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Atal Pension Yojana

Atal Pension Yojana (APY) is being implemented with effect from 1st June, 2015. The Scheme aims to provide monthly pension to eligible subscribers not covered under any organized pension scheme. APY is open to all bank and post office account holders in the age group of 18 to 40 years. Under APY, any subscriber can opt a guaranteed pension of Rs 1000 to Rs 5000 (in multiples of Rs. 1,000) receivable at the age of 60.

Brief on Atal Pension Yojana (APY):

♦   APY is open to all bank account holders of age between 18-40 years.

♦   APY will be focussed on all citizens in the unorganised sector.

♦  Minimum pension would be guaranteed by the Government. However, if higher investment returns are received on the contributions of
    subscribers of APY, higher pension would be paid to the subscribers.

♦  The subscribers would receive the fixed minimum pension of Rs. 1000/- Rs. 2000/-, Rs. 3000/-, Rs. 4000, Rs. 5000 per month, at the age
    of 60 years, depending on their contributions (Rs.42 to Rs. 1454) & age of joining the APY (18-40 years) .

♦   Therefore, it is better to join early in the Scheme.

Monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 would be returned to the nominee of the subscriber.