Atal Pension Yojana: 15,418,285! Big growth in numbers of subscribers - Know APY benefits and other important details

According to the latest data given by Pension Fund Regulatory and Development Authority (PFRDA), the number of Atal Pension Yojana (APY) subscribers has increased during the last three years from 4,883,829 subscribers in FY 2016-17 to 15,418,285 subscribers in FY 2018-19. Here are the benefits and other important things to know about Atal Pension Yojana:-

What is the benefit in joining APY scheme?

- In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.

What is Atal Pension Yojana?

-Atal Pension Yojana (APY), a pension scheme for citizens of India focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

How much pension will be received under APY?

- Guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

How many APY accounts I can open?

-A subscriber can open only one APY account and it is unique.

The APY is focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme.

Under the APY, the subscribers would receive the fixed pension of    Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years.