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Atal Pension Yojna (APY)-New Pension Scheme details and benefits

May 14, 2015by Basavaraj Tonagatti

On 9th May 2015, Government of India launched one more scheme called Atal Pension Yojna (APY). This scheme launched along with Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). I already covered both the schemes in my earlier post. Now in this post I try to concentrate on Atal Pension Yojna.

Latest Post–Difference between New Pension Scheme (NPS) and Atal Pension Yojana (APY)

Latest Updates (20th August, 2015)-Government modified some rules of APY. They are as below.

  • Now instead of only monthly payment option, subscribers can invest like monthly, quarterly, half-yearly or yearly.
  • The account will not be deactivated and closed till the account balance with self-contributions minus the government co-contributions become zero due to deduction of account maintenance charges and fees.
  • The penalty on delayed payment has been also simplified to Rs 1 per month for a contribution of Rs 100 for each delayed monthly payment instead of different slabs given earlier.
  • Premature withdrawal now be possible with some conditions. The subscriber will only be refunded the contributions made by him to APY, along with the net actual interest earned on his contributions.

Few more changes via notification dated 29th April, 2016 is as below.

Option to the spouse of the subscriber to continue contribution to APY on death of subscriber before the age of 60 years:

“If the subscriber dies before the age of 60 years, his/her spouse would be given an option to continue contributing to APY account of the subscriber, which can be maintained in the spouse’s name, for the renaming vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse”.

  • Atal Pension Yojana (APY)

Retirement planning is one of the most important goals of Financial Planning. However, sadly only a few individuals plan for it. The reasons are many. Two main reasons for this are-Negligence and unavailability of a unique or best pension plan. A few years back, the Government launched the New Pension Scheme (NPS). However, it doesn’t take the popularity as was expected. Again, one more pension plan launched by the Government.

How much pension you can get?

The buzzing word, that may attract you about this scheme is a GUARANTEED PENSION. This scheme offers you the minimum guaranteed pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs.4, 000 or Rs.5, 000 per month. This pension will start once you attain the age of 60 years, depending on the contributions made by the subscribers.

Who can invest in this scheme?

Below are the eligibility conditions for investing in this scheme-

  • Your age must be within 18-40 Yrs of age.
  • You must have a Savings Bank Account.
  • You must be in possession of a mobile phone. This number you must provide during registration.

How much Government will contribute to this scheme?

The Government will also contribute 50% of the total contribution or Rs.1, 000 per year, whichever is lower, for 5 years i.e. from 2015-16 to 2019-20. However, to get this Government contribution, you must enroll for this scheme from 1st June 2015 to 31st December 2015.

Please remember that this Government contribution will not be available for INCOME TAX PAYERS or individuals who are already members of schemes like

  • Employees’ Provident Fund & Miscellaneous Provision Act, 1952 (EPF)
  • The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948
  • Assam Tea PlantationProvident Fund and Miscellaneous Provision, 1955
  • Seamens’ Provident Fund Act, 1966
  • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961
  • Any other statutory social security schemes.

Who administers this scheme?

This scheme is administered by PFRDA / Governments.

How to invest in this scheme?

  • Approach your bank branch where you have a savings account.
  • Fill the APY Registration Form.
  • Provide Aadhaar/Mobile number.
  • Ensure sufficient balance in saving account for monthly transfer. Because your monthly investment in this scheme will be through an auto-debit facility.

What will be the auto-debit date?

Your initial investment date is considered as monthly auto-debit date of investment.

Whether Aadhar is mandatory?

No, it is not mandatory. However, Aadhaar is a primary KYC document.

Nomination mandatory?

Yes, it is mandatory.

How many APY accounts, one can have?

You can have only one APY account.

Whether one can increase or decrease the contribution?

Yes, you can increase or decrease the contribution as and when required.

What will happen in case you miss a monthly contribution?

In case you will not maintain the sufficient balance on auto-debit date, then the account will be treated as default. Banks may collect the penalty for this. Such penalty varies from Rs. 1 to Rs.10 per month. Government sets a limit for this penalty as below.

  • Rs.1 per month penalty if your monthly contribution is up to Rs.100.
  • Rs.2 per month penalty if your monthly contribution is up to Rs.101 to Rs.500.
  • Rs.5 per month penalty if your monthly contribution is up to Rs.501 to Rs.1, 000.
  • Rs.10 per month penalty if your monthly contribution is beyond Rs.1, 001.

In case you discontinue the contribution, then following actions will be taken.

  • After 6 months, the account will be frozen.
  • After 12 months, the account will be deactivated.
  • After 24 months, the account will be closed.

How to withdraw from APY?

  1. On attaining the age of 60 yrs-You have to fill the exit form with 100% anuitisation of pension wealth. Your pension starts immediately.
  2. In case of death of the subscriber, the pension will continue to spouse. On the death of both subscriber and spouse, the pension corpus would be returned to the nominee.
  3. Exit before 60 years of age is permitted only case of the death of a subscriber or terminal disease.

Settlement in a case of death of the subscriber before attaining the age of 60 years

If subscriber died before attaining the age of 60 years of age, then the below rules will apply.

If death occurs before attaining the age of 60 years of age, then his or her spouse will be allowed to continue the account in their name. The account will attain the eligibility for a pension once the age of original subscriber age reaches 60 years of age. After that, the spouse of the deceased subscriber will be eligible to receive the pension as usual.

However, if spouse not interested to continue the account, then the account will be closed and the accumulated corpus will be given to the spouse. If spouse not alive, then it will be payable to the nominee.

Whether you get a statement of investment?

Along with regular SMS to your registered mobile number, you also receive the account statement.

In the below chart, I explained how much an individual to contribute to receive the various minimum pension.

Atal Pension Yojana Monthly Contribution

Whether it is worth to subscribe?

At first let us analyze whether this was necessary or not. We have already NPS (New Pension Scheme) Swalamban Scheme. Hence, what is the necessity of one more scheme? I feel it’s more of a political stunt to create the history by launching a number of schemes.

Let us glance at the first image of this post. They showed the indicative accumulation to get Rs.5, 000 per month pension. Let us say you are 20 Yrs old, and then you have to contribute Rs.248 for 40 years. You accumulate Rs.8,50,000 at the age of 60 Yrs. Even though it is indicative, but still gives a hint about the expectation from this scheme. The returns will be shown as around 8%. Whether investing so long for retirement goal and expecting a return of 8% is worth? A simple PPF monthly contribution (however, there is a yearly maximum restriction of Rs.1, 50,000) will fetch you more than this.

