Karnataka Gramin Bank

APY

Atal Pension Yojana

The Ministry of Finance, Government of India, New Delhi, have come out with a Social Security Scheme, viz., “Atal Pension Yojana” Scheme for unorganized sector workers. The Scheme is launched on 1st June 2015.

The main Objective of this scheme is to provide social security to the unorganized sector workers.
Operational Framework is done by Government of India Scheme administered by PFRDA (Pension Fund Regulatory and Development Authority) & NSDL (National Security Depository Ltd) would act as CRA (Central Record keeping Agency).
Institutional framework of NPS (National Pension Scheme) is utilized for enrolling the subscribers.

Eligibility

The APY Scheme is open to all bank account holders, who are not members of any statutory social security scheme. APY Scheme is mainly targeted at unorganized sector workers, traders, self-employed, agriculturists. The existing subscribers of Swavalamban Scheme would be automatically migrated to Atal Pension Yojana, unless they opt out.

Age Criteria

Minimum age while joining is 18 years; Maximum is 40 years.

Period of Contribution

Pension payment commences at the age of 60 years. Therefore minimum period of contribution is 20 years or more.

Benefit / Fixed Pension Payable

  • Fixed pension per month for the subscribers ranges between Rs.1,000 and Rs.5,000 at the age of 60 years.
  • It depends on the subscriber‟s contribution & the age of joining the APY.
  • The benefit of fixed pension is guaranteed by the Government.
  • The contribution towards APY subscription is exempted from Income Tax under section 80CCD of Income Tax Act 1961(43 of 1961).

For more information please contact our Branch nearest to you