Our honorable PM, Shri Narendra Modi has launched three JAN SURAKSHA schemes on 9th May, 2015. These three schemes are Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) .
PMJJBY and PMSBY are insurance related schemes, whereas APY is a pension scheme for citizens of India, primarily focused on the unorganized sector workers. Under the APY scheme, a guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions made by the subscribers.
In case of death of the subscriber, pension amount will be given to the spouse, and on the death of both (subscriber & spouse), the accumulated pension corpus would be returned to the subscriber’s nominee.
Let’s understand more about Atal Pension Yojana (APY) scheme in FAQ format.
Atal Pension Yojana (APY) – Details, Features & FAQs
- Who can enroll for (or) join APY scheme? – Any Citizen of India can join APY scheme. The following are the eligibility criteria;
- The age of the subscriber should be between 18 – 40 years.
- He / She should have a savings bank account/ open a savings bank account.
- The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.
- Can subscribers / members of EPF (Employees Provident Fund) subscribe to APY scheme? – Yes, the beneficiaries of any social security schemes can also enroll for this scheme.
- Can I open two or more APY accounts? – No, only one account per person is allowed. Savings bank account is mandatory to open an APY account.
- How to open Atal Pension Yojana Account? – Approach the bank branch where your savings bank account is held. Fill up the APY registration form. Provide Aadhaar/Mobile Number. Ensure keeping the required balance in the savings bank account for transfer of monthly contribution.
- Latest update (26-Jan-2018) : Small Finance Banks and Payment Banks to offer Atal Pension Yojana.
- What is the mode of contribution to APY A/c? – All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.
- I don’t have Aadhar number. Can I join Atal Pension scheme? – It is not mandatory to provide Aadhaar number for opening APY account. However, For enrollment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
- How much pension am I going to get? – The lifelong pension amount that you receive from 60 years of age is dependent on the contribution amount during accumulation stage. The pension amount ranges from Rs 1,000 to Rs 5,000 (in the multiples of 1000’s).
- Which authority is going to administer this scheme? – APY scheme is administered by PFRDA (Pension Fund Regulatory and Development Authority ) Or Government. (PFRDA also administers National Pension System – NPS)
- Is Government going to contribute any amount to my APY account? – Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20, for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers. That means, if you are contributing to say EPF or any other similar schemes, then you will not be eligible to receive Govt’s co-contribution amounts.
- (Latest News : 19-Jan-2016 – Extension of time-line upto 31st March, 2016 for Government Co-contribution under the Atal Pension Yojana (APY). The Government has decided that the co-contribution by the Central Government will be available for those eligible subscribers, who join APY before 31st March, 2016)
- What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date? – Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
- Re. 1 per month for contribution up to Rs. 100 per month.
- Rs 2 per month for contribution up to 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.
- What will happen to my APY account if I discontinue the payments? – Discontinuation of payments of contribution amount shall lead to following:
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.
- Are there any income tax benefits available? –
No tax deductions are available on the contribution amounts to APY.Latest update (23-Feb-2016) : Contributions to ‘Atal Pension Yojana’ are now eligible for Tax Deduction under section 80CCD. - How to know my APY account balance amount? – You will receive SMS alerts related to account details/activity. You will also receive a physical statement at regular intervals.
- Can I change monthly contribution amount? – Yes, the monthly contribution can be changed once in a year for higher / lower pension amount.
- Can I exit from APY scheme before attaining 60 years? – The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
- Settlement of Death Cases before the age of 60 years of the Subscriber :
- If the subscriber dies before the age of 60 years, his/her spouse would be given an option to continue contributing to APY Scheme, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
- In case the spouse of the subscriber wishes to exit from the scheme and close the account, the corpus will be settled in the name of surviving spouse (if spouse is not present, will be settled in the name of the Nominee).
- Below is the Account Closure Form (Death cases).
How much should I invest in Atal Pension Yojana to get the guaranteed pension of Rs. 1000 / Rs 2,000 / Rs 3,000 / Rs 4,000 / Rs 5,000?
Below is the indicative contribution chart (Age Vs Pension amount). For example – A 30 year old individual has to contribute Rs 577 per month, to get Rs 5,000 per month pension amount. He/she has to make the contributions for 30 years (60 years minus 30 years age).