Along with that, you do not feel the liquidity of your investment. All your investment will be turned to an annuity. Even they are not offering you the some percentage of commutation at the age of 60 yrs.

One major drawback of this scheme is taxation. They have not provided any tax benefit. Hence, the pension you receive from this scheme will be taxable income for you.

The Government contributes an equal amount (or maximum Rs.1, 000 per year) for only five years. However, see the conditions of eligible candidates to avail this Government contribution. First, you must not be a taxpayer and second not a member of an EPF kind of schemes. Hence, a large number of individuals automatically not eligible for this benefit. Along with that, they contribute only up to 5 years. Hence, I think this is just a political gimmick than a promotion of a true pension scheme.

How to download your ePRAN or transaction statement of APY or Atal Pension Yojana?

The facility to download and/or print ePRAN Card and Transaction Statement is made available. You can access your ePRAN Card and Transaction Statement through CRA NPS Lite website (www.npslite-nsdl.com). You have an option to search your ePRAN Card and Transaction Statement with/without PRAN details. You are then required to provide minimum details like PRAN and Bank Account Number or Subscriber Name, Bank Account Number and Date of birth registered in the CRA system under APY.

How to track your APY Grievances?

An Email/SMS alert (along with Token No.) is sent to APY Subscriber on generation and resolution of a grievance in CRA system.

Category: Investment PlanningTag: Atal Pension Yojna (APY), New Pension Scheme details

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

Previous Post: « All about Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana
Next Post: How to transfer PPF Account from Post Office or Bank to another Post Office or Bank? »

Reader Interactions

Comments

  1. A R S PRAKASH RAO

    April 15, 2019 at 3:12 PM

    hi Basu ji
    I have an APY account in canera bank every month detucting 300INR from my account
    1. I missed my account details
    2.how can I check my account status
    3. what is the max age of joining of APY

    KINDLY REPLY

    Reply
    • Basavaraj Tonagatti

      April 15, 2019 at 3:50 PM

      Dear Prakash,
      Please contact the PFRDA or nearest Point of Service of PFRDA.

      Reply
  2. VG

    April 16, 2018 at 2:59 PM

    Hi Basu,
    I like your articles and analysis very much.
    I have a query that can me and wife have separate APY contribution and pensions separately. So that we can contribute and have a respectable maximum pension output from this Social security scheme.
    Other than this POMIS is the only plan to maximise your current and future guarateedly.
    Please guide.
    Regards,
    VG

    Reply
    • Basavaraj Tonagatti

      April 17, 2018 at 11:00 PM

      VG-Yes, you can do so for both of you and start investing. But do you feel this scheme will fulfill your retirement requirement?

      Reply
  3. SINTHIYA DUTTA

    March 25, 2018 at 12:27 PM

    1. I have EPS under EPF. Can I get both pension from EPS & APY, after 60 years age ?

    2. A person can get 2 pension at a time ?

    Reply
    • Basavaraj Tonagatti

      March 25, 2018 at 12:55 PM

      Sinthiya-1) YES.
      2) Why not?

      Reply
  4. Shyam

    March 24, 2018 at 4:02 PM

    Can one individual have both Atal pension yojna and Enps (individual) at a time ??

    Reply
    • Basavaraj Tonagatti

      March 25, 2018 at 12:00 PM

      Shyam-YES.

      Reply
  5. mitesh

    March 24, 2018 at 8:36 AM

    hello sir
    i have a doubt in the contribution part
    lets cosider my age is 22 then my contribution per month for 5000 will be 248. once i reach 25 will my contribution amount change to 376… and so on…??

    Reply
    • Basavaraj Tonagatti

      March 24, 2018 at 10:14 AM

      Mitesh-I replied to your FB doubt.

      Reply
  6. SINTHIYA DUTTA

    March 21, 2018 at 1:12 PM

    I am Private Sector Employee. I have EPF. Am I eligible for APY ?

    Reply
    • Basavaraj Tonagatti

      March 21, 2018 at 2:05 PM

      Sinthiya-YES.

      Reply
  7. Bhagyashree peddi

    October 13, 2017 at 2:07 PM

    How and when get back APY paid amount after cancellation of APY

    Reply
    • Basavaraj Tonagatti

      October 14, 2017 at 9:19 AM

      Bhagyashree-While closing you have to submit bank details. They credit to your bank.

      Reply
  8. Sanjay sharma

    September 14, 2017 at 8:13 PM

    I want to change my apy bank account.baroda Rajasthan Kshatriya Garmin bank to icici bank.please guide me

    Reply
    • Basavaraj Tonagatti

      September 14, 2017 at 9:53 PM

      Sanjay-You can do so by submitting the bank change request at any of the POS of PFRDA.

      Reply
  9. feroz

    May 25, 2017 at 2:13 PM

    my sister age 21 single person i am apply AYP scheme
    1.my sister working before marriage died what claim lump amount or pension amount my mother a/c ? AND
    2.After marriage age 35 before DIED what claim pension amount my husband a/c ?

    Reply
    • Basavaraj Tonagatti

      May 25, 2017 at 6:17 PM

      Feroz-I updated this section. Refer the above post once again. You will get answer.

      Reply
  10. Murugesan M

    April 27, 2017 at 1:43 PM

    Dear Basavaraj,

    My DOB is 28 Feb 1977, am i eligible for opening APY. Pls reply me.

    Thanks in advance

    Reply
    • Basavaraj Tonagatti

      April 27, 2017 at 7:00 PM

      Murugesan-You completed 40 years and currently, your age is 41 Yrs (running). Hence, you can’t apply for this.

      Reply
  11. Vikram Rastogi

    April 11, 2017 at 4:42 AM

    The current maximum guaranteed pension is Rs 5,000 per month. “All suggestions are being deliberated. One is to add slabs in the minimum guaranteed pension amount. The highest slab could be up to Rs 10,000/15000” said a government official

    Reply
    • Basavaraj Tonagatti

      April 11, 2017 at 8:33 AM

      Vikram-Let him announce the same OFFICIALLY.

      Reply
  12. Johny

    February 16, 2017 at 3:50 PM

    Dear Sir,

    Very informative. Thanks for sharing this details. I have a question sir, What will happen if I start paying the taxes for the income or become an NRI after 2 years of opening the Atal Pension Yojna?

    Regards,

    Johny

    Reply
    • Basavaraj Tonagatti

      February 16, 2017 at 3:52 PM

      Johny-They immediately stop contributing of their part once you turn to be tax payer. Once you turn NRI, then you must inform to PFRDA regarding the same.

