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Atal Pension Yojana

Atal Pension Yojana (APY) was announced by Government of India during 2015-16 budget. Ever since, the Atal Pension Yojana has enabled many Indians to secure their future post retirement. This 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. Contributions made by an individual under this scheme are eligible for the deductions under section 80CCD of the Income Tax Act, 1961, subject to the conditions specified therein.

Fixed pension by the Government ranging between Rs. 1,000 to Rs. 5,000 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

The Government will co-contribute* 50% of subscriber contribution or Rs. 1000 p.a. whichever is lesser for a period of 5 years

Other Features

Exit and Pension Payment
Before 60 Years	No withdrawal permitted except in the event of terminal disease or death of subscriber
After 60 Years	Pension amount as selected by the subscriber
In event of death of subscriber	Before 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 Amount	Monthly Contribution
Rs. 1	Upto Rs. 100
Rs. 2	Rs. 101 to Rs. 200
Rs. 3	Rs. 201 to Rs. 300
Rs. 4	Rs. 301 to Rs. 400
Rs. 5	Rs. 401 to Rs. 500
Rs. 6	Rs. 501 to Rs. 600
Rs. 7	Rs. 601 to Rs. 700
Rs. 8	Rs. 701 to Rs. 800
Rs. 9	Rs. 801 to Rs. 900
Rs. 10	Rs. 901 to Rs. 1000
Rs. 11	Rs. 1001 to Rs. 1100
Rs. 12	Rs. 1101 to Rs. 1200
Rs. 13	Rs. 1201 to Rs. 1300
Rs. 14	Rs. 1301 to Rs. 1400

Indicative APY Contribution Chart

Age of Entry	Years of Contribution	Monthly pension of Rs. 1000.	Monthly pension of Rs. 2000.	Monthly pension of Rs. 3000.	Monthly pension of Rs. 4000.	Monthly pension of Rs. 5000.
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1,087
38	22	240	480	720	957	1,196
39	21	264	528	792	1,054	1,318
40	20	291	582	873	1,164	1,454

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