If a subscriber opts for Rs 5,000 as the pension amount, in case of death of subscriber, pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus (as indicated in the above table) would be returned to his / her nominee.Latest update (20-Aug-2015) : Government has modified some of the conditions & features related to Atal Pension Yojana Scheme as below;
- The APY subscribers shall now have an option to make the contribution on a monthly, quarterly, half yearly basis instead of on a monthly basis earlier
- Discontinuation of payment of contribution provision has been substantially modified in favor of the subscriber. The account will not be deactivated and closed till the account balance with self-contributions minus the Government co-contributions becomes zero due to deduction of account maintenance charges and fees
- Also the penalty on delayed payment has been simplified to Rs. One (1) per month for contribution of Rs. 100, or part thereof, for each delayed monthly payment instead of different slabs given earlier
- Similarly, premature exit from the scheme before sixty years of age was not permitted earlier except in exceptional circumstances, i.e., in the event of the death of the beneficiary or terminal disease. Now the modified provision permits the subscriber to voluntarily exit with the condition that;
- He shall only be refunded the contributions made by him to APY, along with the net actual interest earned on his contributions (after deducting the account maintenance charges) and ;
- The Government co-contribution, and the interest earned on the Government co-contribution, shall not be returned to such subscribers
(Source : pib)
Latest Update (22-March-2016) : The Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber. (Source : pib)
Latest update (13-June-2017) : Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrollment under Aadhaar authentication. Accordingly, an APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his/ her savings account where the periodic pension contribution installments are debited and government co-contribution is to be credited. In case a subscriber is not yet having an Aadhaar card, he/ she should immediately get him/ her enrolled for the Aadhaar card for which he or she can visit the nearest Aadhaar enrollment centre.
APY Calculator
Kindly click on the below image to visit APY online calculator link.
My opinion on APY Scheme
The pension amount under APY scheme is a guaranteed one. This may sound attractive, but from returns point of view and considering the rate of inflation in India, the pension amount (maximum Rs 5,000 per month) may not be sufficient during the retirement age.
However, in India we do not have any Social Security System. So, this scheme is an attractive one especially to the lower income group or individuals who are working in the unorganized sectors. However, the higher income group families may also reap the benefits of this scheme, which is primarily meant for the poor.
You may consider opting for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) before subscribing to APY.
Do you think that this is a good scheme? Do share your views and comments on Atal Pension Scheme?
For more details on APY, you may dial Toll Free number (national) 1800-180-1111 /1800 -110-001. Download Atal Pension Yojana’s application form (account opening form or registration form).
Continue reading : ‘How to view APY Transaction Statement online?‘
My month of birth is July , so if join APY on August or December or next year June or join before next birthday . Will Premium remains ?same .since premium is same ,it’s best to register APY month before your birthday.
My wife and I have that apy. After I die, my wife will receive a pension as a nominee. What will you get at both pension?
In Atal Pension Yojana what happens to the contribution made when the person has not completed age of 60yrs in the event of
a. Payment is stopped in between
b. Death
Dear Priyanka,
The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
You can refer to the section – “Settlement of Death Cases before the age of 60 years of the Subscriber ” in the above article..
I have withdrawn myself from APY contribution, how can I rejoin it
HI Sreekanth Reddy i have started the APY at the age of 37 and paying 990rs for 5000rs scheme what will be the amount of corpus
Hi Sreekanth,
Can I open APY account from my NRI HDFC Account?
Dear Pandiarajan,
Only Indian citizens are eligible to open the Atal Pension Yojana account. If the subscriber becomes an NRI, then his account will be closed and treated as a voluntary exit done before the age of 60.
Well written article, thank you Sreekanth.
I had read somewhere that if subscribed for E.g. for Rs.5000/- p.m as pension, then the returns is guaranteed to be equal to Rs.5,000/-, though it can be more than this amount as well (according to actual returns earned by fund manager). Is this understanding correct?
Dear Kris,
I believe its the maximum pension..
Can you kindly share the resource url link??
Let’s consider after 60 years, I’ll start getting monthly pension of 5000/- as per the scheme. Till what age I’ll get pension?
if a person dies at a age of 80, still spouse will get pension because that person had taken a pension for 20years?
