Atal Pension Yojana (APY) – Maturity Amount, Death Benefits

Age of Joining and Contribution Period: Universal Social Security for 18-40 Age Group

As of January 20, 2024, the total number of enrolled subscribers under the APY scheme has risen to 6,17,96,389.

Atal Pension Yojana (APY) is a comprehensive social security scheme that aims to provide universal coverage and financial security to individuals between the ages of 18 and 40. This scheme offers a 100% rebate on the contribution made by subscribers, making it an attractive option for those looking to secure their future. The APY has seen significant subscriber growth over the years, thanks to awareness initiatives and outreach programs that have been implemented to ensure that more people are aware of and can benefit from this valuable scheme.

Atal Pension Yojana Maturity Amount

Atal Pension Yojana (APY) is a comprehensive social security program that was implemented on May 9, 2015, with the aim of establishing a universal social security system for all Indian citizens, particularly those who are economically disadvantaged or work in the informal sector. It is accessible to individuals between the ages of 18 and 40 who possess a savings bank account with a bank or post office.

To ensure that the pension benefits are directed towards individuals working in the unorganized sector, individuals who pay income tax will not be eligible to join APY starting from October 1, 2022. Under APY, subscribers are required to make regular contributions on a monthly, quarterly, or semi-annual basis. The amount of contribution depends on the chosen pension amount and the age at which the individual joins the scheme.

Upon reaching the age of 60, subscribers will receive a guaranteed minimum pension ranging from Rs. 1000 to Rs. 5000 per month, depending on their chosen contribution. In the event of the subscriber’s death, their spouse will be entitled to receive the same pension amount. Following the demise of both the subscriber and their spouse, the nominee of the subscriber will receive the accumulated pension wealth up until the subscriber’s age of 60.

Atal Pension Yojana Balance Check

According to data provided by the Pension Fund Regulatory and Development Authority (PFRDA), the number of subscribers enrolled under APY across the country, including Tamil Nadu, has steadily grown over the past three years and continues to increase. As of January 19, 2024, the total Assets Under Management (AUM) in APY amount to Rs. 34,361 crores. The three Pension Funds, namely SBI Pension Funds Private Limited, LIC Pension Fund Limited, and UTI Retirement Solutions Limited, have yielded returns of 9.63%, 9.86%, and 9.58% respectively since inception.

Atal Pension Yojana Death Benefits

For the financial year 2023-24, the government has set a target of achieving an average of 100 accounts per branch (AAPB) for both Public Sector Banks and Regional Rural Banks. Since its inception, APY has witnessed significant growth, with a compounded annual growth rate (CAGR) of 55% from the beginning of the financial year 2016-17 until the end of 2022-23. As of January 20, 2024, the total number of enrolled subscribers under the APY scheme has risen to 6,17,96,389.

To promote APY and expand its coverage, the PFRDA and the government have implemented various measures. These include regular monitoring of achievements through review meetings with banks, advertising campaigns across print, electronic, and social media platforms, conducting physical outreach programs and town hall meetings nationwide, and providing information brochures and flyers in multiple languages.

Atal Pension Yojana Scheme Details Chart PDF

Additionally, capacity-building programs are organized for banking correspondents, field staff of banks, self-help group members, and bank-sakhis of State Rural Livelihoods Missions (SRLMs) to disseminate information about APY to eligible beneficiaries. Collaborations with various ministries of the Government of India, National Centre for Financial Education (NCFE), National Bank for Agriculture and Rural Development (NABARD), National Rural Livelihood Mission (NRLM), and SRLM have been established to raise awareness and extend the reach of APY.

Furthermore, online channels such as e-APY, net banking, mobile apps, and bank web portals have been activated to facilitate easy online enrollment. To provide assistance to APY subscribers, an APY Help Desk and Chatbot are available at Protean – CRA. QR codes for APY user services, transactional services, information services, podcasts/videos, and the APY call center have been introduced to enhance awareness about the benefits and services offered by APY.

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What happens in case of the subscriber's death before reaching 60 years in the APY Scheme?

If a subscriber passes away before reaching the age of 60 years, the spouse will have the option to continue contributing to the APY account in the subscriber’s name. The account can be maintained under the spouse’s name for the remaining vesting period until the original subscriber would have turned 60 years old. The spouse will receive the same pension amount as the subscriber until their own death. Alternatively, the entire accumulated corpus under the APY Scheme will be returned to the spouse or nominee.

What is the pension amount received under the APY Scheme?

The APY Scheme guarantees a minimum monthly pension amount of either Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, or Rs 5,000, depending on the contributions made by the subscribers. This pension amount will be received starting from the age of 60 years.

How long will the Government provide co-contribution in the APY Scheme?

The Government of India will provide co-contribution for a period of 5 years, specifically from the Financial Year 2015-16 to 2019-20. This benefit is applicable to subscribers who join the scheme between June 1, 2015, and March 31, 2016. To be eligible, subscribers must not be covered by any Statutory Social Security Scheme and must not be income tax payers. The Pension Fund Regulatory and Development Authority (PFRDA) will credit the Government co-contribution to eligible Permanent Retirement Account Numbers (PRANs) after receiving confirmation from the Central Record Keeping Agency that the subscriber has paid all the installments for the year. The co-contribution amount will be 50% of the total contribution, with a maximum limit of Rs 1,000, and it will be credited to the subscriber’s savings bank account or post office savings bank account at the end of the financial year.