Atal Pension Yojana APY App: Check features, eligibility, benefits of pension scheme | Tech News

Atal Pension Yojana (APY) App: Check features, eligibility, benefits of pension scheme

  • Atal Pension Yojana (APY) App: Under this pension scheme, a beneficiary can avail different pension amounts after the age of 60 years. Check APY pension scheme details.

| Updated on: Aug 21 2022, 21:31 IST
Atal Pension Yojana
Atal Pension Yojana App can be downloaded from Google Play Store. You can get all the benefits of APY account there - check APY pension scheme details. (REUTERS)

Atal Pension Yojana (APY) App: Introduced in 2015 in place of the earlier Swavalamban scheme, Atal Pension Yojana (APY) pension scheme guarantees a specific sum to the beneficiary after the age of 60 years, depending on their monthly installments. It is a beneficial social security legislation that focuses primarily on unorganised sector workers. What is more, all you have to do, to get started, is download the APY app from Google Play Store. 

The new app provides details of subscribers' APY account online. The subscriber can access latest account details online and through a user friendly interface. Subscribers can browse through all their account information from the comfort of their home.It also enables subscribers to view their account holdings and download transaction statement and view recent contributions done in their account.

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The APP provides functionalities like:

1. Viewing current holdings.

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2. Download Transaction Statement for the year.

3. View your Account details.

4. View Last 5 contribution transactions carried out.

However, if subscription to the yojana is on your mind, then check APY pension scheme details - here is the list of all benefits and features:

Are you eligible for APY?

The government of India has kept the eligibility of the Atal Pension Yojana very simple so a maximum number of people can subscribe to the scheme and get the benefit of it. Here are three basic eligibility criteria for APY pension scheme:

You need to have the citizenship of India

Your age must be between 18 to 40 years while applying for the scheme

You must have a KYC compliant bank account in any bank

All you need is to fulfil these basic criteria to apply for APY. However, one of the basic requirements for the scheme is to have a valid and operational bank account with the minimum required balance. It is the responsibility of the individual to keep a minimum amount in their bank account.

APY Features:

The installment of contributions can be made monthly, quarterly or half yearly, and the amount will depend on the age, frequency of installments of the scheme and the desired amount after the age of 60 years. However, the contribution increases as the age of the contributor increases.

APY pension scheme has five different monthly pension options: Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, and Rs. 5,000, depending on their installments

One of the key points to note here is that, the contributor can not withdraw the amount before the completion of the scheme, except for the contributions and interest earned on them will be allowed to be withdrawn in extraordinary circumstances, such as terminal sickness.

Online as well as offline applications for APY are allowed. For the offline applications, applicants have to visit their respective bank branch and have to fill up a form.

Account maintenance fees will be paid by the subscriber. These will be deducted from the account and the interest made on the investments.

In the event of non-compliance, a penalty of Re 1 per 100 of contribution per month would be charged.

APY pension scheme benefits

Death benefits

On the death of the contributor or subscriber to the scheme, the spouse of the contributor will be eligible to get benefits under the APY, as the spouse is the default nominee. In case of the death of the contributor and the spouse, the mentioned nominee will get the predefined corpus amount.

Retirement benefits

As the purpose of the scheme suggests, depending on the contributions made by the subscriber, the monthly pension will be paid out after the age of 60 years automatically to their respective account.

Tax benefits

The Government of India offers tax benefits on APY contributions to encourage people to invest in the scheme. Investments or donations to the Atal Pension Yojana are eligible for a deduction of Rs. 50,000 under Section 80CCD (1B), in addition to the deduction under Section 80C. This will assist the subscriber in reducing their taxable income.

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First Published Date: 03 Nov, 19:00 IST

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