Dear Mohammed,
If a subscriber opts for Rs 5,000 as the pension amount, in case of death of subscriber, pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus (as indicated in the above table) would be returned to his / her nominee.
After attaining 60 year. If I wish to withraw all the amount in total. Can I have that option to withdraw all the lump sum amount? Instead of monthly credited to account.
Dear Shalom,
You will get periodic pension and can not withdraw lump sum amount by self.
after maturity how sum of amount will be get ?
Dear abhas,
On attaining 60 years of age, pension gets credited directly to the given bank account ..
I Have enrolled APY thorough Net banking online and im investing since 2 year
Kindly advice should i have to Submit any documents to Bank where my saving account is present Account or not ? (which is linked with APY a/c)
pls. help
Dear Prem,
If you have already been contributing to APY, no need to submit any documents afresh. You may also check with your banker on this..
Hi Sreekanth ,
I have enrolled the APY scheme ( 5000) on last month , suppose if I die next year then my spouse will get pension immediately till her life after that my nominee ( Daughter) will get corpus amount 850000 ?
Hi Kumar,
Settlement of Death Cases before the age of 60 years of the Subscriber :
•If the subscriber dies before the age of 60 years, his/her spouse would be given an option to continue contributing to APY Scheme, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
•In case the spouse of the subscriber wishes to exit from the scheme and close the account, the corpus will be settled in the name of surviving spouse (if spouse is not present, will be settled in the name of the Nominee).
Hi Mohan,
Thanks for your reply, if Spouse choose second option then corpus amount 850000 will go to Spouse or spouse get less amount since they joined scheme one year before only ? also any share will go to nominee or spouse only will get all the amount ?
•In case the spouse of the subscriber wishes to exit from the scheme and close the account, the corpus will be settled in the name of surviving spouse (if spouse is not present, will be settled in the name of the Nominee).
Dear Kumar,
Spouse will get less amount (not total corpus). Nominee will not receive any amount.
The accumulated corpus + nominal returns on it will be refunded to the Spouse.
You may kindly refer to this notification link..
What will be happen if the government will change and plz tell me about the procedure of getting the pension amount after 20 or 25 years.
Dear Papan,
Even if a new Govt comes in the next term, at most, they may discontinue the scheme ie new subscriptions may not be accepted. But, I believe that the existing subscribers will surely continue to get the Scheme benefits.
After attaining the age of 60 years, you will automatically receive the periodic pension to your Bank account (as given in the application form).
After my and my patner death who will get the money
Dear Sofia,
Your nominee will get back the corpus amount..
How many year I will get the pension in atal pension gohona scheme
Dear Papan ..The pension will be life-long..
Sir, kindly please answer my question. . In case of, if I die and my husband also will die before 60 age, what will happen my YPY account. ? Can my nominee will get the corpus?
Dear Thangmawii,
Yes, your nominee will get the corpus..
If want to open APY and want to pay the premium for half Yearly basis. Then on which months it’ll get debit??
I am a two months subscriber of APY scheme. Can i change Nominee from my wife to my child?
Dear Partha Sarathi,
Yes, you can change the nominee details in APY. In order to do so, you may submit a written request to your APY Service provider (it can be the Bank branch of Post Office through whom you have opened your APY account) who will then do the needful.
Sir,
I have APY Account. As per rules i can increase or decrease contribution amount once in a year.
my question is if i contribute to pension amount till my age of 55 year for Rs. 1000/- pension. and at entering my age of 56 year i contribute to pension amount of Rs. 5000/-
than after 60 years i will get Rs. 1000/- or Rs. 5000/- pension?
Dear Mahmoud,
There is no clarity on this point.
As per the NSDL website – “Atal Pension Yojana (APY),1
a pension scheme for citizens of India focussed on the
unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. “
Thank you.
sir. i am about sixty years old .we are husband, wife and two daughter. eldest daughter BSc honors geographyunder cal university 2010. .MSc geography. 2013.but still now un employee.my little daughter BSc honors food &nutrition 2016 .then admitted of all india institute og higeen and public health 2017-18 season foe diploma in dip-diet. but but will not be placement .she is un emloyee.i am a small business man .i am cronic kidney patiant.
whole life i work heard & soul forestablish my family.now i amabout invalit fit for work .two daughter in high educated un employee.how can i do for my family.my family,s no sorce of incom absence my . for this reason i start apy from begining.two daughter and my wife .i am not eligible for my age.few days ago honorable prim minister decler that for unorganist sector people max slab will be 10000/- per month after years old.we are able of this order
running apy a/c how we can participate with (old apy a/c) this valuable order.
