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.
I am PSU Bank employee, have a PRAN number and our PF is invested under NPS (New Pension Scheme). Can v too apply for APY???
my wife enrolled for the scheme in an the impression that it will yield lot of benefits at the time of maturity. upon checking the details, we did not find much to our benefit. while we checked with bank official for cancellation of the scheme and delinking it from our account, they confirmed that we do not have any info about CLOSURE or CANCELLATION of the scheme.
surprising to know that this was not even supported and informed while I called up the toll free numbers 1800-180-111 ( DOES NOT EXIST ) / 1800-110-001. the lady on the other end banged the phone back as she said “contact bank officials , we do not have any info about this”.
is this the way our esteemed govt. plans such schemes for welfare of the people which have procedures to TAKE MONEY FROM PUBLIC, but NO PROCESS FOR RETURNING IT.
can anyone from the office of ATAL PENSION YOJNA help us to close this scheme and delink from our account
i have opened APY account through SBI naktala Branch on august 2015 but still now didn’t received any documents against the opening every time I am asking the bank they are telling that it is central governement policy they will send u everything on time. but my question how to track that payment online as your PFRA website doesn’st have any option of the PRAN number that is been generated with the APY. So I think that I am alrady been fooled or not or my money that is been deducted is going to somewhere else that any public can’t view it. please help me to track it online or please us the PRAN card and details. from MR.DIBYA MITRA 9-baishnabghata bye lane. kolkata-700047.
Hi, I am 24 years old & working in a private company. Am I eligible to apply for the Atal Pension Yojna? If yes, then what will be the monthly installment to be paid for Rs. 4,000 and Rs. 5,000 monthly pension, respectively?
My Age is 23 and in ICICI bank they are charging Rupees 318 per month. However, HDFC is charging 376 rupees per month. Could you please Provide a valid justification for this discrepancy.
Amrendra Srivastava, the premium you opted should remain same at all banks. They can’t be different. Ask you bank, why it is not same.
Thank you very much for your immediate reply. Could you please confirm one more thing where I am in dilemma. What if in case of unforseen death of subscribler after paying some EMIs for 3-4 months only? I mean, will subscriber wife eligible to claim corpus amount?
Request you to please clarify to come out from this dilemma. Thanks again in advance.
Best Regards,
Suraj Kumar
Can this APY be close in middle after paying some EMIs. I came to know from internet earlier it was not possible but govt has now allowed to close the account after pay small amount of penalty. Rest of amount will be refund. Is this true?
suraj kumar, it it true. You can close your apy account any time.
Thank you very much for your immediate reply. Could you please confirm one more thing where I am in dilemma. What if in case of unforseen death of subscribler after paying some EMIs for 3-4 months only? I mean, will subscriber wife eligible to claim corpus amount?
Request you to please clarify to come out from this dilemma. Thanks again in advance.
Best Regards,
Suraj Kumar
will the amount be deducted after 40 years also? or only till 40? and also will this scheme run even if the BJP govt is not in power from next term