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.
A fixed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month starts at the age of 60, fully guaranteed by the Government of India.
Open to individuals between the entry age of 18 and 40 years.
The exact pension amount depends on the subscriber's age of joining and their total contributions.
If investment returns outperform expectations, a higher corpus is paid out to the subscriber.
After the demise of the subscriber, the exact same pension amount continues to be paid to his/her spouse.
Upon the demise of both the subscriber and the spouse, the accumulated corpus amount is paid out to the legal heirs.
Contributions made towards APY are eligible for income tax deduction under Section 80CCD of the Income Tax Act, 1961.
| 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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