Dear Sunil ji,
For APY, the age of the subscriber should be between 18 – 40 years.
Are you referring to PM Vaya vandana yojana?
If so, kindly go through this article..
What happened if I join other pension schemes (e.g. EPS) after enrollment in the Atal Pension Yojana (APY).
Dear Ashok..Yes, you can contribute to both schemes..
In case death of a married APY contributor at the age of 35 years , whether wife(kept as nominee) is eligible to get payment of CORPUS amount or amount of contribution made to APY ??pls reply
Dear Supriya,
Yes, she would be eligible to get corpus amount.
Kindly refer to this circular..
Hi,
Can this scheme be opened online also. ?
After attaining age 60, will pension amount be auto deposited in bank account or one has to go to bank & withdrawal amount manually.
Dear Virendra,
I believe that it is possible to get direct credit. You need to submit the bank account details in the application form.
Okay, thanks
Helo sir in the event of death before attaining 60 if spouse wishes to exit how much amount will spouse get
Dear Sheeba,
The accumulated corpus + nominal returns on it will be refunded to the Spouse.
You may kindly refer to this notification link..
Hi,
Could you pl tell what would be premium after age of 40, if i enroll at the age of 36 as now it showing me Rs. 990 monthly.
Dear Virendra..The contribution amount will be fixed at Rs 990 in your case for the chosen pension amount.
Thanks a lot
My question is if i want to subscribe for APY. i should register nominee details for my wife or my daughter??
Dear Mahmoud ..Your daughter can be your nominee..
Thanks alot…
Dear Sir,
Is this scheme good? And If Govt Changes Will this scheme stop or it will continue And What about the pension ? we will get monthly or will that be a loss for us?
Dear Mitesh,
Even if a new Govt comes in the next term, at most, they may discontinue the scheme ie new subscriptions may not be accepted. But, I believe that the existing subscribers will surely continue to get the Scheme benefits.
Hi Sreekanth,
I have withdrawn my APY for ₹409 per month scheme on 28th May 2018, where I opened in HDFC bank. How long it takes
for them to return my amount back to account.
Dear Prabhu ..You may kindly contact your Banker.
Is this bjp govt scheme? What happens if the govt changes?
Dear habeeb,
Even if a new Govt comes in the next term, at most, they may discontinue the scheme ie new subscriptions may not be accepted. But, I believe that the existing subscribers will surely continue to get the Scheme benefits.
Hello srikanth garu,
Really great effort to write blogs and giving answers to each and every one I became a big fan of you serving this much with your patience.
My question is mutual funs or APY which is better here in APY we are benefiting SA while anything happens but in normal sips we didn’t get but expects returns high in only century sip we have insurance benefit so could you please suggest APY or MUTUal funds which is better
Dear Phani,
Thank you for following my blog posts and for the appreciation!
It is not fair to compare APY scheme with Mutual Funds.
If one has to get adequate life cover then Term insurance plan can be opted for.
In case death of unmarried APY contributor at the age of 24 years , whether Nominee is eligible to get payment of CORPUS amount or amount of contribution made to APY .
Dear Ravi,
It is mandatory to provide nominee details in APY account. If the subscriber is married, the spouse will be the default nominee. Unmarried subscribers can nominate any other person as nominee & they have to provide spouse details after marriage. The Aadhaar details of spouse and nominees may be provided.
In the said scenario, the nominee will get the APY corpus amount.
Dear Sreekanth,
I have PPF accont and Planing to have SSY for my daughter, and also i am a tax payer, eventhough can i have APY? and what is Gov. co contributiion? how does it help us? Thank you !
Dear Mallikarjunayya,
Yes, you can contribute to all three schemes.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20, for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers. That means, if you are contributing to say EPF or any other similar schemes, then you will not be eligible to receive Govt’s co-contribution amounts.
1.For how many years pension will be given?
2.Will it provide more return than NPS tier I?
Dear SANJIB,
It is a life-long pension from the age of 60 years.
