Atal Pension Yojana (APY), a pension scheme launched by Government of India is focused on the unorganized sector workers.
Under the APY, minimum guaranteed pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will start after attaining the age of 60 years depending on the contributions by the subscribers for their chosen pension amount.
In the event of pre-mature death of the subscriber, Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining 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. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.
Any Citizen of India can join APY scheme. The following are the eligibility criteria: -
Approach the bank branch/ post office where individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.
To get the forms, click here.
For more information, click here
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