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Atal Pension Calculator and Features of Atal Pension Yojana(APY) Scheme

Atal Pension Yojana Fillable Form - Aadhaar Update Form, Registration Form, Pension Update Form, A/C Closure Form, Death Claim Form

What is Atal Pension Yojana?

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

Eligibility to Join the Atal Pension Yojana

  1. An Indian citizen
  2. Have a valid bank account
  3. Age between 18 and 40 years

Monthly Pension

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.

Atal Pension Yojana Monthly Contribution - Calculator -

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*

Step to use to Atal Pension Yojana (APY) Calculator

To calculate your Monthly Contribution - First enter your age and then select the monthly pension you want at the age of 60 from the five options Rs. 1000 to Rs. 5000 as mentioned above.

How to apply to join APY

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.

Atal Pension Yojana Tax Exemption

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

Benefits under Atal Pension Yojana (APY)

  1. It provides guaranteed pension of Rs 1,000 to Rs 5,000 (as explained above) to the subscribers.
  2. The monthly contribution is low if subscriber joins in early age and increase if joins late. Check it by entering two differnt ages between 18 to 40 in above calculator.
  3. The scheme also allows a subscriber to decrease or increase pension amount during the course of accumulation phase, however, the switching option shall be provided once in year during the month of April. Click Here to download fillable form for upgrade / downgrade penion amount in APY scheme.
  4. 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
  5. In case of death of subscriber, the spouse of the subscriber shall be entitled for the same amount of pension till his or her death. And after the demise of both spouse and subscriber, the nominee will be entitled to receive the pension money that the subscriber had accumulated till 60 years of age.

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.

Exit from the Scheme

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.

Withdrawal procedure from APY

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.

Penalties for default

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

:
  • 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.

    Migration of existing subscribers of Swavalamban Scheme to APY

    The existing Swavalamban subscriber, if eligible, may be automatically migrated to APY with an option to opt out.