      Reply
  13. deenabandhu nayak

    September 23, 2016 at 9:17 PM

    what will the fate of apy if a contributer died in the middle of the scheme

    Reply
    • Basavaraj Tonagatti

      September 23, 2016 at 9:26 PM

      Deenabandhu-If contributor to APY dies before attaining the age of retirement, then the accumulated amount will be returned to his nominee.

      Reply
  14. Mayank

    July 24, 2016 at 7:52 AM

    Hello,

    I have opened APY thru SBI which is not my branch where I operate Account . I tried Contacting my Branch manager to share me APY Last year investment for 80C , but they could not provide me saying that my account was not created at there branch , so wont be able to provide me the statement. As I am not in Country, I am not able to reach the branch where i had opened APY. Is there anyway in NSDL or other govt. site where I can register & check my account details online by self. OR anyway where i can reach them to get my details .
    Does APY provides any provision to operated online ???

    Reply
    • Basavaraj Tonagatti

      July 24, 2016 at 8:33 AM

      Mayank-You can use this link of NSDL to complain.

      Reply
  15. Prakash N

    June 10, 2016 at 6:34 PM

    It is possible to change scheme 1000 to 5000 in APY??? Please advise.

    Reply
    • Basavaraj Tonagatti

      June 11, 2016 at 9:17 AM

      Prakash-YES.

      Reply
  16. Amit

    May 28, 2016 at 3:14 PM

    Hi
    Please give the details if changing the spouse name in atal pension yojna.
    I also want to change the bank details as well.

    Please assist.
    Thanks

    Reply
    • Basavaraj Tonagatti

      May 28, 2016 at 5:58 PM

      Amit-You have to contact PFRDA for the same.

      Reply
  17. Deepika

    May 15, 2016 at 5:06 PM

    Hi sir,

    First I started APY Scheme in HDFC bank.There is no continuity of payment in my scheme. can I start the scheme in ICICI bank by carry forwarding the amount deducted in HDFC to ICICI using PRAN number.

    or

    Can I start a new scheme in ICICI bank,leaving the deducted amount.

    Reply
    • Basavaraj Tonagatti

      May 15, 2016 at 6:19 PM

      Deepika-No, using the same APY and PRAN you can start investing through ICICI Bank.

      Reply
  18. Navya

    April 18, 2016 at 5:11 PM

    Can I join both National Pension Scheme (NPS) and Atal Pension Yojana (APJ) at a time?

    Reply
    • Basavaraj Tonagatti

      April 19, 2016 at 10:03 AM

      Navya-YES. Because there is no such restriction mentioned AS OF NOW.

      Reply
  19. abdul kasim

    March 13, 2016 at 2:10 PM

    my age 24 years i paying mothly 346 per month apy sir i suppose will be pay for 20years before the 60 years which i will get pension amount or lum some amount .

    Reply
    • Basavaraj Tonagatti

      March 14, 2016 at 5:37 AM

      Abdul-You are not allowed to withdraw before 60 yrs of age.

      Reply
  20. anand

    March 10, 2016 at 2:26 PM

    I just wanted to check if the APY scheme offers a lifetime pension or is there any restrictions to it. Say like 5 year or 10 year after the retirement. Please advise.`

    Reply
    • Basavaraj Tonagatti

      March 10, 2016 at 4:55 PM

      Anand-It is lifetime.

      Reply
  21. Sujit Kumar DAS

    February 17, 2016 at 9:53 AM

    My daughter has joined the APY scheme,but has not got yet PRAN ,How I will get

    Reply
    • Basavaraj Tonagatti

      February 17, 2016 at 10:18 AM

      Sujit-Contact PFRDA or Bank.

      Reply
  22. micky

    February 4, 2016 at 9:11 AM

    how many days do apy death claim is processed

    Reply
    • Basavaraj Tonagatti

      February 4, 2016 at 12:57 PM

      Micky-As of now there is no such procedure set up.

      Reply
  23. sandeep

    February 3, 2016 at 7:46 PM

    SIR MY MOTHER (WIDOWER) REGISTERED AND RECEIVED ACKNOWLEDGEMENT OF ATAL PENSION YOJNA ON 30-12-2015 ( monthly contribution 5000)
    DIED UNFORTUNATELY ON 10-01-2016 DUE TO SUDDEN HEART STROKE
    CAN WE CLAIM FOR CORPUS SIR if so what will be corpus amount fund value or 8.5 lakh
    please reply sir

    Reply
    • Basavaraj Tonagatti

      February 4, 2016 at 3:58 PM

      Sandeep-Sir you not get Rs.8.5 lakh, but the invested amount with interest ONLY.

      Reply
  24. Avishek Dutta

    February 1, 2016 at 1:28 AM

    After 10 yrs if i want to close my apy account whether i get the given amount(for the last 10 yrs) with interest??

    I am a tax payer having employee provident fund.can I apply for apy?

    Can i have the tax benefit under 80/c or 80/d ?
    Please state me the drawbacks of this apy scheme..

    Looking forward for ur kind attention

    Thanks and regards
    Avishek

    Reply
    • Basavaraj Tonagatti

      February 1, 2016 at 9:28 AM

      Avishek-Please read the exit options mentioned above. Yes, you can open this account even if you are tax payer. No, there is no tax benefit by investing in this account. In fact the pension is taxable income to you.

      Reply
  25. MICKY

    January 25, 2016 at 7:49 PM

    SIR MY MOTHER (WIDOWER) REGISTERED AND RECEIVED ACKNOWLEDGEMENT OF ATAL PENSION YOJNA ON 30-12-2015
    DIED UNFORTUNATELY ON 10-01-2016 DUE TO SUDDEN HEART STROKE
    WE RECEIVED MESSAGE THAT ATAL PENSION YOJNA ACTIVATED ON 16/01/2016
    CAN WE CLAIM FOR CORPUS SIR PLEASE REPLY SIR
    PLEASE EXPLAIN THE PROCESS SIR

    Reply
    • Basavaraj Tonagatti

      January 26, 2016 at 6:39 PM

      Micky-check your facts. Because your mother died on 10th January but you received message stating that the account activated on 16th. I think not.

      Reply
  26. micky

    January 13, 2016 at 6:45 PM

    sir what are accidental deaths according to sbi and lic
    sir my mother has sbi accidental cover of 10 lacs as my mother died of sudden heart stroke ( first stroke to a healthy person) can we claim or not sir please explain

    thank you a lot sir providing information sir

    Reply
    • Basavaraj Tonagatti

      January 14, 2016 at 10:37 AM

      Micky-Heart attack is not considered as accidental death. For further clarification or definition, you can contact respective insurance companies.

