Atal Pension Yojana
Secure your future with a monthly pension.
Atal Pension Yojana (APY) was announced by Government of India during 2015-16 budget. Ever since, the Atal Pension Yojana has enabled many Indians to secure their future post retirement. This scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS (National Pension System) architecture. Kotak Mahindra Bank Ltd. is registered with PFRDA to provide Atal Pension Yojana. Contributions made by an individual under this scheme are eligible for the deductions under section 80CCD of the Income Tax Act, 1961, subject to the conditions specified therein.
Fixed pension by the Government ranging between Rs. 1,000 to Rs. 5,000 per month
at the age of 60 years
Spouse will continue to draw pension in the event of death of subscriber
Nominee to receive corpus up to Rs. 8,50,000 in case of death of both subscriber and spouse.
Contribution to be remitted monthly through Auto Debit from linked Savings Bank Account
The Government will co-contribute* 50% of subscriber contribution or Rs. 1000 p.a. whichever is lesser for a period of 5 years
|Exit and Pension Payment|
|Before 60 Years||No withdrawal permitted except in the event of terminal disease or death of subscriber|
|After 60 Years||Pension amount as selected by the subscriber|
|In event of death of subscriber||Before 60 years - Entire corpus to be returned to the Spouse/Nominee
After 60 years - Spouse will continue to draw monthly pension while Nominee will receive corpus amount in case of death of both subscriber and spous
Penalty in case of default payment
|Penalty Amount||Monthly Contribution|
|Rs. 1||Upto Rs. 100|
|Rs. 2||Rs. 101 to Rs. 200|
|Rs. 3||Rs. 201 to Rs. 300|
|Rs. 4||Rs. 301 to Rs. 400|
|Rs. 5||Rs. 401 to Rs. 500|
|Rs. 6||Rs. 501 to Rs. 600|
|Rs. 7||Rs. 601 to Rs. 700|
|Rs. 8||Rs. 701 to Rs. 800|
|Rs. 9||Rs. 801 to Rs. 900|
|Rs. 10||Rs. 901 to Rs. 1000|
|Rs. 11||Rs. 1001 to Rs. 1100|
|Rs. 12||Rs. 1101 to Rs. 1200|
|Rs. 13||Rs. 1201 to Rs. 1300|
|Rs. 14||Rs. 1301 to Rs. 1400|
Indicative APY Contribution Chart
|Age of Entry||Years of Contribution||Monthly pension of Rs. 1000.||Monthly pension of Rs. 2000.||Monthly pension of Rs. 3000.||Monthly pension of Rs. 4000.||Monthly pension of Rs. 5000.|
# Varies with age and fixed pension selected in AOF
* Available for those who are not covered under any Statutory Social Security Schemes & for non-tax payers who joins the scheme during the period 1st June, 2015 to 31st March, 2016. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
Contributions made by an individual under the Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961. Maximum deduction allowed under section 80CCD (1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act. An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961. These deductions are subject to the fulfillment of the conditions mentioned in the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. This is not a legal advice or tax advice and users are furtheradvised to consult their tax advisors before making any decision or taking any action.
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