Atal Pension Yojana Contribution Rates

Posted on by admin
Atal Pension Yojana Contribution Rates

Atal Pension Yojana Contribution Rates|What is the monthly contribution of Atal Pension Yojana?|What is the minimum and maximum pension under APY?|Atal Pension Yojana death benefits|Atal Pension Yojana maturity amount

The Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015 to provide financial security to workers in the unorganized sector. Under the APY scheme, individuals can contribute to a pension fund during their working years and receive a guaranteed pension after they reach the age of 60. The contribution rates for the Atal Pension Yojana are determined by the age of the subscriber and the amount of pension they wish to receive after retirement. In this article, we will discuss the contribution rates for the Atal Pension Yojana in detail.

Introduction to Atal Pension Yojana

The Atal Pension Yojana was launched by the Government of India in May 2015. The scheme aims to provide a pension to workers in the unorganized sector who do not have access to any formal pension scheme. The scheme is open to all citizens of India between the ages of 18 and 40 years. The scheme guarantees a pension of Rs. 1,000 to Rs. 5,000 per month, depending on the contribution made by the subscriber.

Atal Pension Yojana Eligibility

Atal Pension Yojana Eligibility,Atal Pension Yojana Contribution Rates

The eligibility criteria for Atal Pension Yojana (APY) are as follows:

  1. Age: The scheme is open to all citizens of India aged between 18 and 40 years.
  2. Bank Account: The applicant must have a savings bank account that is active and is linked with their Aadhaar card.
  3. Contribution: The subscriber must be willing to contribute a fixed amount every month towards the scheme. The monthly contribution amount can range from Rs. 42 to Rs. 1,454, depending on the pension amount selected.
  4. No Existing Pension Account: The applicant must not have an existing pension account with the Employees’ Provident Fund Organization (EPFO), the National Pension System (NPS), or any other government-sponsored pension scheme.
  5. Income Tax Returns: The subscriber must have filed income tax returns, if applicable.
  6. Aadhaar Card: The subscriber must have an Aadhaar card. In case the subscriber does not have an Aadhaar card, they can provide their enrollment ID until they get their Aadhaar card.

It is important to note that Atal Pension Yojana is primarily designed for people working in the unorganized sector who do not have access to formal pension schemes. It is a voluntary scheme, and subscribers are free to exit the scheme if they wish to do so. However, if the subscriber exits the scheme before the age of 60, they will only receive the contributions made towards the scheme, without any interest or returns.

 Atal Pension Yojana Contribution Rates

The contribution rates for the Atal Pension Yojana depend on the age of the subscriber and the amount of pension they wish to receive after retirement. The contribution rates are designed to be affordable and flexible, so that individuals from different income groups can participate in the scheme.

The contribution rates for the Atal Pension Yojana are as follows:

  1. For a pension of Rs. 1,000 per month, the subscriber needs to contribute Rs. 42 per month if they join the scheme at the age of 18 years. The contribution increases to Rs. 291 per month if they join the scheme at the age of 40 years.
  2. For a pension of Rs. 2,000 per month, the subscriber needs to contribute Rs. 84 per month if they join the scheme at the age of 18 years. The contribution increases to Rs. 582 per month if they join the scheme at the age of 40 years.
  3. For a pension of Rs. 3,000 per month, the subscriber needs to contribute Rs. 126 per month if they join the scheme at the age of 18 years. The contribution increases to Rs. 873 per month if they join the scheme at the age of 40 years.
  4. For a pension of Rs. 4,000 per month, the subscriber needs to contribute Rs. 168 per month if they join the scheme at the age of 18 years. The contribution increases to Rs. 1,164 per month if they join the scheme at the age of 40 years.
  5. For a pension of Rs. 5,000 per month, the subscriber needs to contribute Rs. 210 per month if they join the scheme at the age of 18 years. The contribution increases to Rs. 1,455 per month if they join the scheme at the age of 40 years.