      Reply
  27. micky

    January 13, 2016 at 2:50 PM

    sir my mother buyed a policy( new endowment 814 sum assured 2lakhs ) on 24-12-2015
    and died unfortunately on 10-01-2016 due to sudden heart attack can we claim for that policy sir

    Reply
    • Basavaraj Tonagatti

      January 13, 2016 at 4:05 PM

      Micky-YES.

      Reply
  28. micky

    January 13, 2016 at 2:40 PM

    sir what diseases under what conditions comes under accidental death

    Reply
    • Basavaraj Tonagatti

      January 13, 2016 at 4:06 PM

      Micky-It is hard to describe. Because it depends on insurance company.

      Reply
  29. micky

    January 13, 2016 at 2:36 PM

    sir how can we claim atal pension yojnaa corpus
    please explain the process to claim sir please

    Reply
    • Basavaraj Tonagatti

      January 13, 2016 at 4:06 PM

      Micky-Contact bank.

      Reply
  30. MICKY

    January 13, 2016 at 8:56 AM

    sir death due to sudden heart attack ( first stroke to a healthy person) is accidental or natural death according to irda rules and sbi rules

    Reply
    • Basavaraj Tonagatti

      January 13, 2016 at 11:45 AM

      Micky-Natural death.

      Reply
  31. MICKY

    January 13, 2016 at 8:51 AM

    SIR MY MOTHER (WIDOWER) REGISTERED AND RECEIVED ACKNOWLEDGEMENT OF ATAL PENSION YOJNA ON 30-12-2015
    DIED UNFORTUNATELY ON 10-01-2016 DUE TO SUDDEN HEART STROKE
    CAN WE CLAIM FOR CORPUS SIR PLEASE REPLY SIR

    Reply
    • Basavaraj Tonagatti

      January 13, 2016 at 11:46 AM

      Micky-Yes.

      Reply
  32. Biswaroop C

    January 6, 2016 at 3:31 PM

    Hi Basu,

    I am an avid reader of your blog, its a wonderful Financial information repository …
    I have few queries

    1. Can an Income Tax payer (private service) be enrolled in APY? Its understood he wont get Govt contribution, but still is he eligible to open an APY account?

    2. Can two holders of a Savings bank account (Either or Survivor mode) be enrolled in APY ,each with their individual PRAN nos?

    3. Is there any website to see the APY Account/ monthly contribution made? Apart from the monthly SMS alerts?

    4. With the same PRAN no. generated for APY , can the APY subscriber still open an National Pension Scheme Acc?
    Thereby is it legal to have APY and NPS both active (on same PRAN or on different PRANS) for a single subsciber?

    Reply
    • Basavaraj Tonagatti

      January 6, 2016 at 3:45 PM

      Biswaroop-1) YES. 2) YES. Because their APY accounts are considered differently based on PRAN. 3) As of now no such facility. But I hope PFRDA will come up with this feature. 4) YES, there is no such restriction mentioned either in APY or NPS.

      Reply
      • Biswaroop

        March 9, 2016 at 5:22 PM

        Hi Basu,

        I had again posted this query in PMJDY contact forum
        “1. Can an Income Tax payer (private service) be enrolled in APY? Its understood he wont get Govt contribution, but still is he eligible to open an APY account?”

        But i got this reply:
        Sir its is not possible for an Income Tax payer to re registered in APY from SBI/any bank.

        As per SBI bank officials i got my APY account opened and was even assigned a PRAN
        I have started the ECS for monthly premiums since Nov 15

        Q> But this conflict is troubling me! Would this be not honored at 60yrs?
        Q> I did not receive the PRAN card for APY
        Also when i tried searching for this PRAN no. alloted to me in CRA-NSDL , there were no Records found!
        Presently i want to open an NPS acoount but my already activated APY-PRAN has no search records!!

        Kindly share your views

        Reply
        • Basavaraj Tonagatti

          March 9, 2016 at 5:44 PM

          Biswaroop-As far as I Know, I am sure that IT payer can still open APY. There is no such restriction. Let them show the rulebook of the same.

          Reply
  33. Ravi A.

    January 6, 2016 at 12:55 AM

    Hi Basavaraj,

    My age being 36 now and if I opt for 5000/- per month pension scheme, I will pay 990 per month (for next 24 years). Suppose I get pension of 5000/- per month for next 10 years after my age of 60 years, and supposedly I die at 70 years of age; my questions are:
    1. As I understand – after my death, will my wife continue to get the same pension amount (5000/-) till her life-time?
    2. After my wife’s death in next 5 years after me,
    (a) will the nominee (my daughter) get the pension corpus / lumpsum of Rs. 8.50 Lakhs as given in the table against 5000/- pension amount column? or…
    (b) will she just get the accumulated principle paid by me during these 24 years, which roughly comes to 2.85 Lakhs (i.e. 990 per month X 12 months X24 years = 2,85,120)? or…
    (c) will she get the pension corpus after deducting our paid out pensions of 5000/- per month for 15 years (10 years paid to me and 5 years paid to my wife after me)?

    Thanks in advance.

    —
    Best Regards,
    Ravi A.

    Reply
    • Basavaraj Tonagatti

      January 6, 2016 at 1:50 PM

      Ravi-1) Yes. 2) They provide pension corpus.

      Reply
      • Ravi A.

        January 7, 2016 at 1:00 AM

        Hi Basu,
        Regarding Point #2, how much would be this pension corpus? Is it fixed (8.50 Lakhs) in case of 5000/- monthly pension option. Or will it be variable / subjective based on few factors? Thanks for clarifying this.

        —
        Br, Ravi

        Reply
        • Basavaraj Tonagatti

          January 7, 2016 at 9:55 AM

          Ravi-It is not clear whether it is Rs.8.5 lakh or what. But I assume it will be Rs.8.5 lakh.

          Reply
  34. MPK

    January 5, 2016 at 10:14 PM

    Sir what if i have not paid any income tax till dec, 2015 and have enrolled for APY in Dec 2015 but I might be giving income tax later?
    Will I not get the benefit?

    Reply
    • Basavaraj Tonagatti

      January 6, 2016 at 1:56 PM

      MPK-The grace period ended on 31st December, 2015 itself. No if you open, then there will be no Govt contribution.

      Reply
  35. Satish Sharma

    December 29, 2015 at 11:26 PM

    sir, (1) in APY after the death of both subscriver and spouse in same time ,tell me who will get corpus amount if nominee is also spouse. or
    (2) if spouse is also a nominee, can nominee eligible for both pension and corpus amount after the death of subscriber.
    kindly clarify above queries.

