Atal Pension Yojana (APY)
Overview
A social security scheme of Government of India aimed at a 100% pensioned society.
A social security pension scheme introduced by Government of India.
Five Plans to choose from, based on the monthly assured pension – 1000, 2000, 3000, 4000 & 5000.
Three premium paying options – Monthly, Quarterly and Half Yearly.
Premium will be auto-debited from the subscriber’s account.
Monthly Pension is available for the subscriber since attaining 60 years of age.
After the demise of the subscriber, same amount of pension is available to the spouse.
After the demise of both the subscriber and the spouse, the accumulated corpus is returned to the Nominee.
The indicative corpus is Rs. 1,70,000/- for the Plan 1000, and the proportionate multiples for other plans.
Subscriber needs to pay the premium till attaining 60 years of age.
If the spouse opts for transfer the subscription in his/her name, he/she need to pay the premium till the time the original subscriber would have attained 60 years of age.
Option is available to the subscriber once in every year (currently during the month of April) to alter the financial parameters like Plan, Premium frequency etc.
Eligibility
Any Indian Citizen who is between the age bracket 18 – 39 (age last birthday) can join the scheme through his/her Bank account.
Available through all our branches.