NPS is a market linked product. The accumulation is dependent on the returns generated by the Fund(s) an investor opts for and then the pension is dependent on the annuity product.
Kindly read :
National Pension Scheme (NPS) – Why it is not a good Investment Option?
Best performing NPS Funds 2018 – Top NPS Fund Managers – Best NPS Fund Returns
can a NPS subscriber apply for APY ? please do enlighten me on this.
Yes, can contribute to both Schemes ..
Related articles :
National Pension Scheme (NPS) – Why it is not a good Investment Option?
Best performing NPS Funds 2018 – Top NPS Fund Managers – Best NPS Fund Returns
Dear Sir,
I open APY NPS through Online SBI for 5000/month,
1) so is there need to enroll PRAN No.with NSDL again,
2)where i can check my APY NPS monthly statement in Bank or NSDL
3) if i died in year 39 ,can immediately pension start my wife or after 60 year of my wife
4) if i died in year 39,is there need to pay EMI on monthly basis by wife or not
Dear Ravindra,
1 – Not required.
2 – Kindly read :
How to view Atal Pension Yojana Transaction Statement online?
3 – Your wife would get pension immediately.
4 – No.
However, the Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.
HEY A QUICK QUESTION, AT THE TIME OF MATURITY CAN I TAKE OUT THE ENTIRE AMOUNT IN ONE GO, OR WILL HAVE TO TAKE MONTHLY PENSIONS ONLY?
Dear Deepak .. You have to take periodic pension..
I have Atal Pension Yojna Account since it was launched.I am paying Rs.825/- pm.But in 2016, April I become Permanent Resident of Canada, but monthly installment still going from my saving account.Can I exit from the scheme and take my money back?Because as an NRI I am not eligible for this scheme.Plz. Advice
Regards
Ajay
Dear AJAY ..I am not sure on this query. You may contact APY customer care number @ : 1800-180-1111 / 1800-110-001 1800-180-1111 / 1800-110-001
Hi Sreekanth, I’ve already enrolled for APY, and today I got to know that if a person already paying Income tax he is not eligible for APY.
Could you please confirm me on this.
Dear Chandresh ..I dont think any such restriction is there..
“Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer
This note i got from APY portal. Could u pls help me understnad this.
Dear chandresh ..Even if one is an income tax payer, he/she can contribute to APY scheme, but its just that Govt contribution is not available for such individuals.
SIR MY AGE 36 , MY BEE I AM SADANLI DEAD 40 YEARS, HOW TO MY PENSON AMOUNT AND WHAT IS BENFIT
Dear Sanjaya ..Your spouse will get pension amount and on her expiry your nominee would receive the corpus amount back.
I’ve APY scheme in Bangiya Gramin Vikash bank from July 2015. Recently I have opened a savings account in Axis Bank. Without my concent this bank opened a new APY scheme against my new account. When the monthly subscription of this scheme is debited from my savings account then I know about that. So my question is how this possible, when I already have a APY scheme in a bank then Axis Bank without my concent opened a APY scheme????? ?? So what can I do???? Please help me.
Dear Soma .. You may ask your banker to stop debiting your account for this scheme.
I am 26 yr i am opting 5000 pansion i have to pay 409 its ok . my question if i died before 60 then
1. my wife will get pansion or 8.5 lakh on next month or after my age of 60 .
2. when pansion will bw given from 8.5 lakh can we withdraw some amount like 2-3 lakh and pansion rest of the period
3 any interest will be paid on 8.5 lakh when pansion will start.
Dear manoj,
1 – Your spouse will get pension immediately.
2 – No. The corpus amount will be given to nominee.
3 – No.
Thanks dear
Matter is not clear till now.
If I am alive till 60 then can I take 8.5 lakh lump sum or pansion only
Dear Manoj ..Only pension..
Dear Sir,
Please inform me if I have
1) PF with company, where i am working
2) EPR ( Employer’s Share in PF ) by company
3) I Have PPF A/c my personal PPF a/c with Bank
4) I had paid TDS, not Tax ( tax refunded to me on returned from Income Tax Dept)
What to do..I con open APY A/c or not ?
And also inform if am liable to pay tax in future then also we can continue ?? APY havr to continues ??
in future my total income above tax bracket, & i will liable to pay tax in future
Thanks in advance sir
Dear venkat,
You can subscribe to APY.
