Register to APY At a Minimal Monthly Cost Launched in 2015 by the Government, Atal Pension Yojana, is a social security pension scheme for the workers in the unorganised sector like personal maids, drivers, gardeners, etc. This scheme was introduced in replacement to the previous government’s Swavalamban Yojana.

Under Atal Pension Yojana, these workers can save money for their old age while they are working and it guarantees returns post retirement. The scheme not only promises to save the money invested for your retirement, but it promises a co-contribution by the Central Government of 50 percent of the total prescribed contribution by a worker.

One can only be considered as eligible for the scheme if one is:

• An Indian Citizen
• Have a Valid Bank Account
• Age Between 18 to 40 years

The scheme will operate through direct debits made from the bank account of the individual, so one must maintain an apt balance in the bank account.

Lets see what benefits you can get under Atal Pension Yojana:

• Voluntary:
  for all eligible Indian Citizens, with the benefit of choosing the amount one wishes to save every year.
• Guaranteed Returns:
  You will receive the fixed monthly pension between Rs. 1000-5000 per month depending on the contribution made.
• Portable:
  Your Atal Pension Yojana account will be linked with your bank account and that is why it can be operated from anywhere in the country.
• Affordable:
  It is optimum for low investment potential subscribers, and is available at ultra-low-cost as the investment can be as low as Rs.42 per month if one joins at 18 years of age.
• Secure Investment:
  The investment is secure as it is regulated by Pension Fund Regulatory and Development Authority (PFRDA).

There are a few restrictions on the government’s contribution into Atal Pension Yojana, let’s understand why members of the Social Security Schemes would not be eligible to receive Government’s co-contribution under the following enactments:

• Employees Provident Fund & Miscellaneous Provision Act 1952
• The Coal Mines Provident Fund & Miscellaneous Provision Act 1948
• Assam Tea Plantation Provident Fund & Miscellaneous Provision 1955
• Seamens Provident Fund Act 1966
• Jammu Kashmir Employees Provident Fund & Miscellaneous Provision Act 1961
• Any Other Statutory Social Security Scheme

People can make monthly contribution according to the below chart and are also entitled for making contributions on a quarterly and half-yearly basis.

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