Pradhan Mantri Atal Pension Yojana (APY) Details : Statement, Calculator


Pradhan Mantri Atal Pension Yojana (APY) (Account Statement, Apply,Chart, Calculator, SBI, )

Named after the ex-prime minister of India, Atal Bihari Vajpayee, Atal Pension Yojana also know as APY Scheme was launched in continuation to the Jan Dhan Yojana Scheme to bring those employed in rural and unorganized sector under the ambit of Pension Schemes.  The idea of the scheme is to provide a definite pension to all Indians.

Quick Look of Atal Pension Yojana in tabular format

Parameters Details
Scheme Name Atal Pension Yojana (APY)
Launched By Narendra Modi
Brand Ambassador Amitabh Bachchan
Last Date NA
Age Criteria Minimum 18 Years, Maximum 40 Years
Objective Social Security
Target Audience Un Organized Sector
Scope Across India

However, in order to get pension during your old age, you need to contribute accordingly.  The more you can contribute the more pensions you would get during old age.  The scheme is backed by Ministry of Finance, Government of India.  The scheme would mostly touch those working under unorganized sector.

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Atal Pension Yojana (APY)

Eligibility for Atal Pension Yojana

Any Indian national within the age group of 18 to 40 years is eligible to contribute under APY.  However, any member of a statutory social security scheme is not eligible to get the governments contribution for this pension scheme. But he will get all normal benefits of APY. If your age is 40 Years then you are eligible but if you are 40 years and 1 day then you are not eligible.

Government Contribution in Atal Pension Yojana

As all the previous schemes launched by Narendra Modi, this scheme to has an early bird incentive attached with it. If you would enroll in it on or before 31st March 2016 then you would be getting a government contribution.  Government will contribute maximum of rs 1000 per year for first 5 years.  Your yearly contribution should be more then rs 2000 to get this amount. If your yearly contribution (X rs) is less then rs 2000 then you will get Rs X/2 as government contribution.

These subscribers will not get governments contibution

  • If you are an income tax payer
  • If you are any state or government employee
  • if you work in a private company and have EPF or EPS account.

How to Apply | Process to get enrolled.

In order to apply for APY an Indian national needs to have a working bank account.  Date for submission of forms has started from 01st June 2015. There is no last date for enrollment. You have to fill the form in any bank and you are done. Please make sure this bank account have sufficient money each month before premium is deducted.

Premium payable under Atal Pension Yojana

There is also a policy under the scheme, wherein if the pension account holder dies, the contributions would go to the family or the nominee of the account.  The premiums to the pension account would be paid through your bank account and it would be auto-debited from the bank account.

Calculator or Premium of APY can be paid through 3 options

  • Monthly
  • Quarterly
  • Half Yearly

Premium Chart of Atal pension Yojana for Rs 1000 Pension

Sn Age Vesting Period Monthly Quarterly Half Yearly
1 18 42 42 125 248
2 19 41 46 137 271
3 20 40 50 149 295
4 21 39 54 161 319
5 22 38 59 176 348
6 23 37 64 191 378
7 24 36 70 209 413
8 25 35 76 226 449
9 26 34 82 244 484
10 27 33 90 268 531
11 28 32 97 289 572
12 29 31 106 316 626
13 30 30 116 346 685
14 31 29 126 376 744
15 32 28 138 411 814
16 33 27 151 450 891
17 34 26 165 492 974
18 35 25 181 539 1068
19 36 24 198 590 1169
20 37 23 218 650 1287
21 38 22 240 715 1416
22 39 21 264 787 1558
23 40 20 291 876 1717

Premium Chart of Atal pension Yojana for  Rs 2000 Pension

Sn Age Vesting Period Monthly Quarterly Half Yearly
1 18 42 84 250 496
2 19 41 92 274 543
3 20 40 100 298 590
4 21 39 108 322 637
5 22 38 117 349 690
6 23 37 127 378 749
7 24 36 139 414 820
8 25 35 151 450 891
9 26 34 164 489 968
10 27 33 178 530 1050
11 28 32 194 578 1145
12 29 31 212 632 1251
13 30 30 231 688 1363
14 31 29 252 751 1487
15 32 28 276 823 1629
16 33 27 302 900 1782
17 34 26 330 983 1948
18 35 25 362 1079 2136
19 36 24 396 1180 2337
20 37 23 436 1299 2573
21 38 22 480 1430 2833
22 39 21 528 1574 3116
23 40 20 582 1734 3435

Premium Chart for Atal pension Yojana for pension of Rs 3000

Sn Age Vesting Period Monthly Quarterly Half yearly
1 18 42 126 376 744
2 19 41 138 411 814
3 20 40 150 447 885
4 21 39 162 483 956
5 22 38 177 527 1045
6 23 37 192 572 1133
7 24 36 208 620 1228
8 25 35 226 674 1334
9 26 34 246 733 1452
10 27 33 268 799 1582
11 28 32 292 870 1723
12 29 31 318 948 1877
13 30 30 347 1034 2048
14 31 29 379 1129 2237
15 32 28 414 1234 2443
16 33 27 453 1350 2673
17 34 26 495 1475 2921
18 35 25 543 1618 3205
19 36 24 594 1770 3506
20 37 23 654 1949 3860
21 38 22 720 2146 4249
22 39 21 792 2360 4674
23 40 20 873 2602 5152

