Atal Pension Yojana
Atal Pension Yojana, earlier known as Swavalamban Yojana, is a Government of India sponsored pension scheme for laborers and artisans working in the unorganized sector. Finance Minister Mr. Arun Jaitley proposed the APY scheme before the parliament during the 2015 Budget speech. Honorable Prime Minister Narendra Modi officially introduced it on 9th May 2015. More than 70% of India’s population doesn’t come under any pension scheme. Along with the API Scheme, Modi launched List of Central Government schemes. The APY scheme with the aim of providing pension benefits to those workers in the unorganized sector such as weavers, handloom workers, leather workers, plantation, etc. All the bank account holders with a valid Aadhaar card are eligible to participate in Atal Pension Yojana. For the Government employees, they also launched the National Pension Scheme to distribute the pensions.
Requirements for opening an APY account
- To enroll under APY, a worker must be within the age group of 18 to 40 years.
- This scheme goes on till subscriber reaches the retirement age of 60 years.
- APY subscribers can make monetary contributions to their account through APY login
- Contributions should follow the APY chart available on this website. The APY chart contains a complete list of monthly payments depending on the age of subscriber and amount of pension expected at the age of 60.
- Monthly contributions under the APY scheme will be in the range of Rs. 42 to Rs. 1,454. Greater the monthly premium, Higher will be the pension amount at maturity.
- Currently, the largest pension amount an APY account holder can get is Rs. 5000/- per month.
- To open an APY account, one must have a 12 digit unique Aadhaar card number provided to all Indian Citizens.
Other benefits under Atal Pension Yojana
- People can use the monthly contributions under the APY scheme for tax savings. They can even claim the premium amount paid in APY under section 80CCD. Current Limit for 80CCD tax exemption is rs 50 thousand.
- Guaranteed minimum pension starting from Rs. 1000 to Rs. 5000 per month after the age of 60.
- Low-income APY account holders not coming under any Income Tax Slab will receive matching contributions from the Government of India. The matching contribution could be Rs. 1,000 every year or 50 % of the monthly contribution amount whichever is lower.
A list of online facilities available to APY subscribers through the Atal Pension Yojana login
- You can download the APY chart from the website, https://www.npscra.nsdl.co.in/scheme-details.php. It is very important in this scheme.
- Aadhaar feeding service for all APY account holders.
- For opening a new APY account, new subscriber registration form is available. You can download the withdrawal forms for taking funds out of the account.
- Using APY login, subscribers can view transactions related to their pension account. They can also request for APY statement.
- Subscribers can make monthly contributions to their account using Atal Pension Yojana SBI epay or Billdesk which includes some selected banks.
- Toll-free customer care number is available on the Atal Pension Yojana online
Atal Pension Yojana Scheme Website: https://www.npscra.nsdl.co.in/scheme-details.php
APY Scheme Contact Number: 022-2499 3499
Fax Number for APY Scheme: 022-2495 2594/2499 4974
Email ID: firstname.lastname@example.org
APY Head Office Address details
NSDL e-Governance Infrastructure Limited,
Kamala Mills Compound,
Senapati Bapat Marg,
Mumbai – 400013