Atal Pension Yojana (APY) Registration Form PDF

Atal Pension Yojana (APY) Registration Form PDF

The Atal Pension Yojana (APY) is a pension scheme launched by the Government of India aimed at providing financial security to workers in the unorganized sector. Here are some key features of the APY:

Eligibility for Atal Pension Yojana(APY)

• The scheme is open to all citizens of India aged between 18 and 40 years.
• The subscriber should have a savings bank account or a post office savings bank account.

Contribution Period:

• The contributions vary based on the age of the subscriber at the time of joining the scheme and the pension amount chosen.
• The contributions need to be made till the age of 60 years.

Pension Amount:

• The scheme offers a guaranteed minimum monthly pension of Rs. 1,000, 2,000, 3,000, 4,000, or 5,000, which will be received by the subscriber after they reach 60 years of age.
• The amount of pension depends on the contributions made by the subscriber, which are influenced by their age at entry and the pension amount selected.

Government Contribution:

• The Government of India co-contributes 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to eligible subscribers who joined the scheme between 1st June 2015 and 31st March 2016, and who are not beneficiaries of any social security schemes and are not income taxpayers.

Withdrawal:

• If a subscriber wants to exit the scheme before the age of 60, only the contributions made by them along with the interest earned will be returned. Government co-contributions, if any, and the interest earned on them will not be refunded.
• In case of the subscriber’s death before 60 years of age, the spouse can either continue contributing to the scheme or exit and receive the corpus amount.

Tax Benefits:

• Contributions to the APY qualify for tax benefits under Section 80CCD of the Income Tax Act, 1961.
• This scheme is especially beneficial for individuals working in the unorganized sector who do not have access to formal pension plans.