The contribution rates for the Atal Pension Yojana are designed to be affordable and flexible, so that individuals from different income groups can participate in the scheme. The minimum contribution for the scheme is Rs. 42 per month, which is a small amount that can be easily afforded by most individuals.

Atal Pension Yojana Calculator Chart Table

Here is a table that shows the monthly contribution and corresponding pension amount under Atal Pension Yojana (APY) for different age groups:

Age Group (years) Monthly Contribution (Rs.) Guaranteed Monthly Pension (Rs.)
18 42 1,000
19 46 1,000
20 50 1,000
21 54 1,000
22 59 1,000
23 64 1,000
24 70 1,000
25 76 1,000
26 82 1,000
27 90 1,000
28 97 1,000
29 105 1,000
30 116 1,000
31 126 1,000
32 138 1,000
33 151 1,000
34 165 1,000
35 181 1,000
36 198 1,000
37 218 1,000
38 240 1,000
39 264 1,000
40 291 1,000

The table shows that the monthly contribution amount for APY ranges from Rs. 42 to Rs. 1,454, depending on the age group and the pension amount selected. The guaranteed monthly pension amount ranges from Rs. 1,000 to Rs. 5,000, depending on the pension amount selected.

It is important to note that the contribution rates and pension amounts under APY may be revised by the government from time to time. Additionally, the actual pension amount received by the subscriber will depend on the investment returns generated by the Pension Fund Manager (PFM) over the years.

What is the monthly contribution of Atal Pension Yojana?

The monthly contribution for Atal Pension Yojana (APY) varies depending on the chosen pension amount and the age at which a subscriber joins the scheme. The contribution rates for APY range from Rs. 42 per month to Rs. 1,455 per month.

For instance, if a subscriber wants to receive a monthly pension of Rs. 1,000 under the APY scheme and joins at the age of 30 years, then they need to make a monthly contribution of Rs. 126. Similarly, if a subscriber wants to receive a monthly pension of Rs. 5,000 and joins at the age of 18 years, then they need to make a monthly contribution of Rs. 210.

It is important to note that the contribution rates for APY are subject to periodic revisions by the government, and subscribers should check the latest contribution rates before making their payments. Additionally, it is advisable to make timely and regular contributions to the scheme, as any default in payment can lead to discontinuation of the scheme and loss of benefits.

What is the minimum and maximum pension under APY?

The minimum and maximum pension amounts that can be availed under Atal Pension Yojana (APY) are as follows:

  1. Minimum Pension: The minimum pension amount that can be availed under APY is Rs. 1,000 per month.
  2. Maximum Pension: The maximum pension amount that can be availed under APY is Rs. 5,000 per month.

The pension amount that a subscriber can receive under APY depends on the amount of contribution made, the age at which the subscriber joins the scheme, and the chosen pension amount. The contribution rates for APY range from Rs. 42 per month to Rs. 1,455 per month, depending on the chosen pension amount and the age of the subscriber.

Atal Pension Yojana Benefits

Atal Pension Yojana (APY) is a government-sponsored pension scheme that provides several benefits to its subscribers. Some of the major benefits of APY are:

  1. Fixed Pension Amount: APY provides a fixed pension amount to its subscribers, ranging from Rs. 1,000 to Rs. 5,000 per month, depending on their contribution and age at the time of joining the scheme. This helps subscribers to plan their retirement finances better.
  2. Low Contribution Rates: The contribution rates for APY are very affordable, with monthly contributions starting from as low as Rs. 42 per month. This makes it accessible to individuals from lower income groups.
  3. Guaranteed Pension: APY provides a guaranteed pension to its subscribers, which means that the pension amount is fixed and assured, irrespective of the market conditions or the performance of the scheme.
  4. Tax Benefits: Subscribers of APY are eligible for tax benefits under Section 80C of the Income Tax Act, which allows them to claim tax deductions on their contributions up to a maximum of Rs. 1.5 lakhs per year.
  5. Flexible Contribution Period: APY allows subscribers to contribute to the scheme for a period of 20 years or more, depending on their age at the time of joining. This provides flexibility to subscribers to plan their contributions based on their financial goals and retirement plans.
  6. Nomination Facility: APY provides a nomination facility to its subscribers, which means that they can nominate their spouse or any other family member as the beneficiary of their pension in case of their demise.
  7. Easy Enrollment Process: The enrollment process for APY is simple and hassle-free, with subscribers being able to apply for the scheme through their banks or post offices.