    Reply
    • Basavaraj Tonagatti

      December 30, 2015 at 7:14 PM

      Satish-1) It will be legal heir of subscriber.
      2) Nominee will be eligible for pension.

      Reply
  36. PCM

    December 22, 2015 at 12:06 PM

    Sir, I have enrolled in APY for Rs. 5000 PM. I wanted to know that can i get old age pension (From State Government) and APY pension both after 60 Years of age or not ?

    Please confirm sir.

    Reply
    • Basavaraj Tonagatti

      December 22, 2015 at 1:06 PM

      PCM-YES.

      Reply
      • pcm

        December 22, 2015 at 1:44 PM

        Thank you very much for reply sir.

        Reply
  37. ajay

    December 17, 2015 at 11:07 PM

    Iam taken apy scheme 17 months installments is paid after i have not intrested this apy but my money is refunded are not refunded pls give me clarity

    Reply
    • Basavaraj Tonagatti

      December 18, 2015 at 9:42 AM

      Ajay-The conditions are explained above. Please take the pain to read.

      Reply
  38. Sanjay Das

    August 26, 2015 at 8:55 AM

    I already registsred in APY and my two months contribution deducted from SBI. but I had not received any document from bank or APY? Bank or APY call center couldnot tell any information aboot what document I will get. one sms I had received only mentioning PRAN number. HAVE ANY ONLINE CHECKING SYSTEM IN APY OR CAN I GET ANY PHYSICAL DOCUMENT?.

    Reply
    • Basavaraj Tonagatti

      August 26, 2015 at 11:38 AM

      Sanjay-If you received PRAN then ask PFRDA or NSDL.

      Reply
  39. manoj kumar

    August 16, 2015 at 11:09 AM

    sir nps lite band ho gyi ya chalu hai
    mein nps lite k liye form fill krke send kar diya 3 month ho gye abhi tak mera pran card nhi aaya hai kya ye change ho gyi , apy mein convert ho kar aayegaplz tell me

    Reply
    • Basavaraj Tonagatti

      August 16, 2015 at 12:20 PM

      Manoj-I already replied to your Facebook message.

      Reply
  40. pramod

    August 13, 2015 at 9:50 PM

    my wife’s date of birth is 25/12/1983 but the dena bank has entered 25/12/1993, what can be done in this case?, bank staff is helpless, please tell me how it can be change.

    Reply
    • Basavaraj Tonagatti

      August 14, 2015 at 10:34 AM

      Pramod-They are the one who have to rectify. Provide the correct proof and let them rectify.

      Reply
  41. Sunil Gadapa

    July 27, 2015 at 3:13 PM

    I am Sunil, Currently working in Qatar as Ass. Accountant with monthly salary 55000 INR. I am married and have dependent parents and wife. We are staying in rented room having INR 11000 rent. After all monthly expenses I am having INR 20000 saving from which I want to keep INR 10000 safe in bank and balance I would like to invest as SIP. I dont have any idea of share market can treat me as beginner.
    I want to invest INR 5000 for Long Term and INR 5000 for Short Term.
    Long Term Plan Include Pur. of House in Navi Mumbai by 2022.
    Short Term Plan Include Insurance for Self and Wife (recently married) and Maternity & Medical exp. (3 year later)
    Pls. provide your valuable suggestions or Suggest if i can go through fundindia or friendly agent.
    Thanks

    Reply
    • Basavaraj Tonagatti

      July 27, 2015 at 4:48 PM

      Sunil-You are completely wrong. Why you want to keep aside Rs.10,000 safely? Once, you created emergency fund then idle cash is not required. Instead, invest it based on your goals. Also, Term Insurance is not a short term plan? It is an emergency plan, which you must do immediately. I am not sure your dream will come true with monthly investment of Rs.5,000 to have a house in Navi Mumbai. First create an emergency fund of at least around 6-12 months household expenses, buy term insurance, medical insurance and accidental insurance. Later on think about investment.

      Reply
  42. Pankaj

    July 9, 2015 at 3:40 AM

    NPS or APY? for deduction (additional 50K in addition to 1.5 Lakh of 80c) under the 80 CCD to save my tax.
    If NPS which schene would be better?

    Reply
    • Basavaraj Tonagatti

      July 9, 2015 at 10:50 AM

      Pankaj-No such tax facilities are available for APY. NPS have that facility. To me both are crap.

      Reply
  43. Paromita

    July 7, 2015 at 11:29 AM

    Sir
    I am unmarried. So later when I get married, will I be able to add the name of my spouse ? And change the name of my nominee ?
    Kindly let me know.
    Thanks

    Reply
    • Basavaraj Tonagatti

      July 7, 2015 at 1:27 PM

      Paromita-Yes, you can change the nominee.

      Reply
  44. prem

    July 6, 2015 at 10:18 AM

    Sir, Please adv for House-wife of Age-33,which scheme will be better NPS or APY or any other Pension Product…
    I am afford to invest Rs 1000-/- per Month..

    Reply
    • Basavaraj Tonagatti

      July 6, 2015 at 10:58 AM

      Prem-Invest in a single large cap mutual fund. That is enough.

      Reply
  45. Umesh

    July 2, 2015 at 6:30 PM

    sir
    I am a state govt Teacher. I have no any govt. pension scheem till date..
    can i aply in APY scheem and i credit 10& 15 stallment and then died.
    after death what refund and how many time after received my wife.
    please discrib detail…

    Reply
    • Basavaraj Tonagatti

      July 3, 2015 at 11:22 AM

      Umesh-You can subscribe. It is not clear about what they will return in case subscriber dies before 60 years of age. Let us wait for clarity.

      Reply
  46. Sunny Butalia

    June 30, 2015 at 8:14 PM

    Thank you for posting the details and making it crystal clear for the people.

    Reply
  47. Gobinda Maji

    June 30, 2015 at 11:12 AM

    After 60years death of spouse how much amount payment to the nominee (monthly pension 5000).

    Reply
  48. chinna

    June 28, 2015 at 10:47 AM

    can bank employees and state govt teachers are eligible to join APY.

    Reply
    • Basavaraj Tonagatti

      June 29, 2015 at 12:41 PM

      Chinna-Yes, because as of now there is no such restriction mentioned.

      Reply
      • Tinku

        July 29, 2015 at 12:59 PM

        The Govt. employees who comes under New Pension System and having PRAN No. are not eligible for APY but, who join before 2004 and comes under Old Pension System are eligible to apply for APY, am I right Sir??

