The Ministry of Finance, Government of India launched Atal Pension Yojana (APY) on 1st June 2015 as a flagship social security scheme aimed at providing financial stability and pension support during old age.
APY primarily targets workers in the unorganized sector, traders, self-employed individuals, and agriculturists, ensuring a guaranteed pension after retirement.
If you enrolled in APY on or after 1st October 2022 and are later found to have been an income tax payer before the date of application, the APY account will be closed and the accumulated amount will be returned.
Fixed monthly pension ranging from Rs. 1,000 to Rs. 5,000 after 60 years of age.
Individuals between 18 and 40 years can enroll under the scheme.
After the subscriber’s demise, the same pension amount is paid to the spouse.
After the demise of both subscriber and spouse, the accumulated corpus is paid to legal heirs.
Contributions qualify for deduction under Section 80CCD of the Income Tax Act, 1961.
If investment returns outperform expectations, a higher corpus amount may be payable.
| Monthly Pension | Government Guarantee |
|---|---|
| Rs. 1,000/- | Guaranteed |
| Rs. 2,000/- | Guaranteed |
| Rs. 3,000/- | Guaranteed |
| Rs. 4,000/- | Guaranteed |
| Rs. 5,000/- | Guaranteed |
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