Atal Pension Yojana (APY) is a social security scheme started by the Government of India. It helps people in the unorganized sector save money for old age. Indian citizens aged 18 to 40 can open an account and make regular contributions. After the age of 60, they can get a pension of ₹1,000 to ₹5,000 every month.
This scheme not only gives financial support in old age but also helps people live with dignity. It allows low-income workers to secure their future. The scheme was launched on 9 May 2015.
Why Should You Join APY?
Millions of people, such as farmers, daily wage laborers, domestic helpers, rickshaw drivers, and small shopkeepers, do not get any pension after retirement. APY gives them a fixed monthly pension so they can live a secure life.
The government guarantees the minimum pension. If the returns from your contributions are less than expected, the government will cover the difference. If the returns are higher, the extra amount is added to your account.
After the age of 60, you get ₹1,000 to ₹5,000 every month. If the subscriber dies, the spouse continues to get the pension. If both die, the money goes to the nominee. Contributions are automatically deducted from your bank account, so there is no need to visit the office repeatedly.
Important Rules to Join APY
- You must be an Indian citizen.
- You should not be a taxpayer.
- You must have a savings account.
- Age must be between 18 and 40 years.
- You should not be a member of any other social security scheme like EPF.
Contribution Details
You can contribute monthly, every three months, or every six months. The amount depends on the pension you want (₹1,000 to ₹5,000) and the age at which you join the scheme.