        Reply
        • Basavaraj Tonagatti

          July 29, 2015 at 1:28 PM

          Tinku-There is no clarity on this (as of now).

          Reply
  49. Dipak Manna

    June 27, 2015 at 9:13 AM

    Dear Sir,
    I’m just complete my master degree. If in future I get any gov. job where tax applicable. If l now join this programme can get benefits of this plan.Does it cancel after getting gov job ?

    Reply
    • Basavaraj Tonagatti

      June 29, 2015 at 1:18 PM

      Dipak-You can join this scheme. There is no cancellation.

      Reply
      • Dipak Manna

        June 30, 2015 at 11:28 AM

        Thanks sir

        Reply
      • Shyam

        March 24, 2018 at 4:09 PM

        but sir this scheme is not for those who are income tax payer ?

        Reply
        • Basavaraj Tonagatti

          March 25, 2018 at 11:59 AM

          Shyam-Who said? Refer above details properly.

          Reply
  50. anitha.m.g

    June 25, 2015 at 5:21 PM

    My brother dob is 03-03-1977. He is not married. He was uneducated and Paralysis person. I want to join this scheme. I want to held him by creating this atal pension scheme for future. Please give directions for further needful. What is the amount to be pay for this scheme.

    Reply
    • Basavaraj Tonagatti

      June 25, 2015 at 6:05 PM

      Anitha-You can open the account in his name. Procedure is already mentioned above. How much to pay is actually depends on you.

      Reply
  51. richa

    June 24, 2015 at 11:58 AM

    Sir my dob is 30.12.87 .for 5000 pension what will be my monthly amont if account open before june 30,2015.

    Reply
    • Basavaraj Tonagatti

      June 24, 2015 at 2:12 PM

      Richa-Your age is 28 Yrs. So you have to pay monthly Rs.485.

      Reply
  52. Abdul khalick

    June 20, 2015 at 10:59 PM

    Dear sir for ex one person giving his 1st apy instalment then he died .there for what results ?

    Reply
    • Basavaraj Tonagatti

      June 22, 2015 at 4:11 PM

      Abdul-Exit option before 60 years of age is only in case of DEATH. But how much you get is not yet clear. But in my view (not sure), one may get invested corpus along with interest up to date of death.

      Reply
  53. sharmila

    June 20, 2015 at 9:23 PM

    Sir I have applied for APY last month ..but now I feel its not worth ..can I stop it .

    Reply
    • Basavaraj Tonagatti

      June 22, 2015 at 4:12 PM

      Sharmila-Yes, you can stop.

      Reply
  54. Alok

    June 16, 2015 at 4:24 PM

    Hi Sir,

    Please can you confirm whether the monthly deposited amount can be shown for tax saving purposes (TDS exemption )?

    Alok

    Reply
    • Basavaraj Tonagatti

      June 17, 2015 at 12:54 PM

      Alok-There is no tax benefit (as per current law) of investing in this scheme.

      Reply
    • KHALID ASHRAF

      June 23, 2015 at 2:19 PM

      One major drawback of this scheme is taxation. They have not provided any tax benefit. Hence, the pension you receive from this scheme will be taxable income for you.

      Reply
  55. Tapan

    June 14, 2015 at 11:57 PM

    Hi Sir,

    I have few question on APY,

    1. I am planning we both ( Me and my Wife ) to join this APY. Suppose I died at age of 61 age, Will she get Pension ? As all read she is having the same plan.

    2. If yes, it means ( My pension + Her pension ) both include 5000 + 5000 will she get ?

    3. As what we are give called as ( Principal Amount ) till 60th Age. Will we get ? If yes , who will get ?

    4. Suppose I did not joined to this plan, Only my wife joined to this plan. After her death will I get Pension ?

    5. What is the different between NPS & APY.

    Please reply one by one of all my question. Please don’t include all your answer in single statements.

    Thanks & Regards
    Tapan

    Reply
    • Basavaraj Tonagatti

      June 15, 2015 at 7:58 AM

      Tapan-1) Yes. 2) Yes. 3) Yes the pension will be payable to your spouse. Once she dies then the nominee will receive such pension corpus. 4) Yes, if she died before you then you get the pension. 5) Lot of difference which I can’t explain here.

      Reply
  56. G SRINIVAS

    June 14, 2015 at 1:15 PM

    Can aHouse wife open a APY ACCOUNT

    2)If someone is not a tax payer now . Can He/She continues to be eligible if he /she pays tax after some time

    Reply
    • Basavaraj Tonagatti

      June 14, 2015 at 5:09 PM

      Srinivas-Yes, she can open it. Yes, taxation is not an issue to be a member of this scheme.

      Reply
  57. Parinitha

    June 12, 2015 at 5:29 PM

    DOB: 27/4/1975, am I eligible for this scheme because there was a little confusion so now will I get all the benefits of atal pension scheme if i join

    Reply
    • Basavaraj Tonagatti

      June 12, 2015 at 6:07 PM

      Parinitha-There is no clarity on this. Let us wait.

      Reply
  58. KK

    June 12, 2015 at 4:53 PM

    Good Job, It’s useful information.

    Thanks.

    Reply
  59. sumu

    June 12, 2015 at 10:00 AM

    After commencemant of pension at age 60 if i died at age 62. Is anything payable to nominee. what about return of my accumulated ammount? will it be returned?

    Reply
    • Basavaraj Tonagatti

      June 12, 2015 at 10:20 AM

      Sumu-If your death occurs after pension start then as I mentioned above the said rule will apply “In case of death of the subscriber, the pension will continue to spouse. On the death of both subscriber and spouse, the pension corpus would be returned to the nominee.”.

      Reply
  60. nitesh

    June 10, 2015 at 6:01 PM

    my instalment of 1454 has been deducted from my saving account so then am I now will get all the benefits of atal pension scheme as there was a little bit of confusion with my birth date 5- 5 – 1975 so some were saying no and some were saying no

    Reply
    • Basavaraj Tonagatti

      June 11, 2015 at 10:46 AM

      Nitesh-Wait and watch 🙂

      Reply
  61. vasant KULKARNI

    June 10, 2015 at 4:09 PM

    YOU ARE DOING EXCELLENT SERVICE TO COMMON MAN .YOUR EFFORTS ARE APPRECIATED.

    Reply
    • Basavaraj Tonagatti

      June 11, 2015 at 11:26 AM

      Vasant-Pleasure 🙂

      Reply
  62. Birbal

    June 10, 2015 at 7:18 AM

    Sir kindly suggest me on Apy…am govt employee and have taken New pension scheme….can I invest in Apy?

