The Atal Pension Yojana (APY) scheme, got launched on May 9, 2015, by PM Narendra Modi at Kolkata. The aim of the scheme is to addresses the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS).
PM Narendra Modi, along with Atal Pension Yojana Scheme (APY), he will launch two insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.
To address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, who constitute 88% of the total labour force of 47.29 crore as per the 66th Round of NSSO Survey of 2011-12, but do not have any formal pension provision, the Government had started the Swavalamban Scheme in 2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due to lack of guaranteed pension benefits at the age of 60.
The Government announced the introduction of universal social security schemes in the Insurance and Pension sectors for all Indians, specially the poor and the under-privileged, in the Budget for the year 2015-16. Therefore, it has been announced that the Government will launch the Atal Pension Yojana Scheme (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. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government. The APY would be introduced from 1st June 2015.
can i add my spouse as nominee in APY scheme? also, what is procedure for closing APY before maturity?
Yes, you can declare your wife as nominee for Atal Pension Yojna Scheme. To close your apy account kindly see faq section http://atalpensionyojana.in/faq/
How to Close Atal Pension Yojana a/c
atal pension yojana subscribers above 40 years who do not wish to continue may opt out of the
scheme with lump sum withdrawal.
Thanks for your comment Sir. Now I want to know the procedure to exit from APY or Block my one out of two APY A/C.
Sir,
I am a customer of SBI, MAnkar Branch, West Bengal. I applied for APY of Rs. 5000. Accidentally two APY A/C has been open in respect of a single SBI A/C and two (02) nos. Premium of Rs. 990/- each is deducting from my A/C. I contact with customer care of APY, they told that bank can block one APY A/C. But when I request the bank, they can not say anything regarding this matter, even they does not know where to contact for this problem and how to do solve this.
I request you to suggest me what should I do to block one APY A/C and return my premium.
Any subscriber can also exit from Atal Pension Yojana (apy) Scheme provided they give up on the contribution given by the government and also the net actual interest earned on his/her contributions.
Just simply close one of the account.
sir 3 month pansion has been deducted till now if i want to close my wife pansion account it is possible can i get my wife money refuned
simply close the account. Read more at http://atalpensionyojana.in/faq/
Sir kya main nomini ka naam life me kabhi bhi change kar sakta hu aur iske liye kya processe hai
I’m not sure if change of nominee is allowed. Kindly call on toll free no. of atal pension yojana 1800-180-111 / 1800-110-001 to know more.
Hello sir
My qus. Is that can a spouse are nominee in apy.
Yes, in Apy, husband can nominate wife as nominee.
Hello sir,
I want to inform you that i want to enroll for the scheme but our bank that is SBI says that they don’t have any info about apy scheme. So what should we do??
SBI bank
Garfa branch(jadabpur)
They say us to visit the website. But there are many more queries which r nt answered in the sites so wht should we do??
Pls help..
With regards
Ashim dutta