Atal Pension Yojana death benefits

Atal Pension Yojana (APY) provides death benefits to the nominee or legal heir of the subscriber in case of their untimely demise. The following are the death benefits available under APY:

  1. Return of Corpus to Nominee: In case of the subscriber’s death before the age of 60, the entire corpus (the total contributions made by the subscriber and the accumulated interest) will be returned to the nominee or legal heir. The nominee can choose to receive the corpus in a lump sum or as a monthly pension.
  2. Pension to Spouse: If the subscriber has opted for a joint account with their spouse, and the subscriber dies before the age of 60, the spouse will receive the pension as per the original plan until their death. After the death of the spouse, the entire corpus will be returned to the nominee or legal heir.
  3. Pension to Nominee: If the subscriber has no spouse or has not opted for a joint account, and the subscriber dies before the age of 60, the nominee will receive the pension as per the original plan until their death. After the death of the nominee, the entire corpus will be returned to the legal heir.

Atal Pension Yojana maturity amount

The maturity amount under Atal Pension Yojana (APY) depends on the contribution made by the subscriber and the duration of the contribution period. APY is a fixed pension scheme that provides a guaranteed monthly pension to its subscribers after they reach the age of 60.

The maturity amount under APY can be calculated as follows:

  1. Total Contributions: The total amount of contributions made by the subscriber during the contribution period is calculated by adding up all the monthly contributions made by the subscriber.
  2. Interest: The interest earned on the contributions made by the subscriber during the contribution period is calculated based on the prevailing interest rate. The interest rate is fixed by the government and is currently set at 7.1% per annum.
  3. Corpus: The corpus is the total amount accumulated by adding the total contributions and interest earned during the contribution period.
  4. Pension: After the subscriber reaches the age of 60, they will start receiving a monthly pension based on the corpus accumulated during the contribution period.

The following is an example of the maturity amount under APY:

Suppose a subscriber joins APY at the age of 30 and contributes Rs. 1,000 per month for 30 years. At the end of the contribution period, the total contributions made by the subscriber will be Rs. 3,60,000 (Rs. 1,000 x 12 x 30). If the interest rate during the contribution period is 7.1% per annum, the interest earned on the contributions will be Rs. 8,27,714. The corpus accumulated at the end of the contribution period will be Rs. 11,87,714 (total contributions + interest earned). After the subscriber reaches the age of 60, they will start receiving a monthly pension of Rs. 5,000 (assuming they opted for a pension of Rs. 5,000 per month).

Atal Pension Yojana scheme details

Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015. It aims to provide a regular and steady income to people working in the unorganized sector after their retirement. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) and is available to all citizens of India aged between 18 and 40 years.

Here are some key details about Atal Pension Yojana:

  1. Eligibility: The scheme is open to all citizens of India aged between 18 and 40 years. To join the scheme, the applicant must have a savings bank account and an active mobile number.
  2. Enrollment: The enrollment process for Atal Pension Yojana is simple and can be done through the bank or post office. The subscriber needs to fill in the application form and provide the required documents such as Aadhaar card, savings bank account details, and mobile number.
  3. Contribution: The subscriber can choose to contribute a fixed amount every month based on the pension amount they want to receive after retirement. The monthly contribution amount can range from Rs. 42 to Rs. 1,454, depending on the pension amount selected.
  4. Pension Amount: The subscriber can choose the pension amount they want to receive after retirement, ranging from Rs. 1,000 to Rs. 5,000 per month.
  5. Contribution Period: The contribution period for Atal Pension Yojana is between 20 and 42 years, depending on the age of the subscriber. The pension payments start after the subscriber reaches the age of 60.
  6. Tax Benefits: The contributions made by the subscriber towards Atal Pension Yojana are eligible for tax deductions under Section 80CCD of the Income Tax Act. However, the pension amount received after retirement is taxable as per the prevailing tax laws.
  7. Nomination: The subscriber can nominate a family member to receive the pension amount in case of their untimely death.
  8. Exit: The subscriber can exit the scheme before the age of 60 years only in case of terminal illness or death. The accumulated amount will be paid to the nominee or legal heir in such cases.