    Reply
    • Basavaraj Tonagatti

      June 10, 2015 at 10:48 AM

      Birbal-Yes, you can be a member of this scheme. But I don’t think it is necessary if you already a member of NPS (by default).

      Reply
  63. Hitesh Ojha

    June 9, 2015 at 1:21 PM

    Sir, please tell me what happened after successful completed of filling monthly contribution at the age of 60. After that a lump-sum amount will be paid to pensioner and then started the Pension or they didn’t give any lump-sum amount and only they paid monthly pension.

    Reply
    • Basavaraj Tonagatti

      June 9, 2015 at 7:03 PM

      Hitesh-This is what I already said above. There is no such % of commutation (lump sum payment once you reach 60 Yrs of age). But all the accumulated amount will turn to monthly pension.

      Reply
  64. Mohit

    June 7, 2015 at 11:28 PM

    Hi SIr,

    I have one question, how did you arrive that the return from this scheme would be 8%?

    Also , one merit of this scheme that I saw is the subscriber will get 5000 INR till death..However other instruments will give the entire corpus at once and will not feed the person until his death.

    What are your views on this?

    Reply
    • Basavaraj Tonagatti

      June 8, 2015 at 9:36 AM

      Mohit-I arrived at around 8% return considering the amount they siad to invest and probable pension they mentioned. Is it merit to get Rs.5,000 constant stream of pension throughout life? What about inflation?

      Reply
  65. ajay kumar choudhury

    June 6, 2015 at 8:56 PM

    Hello sir, please clerify me if you know. my age is 38 yrs and my contribution amount is Rs.902 for Rs.5000 pension scheme for 25 yrs term. Befor 60yrs of my age if i unfortunantly died then how much money will get my spouse ?

    Reply
    • Basavaraj Tonagatti

      June 7, 2015 at 6:55 PM

      Ajay-It depends on the accumulated amount. No one can say on this front.

      Reply
  66. nitesh

    June 5, 2015 at 4:47 PM

    my instalment of 1454 has been deducted from my saving account so then am I eligible for this scheme because there was a little confusion about my birth date 5- 5 -1975 so now will I get all the benefits of atal pension scheme

    Reply
    • NARESH GARG

      June 5, 2015 at 8:42 PM

      My birth is 06-06-1975, m I eligible for Atal Pension Yojna as I have not filled it yet and if earliest I fill it by tomorrow???

      Reply
      • Basavaraj Tonagatti

        June 5, 2015 at 10:20 PM

        Naresh-Yes, you complete 40 Yrs tomorrow. Hence, you can open it.

        Reply
    • Basavaraj Tonagatti

      June 5, 2015 at 10:28 PM

      Nitesh-In my view yes. Because after the KYC process only, banks deduct the premium.

      Reply
  67. YASODHA

    May 30, 2015 at 12:53 PM

    Dear SIr,

    I would like to join in this scheme. I am working in private concern. I think Income tax payers are not eligible for this. At present I am not paying any income Tax. But if it happens in future, will this affect in any way? And I would like to know the below details:

    I am going to join Rs.5000/- plan. As per this plan I will get Rs.5000/- after my 60 years of age and after my death my husband will get the same. But if is there any death happens before end of this plan , how can we claim? and when will this amount will goes to my Nominee and on what basis of calculation? Is there any Fixed rate of interest?

    Reply
    • Basavaraj Tonagatti

      May 31, 2015 at 11:51 AM

      Yasodha-There is no such restriction that tax payers not allowed into this scheme. You can easily enroll for this scheme. Regarding death before retirement period, they pay the accumulated amount along with interest earned on such amount to your nominee and account closes there itself.

      Reply
  68. Gajanan Vyavahare

    May 29, 2015 at 12:27 AM

    Dear , I am a NPS subscriber , I want to contribute a amount online into my account without any charge . what I can do ? .

    Reply
    • Basavaraj Tonagatti

      May 29, 2015 at 8:39 PM

      Gajanan-You can contribute online by using platforms like FundsIndia or ICICI Direct.

      Reply
  69. Teja

    May 28, 2015 at 11:47 PM

    Hi Basu,

    Very good analysis as usual. Good Job 🙂

    Reply
  70. madhu

    May 27, 2015 at 11:14 AM

    IF I HAVE ALREADY OPEN NPS ACCOUNT , SHOULD I CAN OPEN I ATAL PENSION

    Reply
    • Basavaraj Tonagatti

      May 28, 2015 at 10:04 AM

      Madhu-Yes, you can still open Atal Pension.

      Reply
  71. Rohit Mistry

    May 23, 2015 at 1:24 PM

    Dear Mr. Basu

    Thanks for Information, Kindly request your for advice for following Query.

    1, Govt. will Contribute in Not Tax Payer Case only , but in Future Investor will Pay Tax in F.Y. 18-19 , Will eligible
    for Govt.Contribution. ?
    2, What your Advice for Investment in Above Scheme , Compare to PPF or Other Pension Scheme.?

    3, What is Accumulated Interest / Return on Yearly basis, in case of 33 Current Age, for Rs.1ooo Pension return ?

    Reply
    • Basavaraj Tonagatti

      May 23, 2015 at 8:59 PM

      Rohit-Check other conditions also before arriving at the decision of Govt contribution. If you are job holder and a member of EPF then too they not contribute. I think they offer you around 8% to 9% return.

      Reply
  72. Neela Khona

    May 20, 2015 at 4:32 PM

    Hi Basu,

    Thanks for sharing your analysis.

    I just wanted 2 clarify that this APY scheme is only for salaried employees or even Professionals can go in for this scheme and get the tax benefit???

    Also NPS additional benefit of Rs. 50 k – is only for salaried employees or even Professionals can go in for this scheme separately and get the tax benefit???

    Thanks $ Regards,

    Neela

    Reply
    • Basavaraj Tonagatti

      May 20, 2015 at 5:32 PM

      Neela-All are eligible for this scheme. The new benefit of NPS applies to all. However, do keep in mind that all retirement corpus generated at end will be taxable income for you. I don’t think it is worth to lock in your money in such products.

      Reply
      • Neela Khona

        May 21, 2015 at 2:19 PM

        Thanks a lot for your clarification Sir.

