periodic basis. Once the account balance in the subscriber's account becomes zero due to deduction of account maintenance charges, fees and overdue interest, the account would be closed immediately.
If there's a continuous default for 6 months, the pension account will be freezed and if there's a continuous default for 12 months, the account will get closed and whatever balance is left after the above said deductions will be given to the subscriber. For delayed contributions a penalty of Rs. 1 per month for contribution of every Rs. 100, or part thereof, for each delayed monthly contributions. Which implies:
The existing Swavalamban subscriber, if eligible, may be automatically migrated to APY with an option to opt out.
Flexi Deposit Calculator: Calculate - Auto Sweep Flexi Deposit Amount, Interest, Maturity Value with Interest Earning in Saving Bank Account