Atal Pension Yojana

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The Government of India (GoI) has announced a new scheme called Atal Pension Yojana (APY) in 2015-16 Budget. The APY is focussed on all citizens in the unorganized sector workers.

The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS (National Pension System) architecture.

Kotak Mahindra Bank Ltd. is registered with PFRDA to provide Atal Pension Yojana.

  • Fixed pension by the Government ranging between Rs. 1000 to Rs. 5000 per month at the age of 60 years
  • Spouse will continue to draw pension in the event of death of Subscriber
  • Nominee to receive corpus up to Rs. 8,50,000/-# in case of death of both subscriber and spouse
  • Contribution to be remitted monthly through Auto Debit from linked Savings Bank Account
  • GoI will co-contribute* 50% of subscriber contribution or Rs. 1000 p.a. whichever is lesser for a period of 5 years
Exit and Pension Payment
Before 60 YearsNo withdrawal permitted except in the event of terminal disease or death of subscriber
After 60 YearsPension amount as selected by the subscriber
In event of death of subscriberBefore 60 years - Entire corpus to be returned to the Spouse/Nominee
After 60 years - Spouse will continue to draw monthly pension while Nominee will receive corpus amount in case of death of both subscriber and spous

Penalty in case of default payment

Penalty AmountMonthly Contribution
Rs. 1Upto Rs. 100
Rs. 2Rs. 101 to Rs. 500
Rs. 5Rs. 501 to Rs. 1000
Rs. 10Greater than Rs. 1001
Discontinuation of Payment will lead to
After 6 monthsFrozen
After 12 monthsClosed

Indicative APY Contribution Chart (Age wise)

Age of EntryYears of ContributionMonthly pension of Rs. 1000.Monthly pension of Rs. 2000.Monthly pension of Rs. 3000.Monthly pension of Rs. 4000.Monthly pension of Rs. 5000.
18424284126168210
19414692138183228
204050100150198248
213954108162215269
223859117177234292
233764127192254318
243670139208277346
253576151226301376
263482164246327409
273390178268356446
283297194292388485
2931106212318423529
3030116231347462577
3129126252379504630
3228138276414551689
3327151302453602752
3426165330495659824
3525181362543722902
3624198396594792990
37232184366548701,087
38222404807209571,196
39212645287921,0541,318
40202915828731,1641,454

For more details refer FAQ's.

Disclaimers:

# Varies with age and fixed pension selected in AOF
* Available for those who are not covered under any Statutory Social Security Schemes & for non-tax payers who joins the scheme during the period 1st June, 2015 to 31st March, 2016. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
 

  • Available only to Indian Citizen
  • Age should be between 18 to 40 years
  • Must have a valid Savings Bank Account

Contributions made by an individual under Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961. Maximum deduction allowed under section 80CCD(1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act. An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961. These deductions are subject to the fulfillment of the conditions mentioned in the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. This is not a legal advice or tax advice and users are further advised to consult their tax advisors before making any decision or taking any action

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