Premium Chart for Atal pension Yojana for pension of Rs 4000

Sn Age Vesting Period Monthly Quarterly Half Yearly
1 18 42 168 501 991
2 19 41 183 545 1080
3 20 40 198 590 1169
4 21 39 215 641 1269
5 22 38 234 697 1381
6 23 37 254 757 1499
7 24 36 277 826 1635
8 25 35 301 897 1776
9 26 34 327 975 1930
10 27 33 356 1061 2101
11 28 32 388 1156 2290
12 29 31 423 1261 2496
13 30 30 462 1377 2727
14 31 29 504 1502 2974
15 32 28 551 1642 3252
16 33 27 602 1794 3553
17 34 26 659 1964 3889
18 35 25 722 2152 4261
19 36 24 792 2360 4674
20 37 23 870 2593 5134
21 38 22 957 2852 5648
22 39 21 1054 3141 6220
23 40 20 1164 3469 6869

Premium Chart for Atal pension Yojana for pension of Rs 5000

Sn Age Vesting Period Monthly Quarterly Half Yearly
1 18 42 210 262 1239
2 19 41 228 697 1346
3 20 40 248 739 1464
4 21 39 269 802 1588
5 22 38 292 870 1723
6 23 37 318 948 1877
7 24 36 346 1031 2042
8 25 35 376 1121 2219
9 26 34 409 1219 2414
10 27 33 446 1329 2632
11 28 32 485 1445 2862
12 29 31 529 1577 3122
13 30 30 577 1720 3405
14 31 29 630 1878 3718
15 32 28 689 2053 4066
16 33 27 752 2241 4438
17 34 26 824 2456 4863
18 35 25 902 2688 5323
19 36 24 990 2950 5843
20 37 23 1087 3239 6415
21 38 22 1196 3564 7058
22 39 21 1318 3928 7778
23 40 20 1454 4333 8581

Can Government Employees open Atal Pension Yojana Account

Yes Government employees can open it but will not be eligible for the government contribution on this account

Important Atal Pension Yojana Features

If a subscriber Joins APY and opts for a 5000 pension plan and pays his premium as mentioned in the chart then he will start getting rs 5000 pension till he is alive after attaining 60 years of age. After subscriber is dead then his/her spouse will get the pension amount that subscriber was getting.  After both are gone then Nominee will get the corpus amount of rs 8.5 lakhs.

Atal Pension Yojana Form

You can use and download APY Form using Atal Pension Yojana English Application form Link. Nominee details are very important in this scheme. Spouse  is considered to be the default nominee so please make sure you make nominee other then you spouse.

Please use this link to download Atal Pension Yojana Form in Hindi

Can a subscriber close his APY account (Voluntary Exit) before attaining 60 years of age.

Initially it was not possible but after getting reviews from people government have allowed closing of APY account in between. You will have to give a closing application in the bank to get your account closed. Banks will refund all your investment with interest. You will have to pay a small penalty to avail this facility.

APY Account Statement using eSOT and ePRAN

Now you can see your apy statement online. Initially it was not possible.

  1. Browse this site https://npslite-nsdl.com/CRAlite/EPranAPYOnloadAction.do
  2. fill the mandatory details
  3. click submit button

Tax benefits in Atal pension Yojana.

So the great news is in, now you can avail the same tax benefits in atal pension yojana as you do in NPS ie now you can claim the premium paid in this scheme under section 80CCD.

Atal Pension Yojana (APY) VS New Pension Yojana (NPS)

SL. NO. ATAL PENSION YOJANA NATIONAL PENSION SCHEME
1 The maximum age limit that one can join is up to the age of 40 years. Here one can join up to the age of 60 years.
2 NRIs cannot join this plan. NRIs can also join this plan.
3 Here, the pension is paid monthly which ranges from Rs. 1,000 to Rs. 5,000. Here, half of the pension amount is paid after the beneficiary retires and then he/she receives the rest amount in monthly payments.
4 Premium amount can be claimed under 80CCD There is tax benefit and beneficiary can avail tax benefits of up to Rs. 50 lakh.
5 Here withdrawal cannot be made before maturity, unless there is a special case. Here the beneficiary can withdraw the amount before maturity.
6 Here, unique PRAN number is not provided. A unique PRAN number is provided to get accessibility all over the country.

Some Interesting APY Updates

25/01/2016

You should have savings bank account if you want to opt for this scheme.

03/02/2016

Swavalamban Yojana would automatically converted into APY

18/04/2016

You can opt for a pension plan but switching the plan after opting it possible only once in a year. But the Procedure of the same is not known.

23/11/2016

The Pension that you will get after completion of term would be taxable.

03/03/2017

Amitabh Bachchan is the current Brand Ambassador of Atal pension Yojana.

26/07/2017

You can apply for Atal Pension yojana in SBI, PNB, HDFC, ICICI and many other banks.

01/08/2017

PFRDA have notified that APY is doing pretty well and fund managers have generated above 13% returns on this investment.

12/12/2017

Reaches 62 Lakhs Subscriber Base. Aadhaar Card have now become mandatory to enroll in APY. Premature Exit form in now available in banks (updated on Jan 10 2018)

29/02/2018

You can now open your APY account on any of government recognized payment banks like paytm, airetl banks etc, this step is surely going to increase APY reach.

15/6/2018

The Modi government has planned to increase the monthly pension limit from Rs 5000 to Rs 10000 as per the proposal by Pension Fund Regulatory and Development Authority (PFRDA) considering that 20-30 years down the lane, the current pension limit of Rs 5000 per month for people with age 60 years would not be enough. The proposal also includes auto-enlistment of APY subscribers and increases the maximum age limit to 50 years to ingress into the scheme.

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