Atal Pension Yojana (APY)
Atal Pension Yojana (APY) is a guaranteed pension scheme by Government of India and regulated by PFRDA. The features and benefits of APY include guaranteed monthly pensions, tax benefit and auto-debit feature.
Eligibility Criteria
1. Citizen of India.
2. Between 18 and 40 years of Age.
3. An active ESAF Savings Bank A/c holder.
- APY Product leaflet is to be added along with the product brief.
- Government of India- guaranteed pension amount to the subscriber
Subscriber shall receive a guaranteed minimum pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 per month after the age of 60 years until death. - Government of India- guaranteed pension amount to the spouse
After the death of subscriber (post age 60), 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. - Corpus amount to the survivor/legal heir of the subscriber
After the death of both the subscriber (post age 60) and the spouse, the survivor/legal heir of the subscriber shall be entitled to receive the corpus (Rs.1.70 lakh to Rs.8.50 lakhs, depending upon pension amount opted).
Please visit the nearest ESAF SFB branch and submit the duly filled and signed APY registration form.
Contribution amount is ascertained based on the Age, Pension amount and frequency of contribution. Contribution chart is given below.
The remittance of contribution to APY will be auto-debited from the Savings Account of subscriber, based on the frequency (monthly/quarterly/half-yearly) opted. Contribution should be remitted till the subscriber attains 60 years of age.
The overdue interest for non-payment or delayed contribution payment of contribution amount is levied on the subscribers of APY. These charges and the method of application will be as prescribed by PFRDA from time to time.
The contributions under APY are invested and managed by pension fund managers as per the investment guidelines prescribed by PFRDA.
Contributions remitted to APY account can be claimed as deductions under section 80 CCD(1B) of I.T Act.
- On completion of 60 years, subscriber will get the guaranteed minimum monthly pension or higher monthly pension, depending on the investment returns.
- In the event of death of subscriber before the age of 60 years, the accumulated pension wealth till date would be given to the nominee.
- In case of voluntary exit, the accumulated pension wealth till date after deducting charges and government co-contribution (if any) will be credited to the Savings Account of the subscriber.
