Atal Pension Yojna. Regular pension after age of 60 years

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Post Emperor
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Atal Pension Yojna is a good scheme for those who want regular pension after age of 60 years 

Here are all the details --
  • Atal Pension Yojana (APY) is a pension scheme launched by the Government of India in 2015 to provide a guaranteed pension to the unorganized sector workers. Here are the key details about APY:

Eligibility:

- Age: 18-40 years
- Must have a savings bank account
- Must have a valid mobile number and Aadhaar number

Features:

- Guaranteed pension of ₹1,000 to ₹5,000 per month
- Contribution period: 20 years
- Pension starts at age 60
- Option to choose pension amount and contribution amount
- Co-contribution by the government for the first five years

Benefits:

- Guaranteed pension for life
- Pension amount increases by 5% every year
- Death benefit: Pension corpus returned to nominee
- Tax benefits under Section 80CCD

How to Apply:

- Visit a nearby bank branch
- Fill the application form
- Provide required documents (Aadhaar, mobile number, etc.)
- Start contributing to the scheme

Contribution Chart:

- Age: 18-20 years: ₹96-291 per month
- Age: 21-25 years: ₹126-366 per month
- Age: 26-30 years: ₹158-441 per month
- Age: 31-35 years: ₹196-533 per month
- Age: 36-40 years: ₹236-645 per month

Note: The contribution amount varies based on the age of the subscriber and the chosen pension amount.

I hope this provides a comprehensive overview of the Atal Pension Yojana scheme!
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Post Emperor Post Emperor
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Atal Pension Yojana (APY) is a central scheme administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the Ministry of Finance.

PFRDA aims to provide returns around 8-10% per annum. However, these returns are not guaranteed.

So maybe this pension will be increased by central govt. in coming years as inflation is increasing continuously.
Deal Newbie Deal Newbie
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@OnlineOffers We will never know if that would happen as the APY pension disbursements will only start from the year 2035 since this scheme was introduced only in 2015. So far it has only been accumulation of APY funds for the central government apart from the occasional death benefit payment of corpus being returned to nominee.
Entertainer Entertainer
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I think this is not for everyone. This is only for low income people..not sure

Deal Lieutenant Deal Lieutenant
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Scheme caters wide variety of small scale business owners aswell. 

Idea behind this was to decrease pension burden that is prevalent due to old age pension scheme run by different state government that doesn't require any contribution. 

Atleast now they will contribute first then ask for pension.

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Deal Cadet Deal Cadet
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I have enrolled to this the year it launched. Good scheme for poor families. 

Deal Cadet Deal Cadet
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when will be the best age to availthe benefit for this scheme

Post Emperor Post Emperor
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It's better to invest in the age of 18 to 20 years. It would cost you 96-261 per month

Deal Cadet Deal Cadet
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how much does govt contribute how much is total investement vs return

Post Emperor Post Emperor
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The Government of India contributes a certain amount to the Atal Pension Yojana (APY) scheme for each subscriber, subject to certain conditions. The government contribution is as follows: - The government will contribute 50% of the total contribution made by the subscriber, up to a maximum of ₹1,000 per year.
- This co-contribution is only available for those who are not income tax payers and are not part of any statutory social security scheme.
- The government contribution is available for a period of five years, from the financial year 2015-16 to 2019-20.
- The government contribution is deposited into the subscriber's pension account.
For example, if a subscriber contributes ₹1,000 per year, the government will contribute ₹500 per year (50% of ₹1,000). The total contribution to the pension account will be ₹1,500 per year.
Deal Cadet Deal Cadet
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for age less than 30

Post Emperor Post Emperor
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Between 18 to 40 age group

Hunk Hunk
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I am already paying nps , which covers entire 50k in 80ccd,  is this better ?

Post Emperor Post Emperor
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You're already contributing to NPS, that's great!

Now, whether APY (Atal Pension Yojana) is better for you depends on your individual circumstances and goals.

1. NPS is a more flexible and comprehensive retirement solution, offering a range of investment options and a larger corpus potential.

2. APY, on the other hand, provides a guaranteed pension amount ( ₹1,000 to ₹5,000 per month) for life, which can be attractive for those seeking predictable income in retirement.

3. If you're looking for a more predictable pension income, APY might be a good supplement to your NPS corpus.

4. However, if you're aiming to maximize your retirement corpus and have a more flexible investment approach, sticking with NPS might be a better option.

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Entertainer Entertainer
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I think this is not for everyone. This is only for low income people..not sure

Post Emperor Post Emperor
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Exclusions:
- Government employees (central or state)
- Those already covered under statutory social security schemes (like EPF, EPS, or NPS)
- Income tax payers
- Those already enrolled in APY or other pension schemes
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Deal Newbie Deal Newbie
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I enrolled in APY when I was 36 years old and I had to pay around ₹900 per month for getting pension amount of ₹5000 after reaching 60 years. I doubt if this is a good investment. Considering annual inflation in India at 7% (current rate), the worth of ₹900 twenty years later would be approx. to the tune of ₹4000.

Post Emperor Post Emperor
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Atal Pension Yojana (APY) is a central scheme administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the Ministry of Finance.

PFRDA aims to provide returns around 8-10% per annum. However, these returns are not guaranteed.

So maybe this pension will be increased by central govt. in coming years as inflation is increasing continuously.
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Flame Flame
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Good Post. 

So If I am working in a organization that contributes pf then I am not eligible for this?

I am right now working with a organization that doesn't contributes pf, so can I enroll for APY right now? What if in future I start working for a organization that contributes to EPFO, will then I will disqualified ? Will bank return my stake/Money that I might have already contributed to APY?

In past I have worked for companies which contribute to EPFO, so my details are already with the UAN. Will it let me enroll now? 

Critic Critic
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Why thinking so much? This is for poor people not someone like you who is employed in an organization that contributes to PF.
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