        Reply
  73. Rohit

    May 19, 2015 at 7:11 AM

    I am psu employee with salary nearly 75000/month

    1. Can i get enrolled for APY
    2. Can i contribute/month in such a way that i would get 10000/ month pension from APY

    Reply
    • Basavaraj Tonagatti

      May 19, 2015 at 7:51 AM

      Rohit-Yes, you can be the member of this. But do you feel the current Rs.10,000 will value equally at your retirement?

      Reply
    • Rohit

      May 19, 2015 at 9:17 PM

      Actullay i am having mf sip investments too.since they are ensuring fixed return in ayp it good debt scheme.moreover in future after rbi cuts rate the rate of intrest is going to fall much.so it better to invest bit in fixed pension scheme too

      Reply
      • Basavaraj Tonagatti

        May 20, 2015 at 8:44 AM

        Rohit-Fixed return at what cost? Do you feel the interest rate changes will affect this scheme? The two major hindrances of this scheme is lock-in and taxation. Think and decide.

        Reply
        • rohit

          May 20, 2015 at 8:31 PM

          Monthly income in apy is taxable. Every income that you get on monthly basis other than dividend is not taxable.so its just one would get rs 5000/month at an investment of rs1196/month thats locked in at 8%. I am sure in future interest rates are going to come below 8%.this is going to b additional income.

          Reply
          • Basavaraj Tonagatti

            May 20, 2015 at 8:33 PM

            Rohit-It is not taxable?? Check your facts.

            Reply
            • rohit

              May 21, 2015 at 8:12 PM

              Oh sorry its taxable

              Reply
          • Basavaraj Tonagatti

            May 21, 2015 at 8:16 AM

            Rohit-Sir, whatever the product, as per current tax laws, the pension income is taxable. Why you are confusing this with dividend distribution? Dividend distribution is not taxable in the hand of a receiver. However, it will be taxed at distributing place itself.

            Reply
            • rohit

              May 21, 2015 at 8:15 PM

              It was a typographic mistake.i mean if one has sufficient investmentsin other forms then whats wrongif one can get 5000 /month as pension at expense of rs 1196/month.i am only talking of my case.

              Reply
              • Basavaraj Tonagatti

                May 22, 2015 at 6:52 AM

                Rohit-I agree to your point. However, why my money earn less when I have best opportunities to earn more than this?

                Reply
  74. nitesh

    May 18, 2015 at 8:22 AM

    but some are saying you are eligible till 4th Nov 2015 till that day you will be considered as 40 and you can join this scheme before 4th Nov because my birth date is 5 – 5 – 1975 so can I go and fill the form please give your valuable suggestions

    Reply
    • Basavaraj Tonagatti

      May 18, 2015 at 5:53 PM

      Nitesh-I am not sure about this. Because nowhere they written the cut-off date for age consideration. In that case how one can arrive at this assumption?

      Reply
  75. Mahesh deshmukh

    May 17, 2015 at 5:39 PM

    My birth date is 01.06.1975,Today at announcement I am eligible but on 01 Jun am I eligible Pls guide me?

    Reply
    • Basavaraj Tonagatti

      May 18, 2015 at 6:04 PM

      Mahesh-I doubt, because you completed 40 years and 41 started.

      Reply
  76. Mahesh deshmukh

    May 17, 2015 at 5:37 PM

    My birthdate is 01.06.1975,Today I am eligible as per announcement but scheme opens on 01 June ,So Am I eligible for the scheme or not , pls guide me?

    Reply
  77. Sivaraman-L

    May 17, 2015 at 5:20 PM

    Hi I am Sivaraman when is the last date for joining

    Reply
    • Basavaraj Tonagatti

      May 18, 2015 at 6:05 PM

      Sivaraman-There is no such last date for this.

      Reply
  78. Partho

    May 17, 2015 at 12:32 PM

    Dear Basavaraj,

    My question is

    1. Is this Rs.5000, sufficient money in future after 20 yrs? Why there should be a cap?
    2. For a present value Rs.1885 with a inflation rate of only 5% in 2o yrs will be the same as Rs.5000, would it be sufficient for any meaningful spending.

    Or is this another just another election promise fulfilling scheme?

    Who is truly benefiting??

    Reply
    • Basavaraj Tonagatti

      May 18, 2015 at 6:12 PM

      Partho-It is a minimum pension of what they said. If one invest more then they receive more pension. It depends on an investor to judge how much retirement corpus or monthly pension he needs. Sadly, this plan not educate on that front. Yes, it is more of a political gimmick.

      Reply
  79. NarendraKumar jain

    May 17, 2015 at 6:40 AM

    This scheme is for financially weaker section of the society. So comparing with PPF, tax benefits, etc. is mere stupidity. Thunk about it from the perspective of poor and the scheme is fantastic. In my opinion if a member becomes defaulter, his Co tribute ons must be refunded without any deduction or penalty, the age of maturity for receiving pension should have been 50, as the life expectancy in that scion of the society is low compared to the rich who can afford good medical facility.

    Reply
    • Basavaraj Tonagatti

      May 17, 2015 at 11:29 AM

      Narendra-Taxation is very much important. Because current poor individual may turn out to be tax payer during time of retirement. I agree that it is basically meant for lower cadre. Life expectancy is increasing at alaram right (irrespective of rich or poor). Hence, I don’t think retirement age specified in this scheme is wrong.

      Reply
  80. nitesh

    May 16, 2015 at 3:08 PM

    my birth date is 5 – 5 – 1975 so am I eligible for this scheme because some bank staff are saying yes & some are saying no so please guide me

    Reply
    • Basavaraj Tonagatti

      May 16, 2015 at 4:49 PM

      Nitesh-I think you are not eligible. Because you completed 40 Yrs and 41 started.

      Reply
  81. nitesh patel

    May 15, 2015 at 5:56 PM

    can I open two atal pension scheme one for my wife and other one for me and weather for this our joint saving account will work or I have to open new saving account of my wife’s name

    Reply
    • Basavaraj Tonagatti

      May 16, 2015 at 11:54 AM

      Nitesh-You can open accounts as you said. But, regarding the savings account, I suggest to discuss the same with your bank officials. Because as of now there is no clarity about this.

      Reply
  82. Lakshmi pathy

    May 14, 2015 at 12:01 PM

    Thanks it helped

    Reply
  83. Kaushik

    May 14, 2015 at 11:06 AM

    Thanks for clear and simple way to understanding skim.

    Reply
  84. PRADEEP BHANDARI

    May 14, 2015 at 10:46 AM

    Dear Basavaraj,

    Very true. Thanks for sharing such useful information. People will think twice before investing.

    Reply
  85. T janakiraman

    May 14, 2015 at 8:43 AM

    Thanks for posting

    Reply

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