All you wanted to know about Atal Pesion Yojana

Details and Frequently asked question about the Atal Pension Yojana.

Atal Pension Yojana (APY), which will provide a defined pension, depending on the contribution, and its period.

 The APY will be focussed on all citizens in the unorganised sector, who join the National
Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per
month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY

 The minimum age of joining APY is 18 years and maximum age is 40 years. 

 Mainly targeted at unorganised sector workers. 


All bank account holders under the eligible category may join APY with autodebit facility to accounts

 The subscribers are required to opt for a monthly pension from Rs. 1000 - Rs. 5000 and ensure payment of stipulated monthly contribution
regularly.

Government would provide (i) fixed pension guarantee for the subscribers; (ii) would co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever
is lower, to eligible subscribers;

Charges for Non Contribution
• 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. 

 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. 


 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.

Government co-contribution is 50% of the total contribution amount or Rs. 1000 per annum, whichever is lower, for a period of 5 years. Government co-contribution is
available for those who are not covered by any Statutory Social Security Schemes and are not income tax payers. 


Following are the indicative charts which shows how much one needs to contribute an how much one shall get the pension based upon that.