What is Atal Pension Yojana(APY)? Who is eligible for this?
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It is a scheme backed by the government of India managed by the Pension Funds Regulatory Authority of India (PFRDA). This scheme was introduced mainly to help the unorganized sectors in the economy such as labourers, household help, delivery staff, etc. people working with private organizations that do not provide pension benefits.
It provides an option of getting of amount Rs.1000 to Rs.5000 upon attaining the age of 60. The pension is determined based on age and contribution amount made by an individual. The Government of India contributes an amount equal to 50% of the total pension contribution or Rs.1000 for all subscribers of APY.
Eligibility:
To be eligible to subscribe to the Atal Pension Yojana, one must fulfill the following criteria:
Must be an Indian citizen aged between 18-40 years
Must have a valid mobile number and a bank account that is linked to his Aadhar
The contribution must be for at least 20 years.
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As per the latest announcement by PFRDA, APY subscribers can now increase/decrease the pension amount at any time during the year. Earlier, this option was only available once a year in the month of April. This was effective from July 1. Also, subscribers need not visit the bank branch to process any request under the scheme in order to maintain the social distancing, the facilities shall be available online on the websites of respective banks.