Yes, you can continue….
my current year 35 & running age 36 (35 complied), what primium applicale for 5000 pension scheme ?
thanks for reply
Dear Venkat ..Kindly use this calculator.
RESPECTED SIR,
I AM SMALL BUSINESSMAN. I PAID ITR. CAN I APPLY APY. I AM EIIGIBLE TO RECEIVE GOVT’S CO-CONTRIBUTION.
Dear Kamal,
Yes, you can subscribe to APY scheme.. You may not be eligible for Govt’s contribution..
Sir,मैने कल ही Online registration किया था APY में। मुझे Refrence no. & PRAN no. भी message k through मिला और आज से Rs446 मेरे बचत खाता से कटने लगा।।
लेकिन Rs 446 Account से Debit होने के बाद मेरे Mobile no. मे MESSAGE नही आया।
लेकिन Internet banking मे transactions मे Rs446 Debit hone का Show kar raha…
सर, sms k through कुछ जानकारी मिलती है तो बताएं।
Plz updates
1) My age is 37 what amount i have to pay per month to get Rs 5000
2) What if i die before 50 will my get 5000/mo till she is alive.
3)Suppose if I take a apt, I pay for 10 years, if Iam no more at 50 yrs, 1) than need not make balance period payment for 10 yrs will it be waived and pension will get to nominee.
4) 8.5L will be given to my daughters/nominee only it will not be given to my wife if i die?
5) Can i open pension scheme for my wife as well she also earns, so that after 60 she will also get per own pension of rs 5000
6) If by any chance we would like to close this before turning to 60 can we do that if yes what will we get back?
6) this is guarantee plan
Dear feroz,
1 – To get Rs 5k pension, you may have to pay around Rs 1,080.
2 – Yes, your spouse would receive the pension amount.
3 – Yes.
4 – After demise of your spouse, your nominee would get the corpus amount.
5 – yes, you can ..
6 – The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
sir i am a central govt employ can i open atal pension yojana
Dear Arun..Yes, you can open APY
is there extra benifit after 60 years
Sir,
please guide, as i was contributing to APY but now i have closed my saving account. can i transfer my APY account from one bank to other in this case??
Dear ashish ..I believe that it is possible/allowed.
but there is no such details available on internet and also no info to bank officials. many bank officials even dont know that we can close APY voluntarily now. please suggest the possible way.
Sir if i and my wife both have apy. if i died before 60 than my wife will start to get 5000 as pension or can she opt an option to get lump sum amout?
and if she will get 5000 as pension than she has to pay her amount till 60 age. after 60 can she get 10000 per month as pension?
If both died before or after 60 can nominee will be able to lump sum amount for both or her?
Dear Sandy,
1- She will start receiving Pension amount.
2 – Yes.
3 – Yes, nominee will receive both corpus amounts.
Dear Sir,
Very informative. Thanks for sharing this details. I have a question sir, What will happen if I start paying the taxes for the income or become an NRI after 2 years of opening the Atal Pension Yojna?
Regards,
Johny
Dear Johny,
Even if you have taxable income, you are eligible for this scheme.
NRI’s are not eligible to open APY.
But I am not sure if one take APY as Resident indian and becomes NRI later on, can he continue APY or not..
Thank you sir
Hi,
Whether NRI is eligible to open APY Account?
Yes, NRI in the age group 18-40 years of age having a bank account with APY POP is eligible to open APY account.
After opening of APY account, what will happen if a subscriber becomes non-citizen of the country?
The scheme is open to the Indian citizens only. Hence, in that event the APY account will be closed and the net actual interest earned on his contributions (after deducting the account
maintenance charges) will be refunded, whereas, the Government co-contribution, and the interest earned on the Government co-contribution, shall not be returned to such subscribers.
“I stand corrected!”
Newly introduced by the Government i.e. at the bigening of Atal Pension Yojana, I have requested the Bank authorities that as I am ready to pay an amount of Rs.1000/- per month as premium. By over sight they have opened one account to pay an amount of Rs.217/- to. Hence I have asked the Bank Authorities, then they have opened another Bank account. As such I have got TWO APY accounts on my name. Please rectify my problem. monthly I have been paying amount to two accounts.