Atal Pension Yojana SBI

Atal Pension Yojana (APY) can be opened at any bank that is offering the scheme, including State Bank of India (SBI). SBI is one of the largest public sector banks in India, and it offers the APY scheme to its customers.

To open an APY account with SBI, the customer can follow the below-mentioned steps:

  1. Visit the nearest SBI branch and collect the APY form or download it from the SBI website.
  2. Fill up the form with the necessary details, including the name, address, date of birth, and Aadhaar number.
  3. Choose the pension amount that you want to receive after the age of 60. The pension amount can range from Rs. 1,000 to Rs. 5,000 per month.
  4. Select the monthly contribution amount based on the pension amount selected. The contribution amount can range from Rs. 42 to Rs. 1,454 per month.
  5. Submit the completed form along with the required documents, such as a copy of the Aadhaar card and a passport-size photograph.
  6. Once the application is processed, the customer will receive an SMS on their registered mobile number with the PRAN (Permanent Retirement Account Number) details.
  7. The customer can check their APY account balance and other details by logging into the SBI net banking portal or by visiting the nearest SBI branch.

It is important to note that the APY scheme is a long-term commitment, and customers should ensure that they have sufficient funds in their bank account to ensure timely contributions towards the scheme. Also, customers should regularly monitor their APY account balance and ensure that there are no missed contributions to avoid any penalties.

Atal Pension Yojana Statement

The Atal Pension Yojana (APY) statement is a document that provides details about the contributions made by a subscriber towards their pension account under the scheme. The statement typically contains the following information:

  1. Account details: The statement includes the account number, name of the account holder, and other relevant details about the pension account.
  2. Contribution details: The statement provides details about the monthly contributions made towards the pension account. This includes the amount contributed, date of contribution, and any penalties or charges applied for delayed payments.
  3. Pension amount: The statement also includes information about the expected pension amount that the subscriber will receive upon reaching the age of 60. This is based on the contributions made by the subscriber and the pension scheme’s guidelines.
  4. Nominee details: The statement may also include details about the nominee nominated by the subscriber for the pension account, including their name and contact information.

The APY statement is typically provided by the bank or post office where the subscriber holds their pension account. The statement can also be accessed online through the official APY portal by logging in with the subscriber’s account details. It is important for subscribers to review their APY statement regularly to ensure that their contributions are being credited accurately and to track their progress towards their pension goals.

What is the age limit for pension in India?

In India, the age limit for pension varies depending on the type of pension scheme. Below are the age limits for some popular pension schemes:

  1. Employee’s Provident Fund (EPF): The retirement age for EPF is 58 years. However, an employee can choose to retire at any time after attaining the age of 55 years.
  2. National Pension System (NPS): The minimum age to join the NPS is 18 years, and the maximum age is 65 years.
  3. Atal Pension Yojana (APY): The age limit to join APY is 18 to 40 years. The scheme provides pension benefits to subscribers between the ages of 60 to 80 years.
  4. Pradhan Mantri Shram Yogi Maandhan (PM-SYM): The scheme is available for unorganized workers in the age group of 18 to 40 years. The subscriber can avail pension benefits after attaining the age of 60 years.
  5. Indira Gandhi National Old Age Pension Scheme (IGNOAPS): The scheme is available for individuals who are 60 years and above.
  6. National Old Age Pension Scheme (NOAPS): The scheme is available for individuals who are 60 years and above and belong to below poverty line (BPL) families.

It is important to note that these age limits are subject to change and may vary based on government policy and regulations.

Also Read This 

Benefits of pradhan mantri jan dhan yojana

«
»