ATAL PENSION YOJANA (APY). Short Notes/Comprehensive Materials on APY.
•All Citizens of 18-40 years
•Apply to Banks through Savings Banks with Auto Debit facility
•Choose Pension options Rs 1000-Rs 5000
•Deposit stipulated Monthly/Quarterly/ Half yearly Contribution through auto debit from SB A/c.
•GOI co-contributes for eligible Subscribers up to Rs 1000 per annum for 5 years according to contribution of the Subscribers, if they join before Dec 15.
•Minimum guaranteed Pension payable to Subscribers at 60 years
•Minimum guaranteed Pension payable to Spouse after death of Subscribers
•Return of indicative pension wealth to nominees after death of spouse.
EXIT GUIDELINES OF APY
Sixty years and Above:
• The subscribers will submit the request to the associated bank for drawing the guaranteed minimum monthly pension.
• Minimum guaranteed Pension amount opted is payable to Spouse upon death of Subscriber.
• Nominee eligible for return of pension wealth upon death of Spouse.
Less than 60 years:
• Exit is permitted only in exceptional circumstances, i.e., in the event of the death/ terminal disease.
• The amount of pension wealth in the APY account will be paid to spouse who is the default nominee or the nominee prescribed by the subscriber.
• In case of willful default for 12 months, accounts would be closed as per scheme and GoI co-contribution forfeited.
Read More (Download APY Materials in PDF) :
APY MCQs ( Atal Pension Yojana)
