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.

APY: The age of the subscriber should be between 18 - 40 years. Reuters photo.

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,

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- 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.

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