Atal Pension Yojana: Guaranteed amount! This is the top benefit of joining APY scheme
Atal Pension Yojana (APY) is a pension scheme for citizens of India focussed on the unorganised sector workers.
Atal Pension Yojana (APY) is a pension scheme for citizens of India focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
Who can subscribe to APY?
Any Citizen of India can join APY scheme. The following are the eligibility criteria,
- The age of the subscriber should be between 18 - 40 years
- He / She should have a savings bank account/ open a savings bank account
- The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.
What is the benefit in joining APY scheme?
-In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme
during the period 1st June, 2015 to 31st December, 2015.
- The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
What is the procedure for opening APY Account?
-Approach the bank branch where individual’s savings bank account is held.
- Fill up the APY registration form.
- Provide Aadhaar/Mobile Number.
- Ensure keeping the required balance in the savings bank account for transfer of monthly contribution
Whether Aadhaar Number is compulsory for joining the scheme?
- It is not mandatory to provide Aadhaar number for opening APY account.
-However, For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 Small-Cap Funds With Best SIP Returns in 3 Years: What Rs 5,000 and Rs 10,000 SIPs in each fund have given
In this guaranteed return scheme, you get Rs 2,24,974 as interest on Rs 5,00,000 investment; know details
Stocks With Momentum: Citi expects 26% upside on this PSU multibagger; brokerage asks to 'accumulate' this large-cap pharma giant
Gold and Silver rates today (May 27, 2024): MCX gold jumps after sharp losses last week, silver nears Rs 92,100/kg levels
70:15:15 Investment Strategy: Can you build over Rs 1 crore corpus with just Rs 20,000 salary? Know calculations
04:11 PM IST