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  • Canara

  • ATAL PENSION YOJANA
  • Guaranteed monthly pension.
  • Contributions can be monthly/quarterly/half yearly.
  • Tax benefits under section 80CCD.
  • Savings earned are tax exempted.
  • The GOI scheme for social security for the poor , under-privileged and the workers in the unorganized sector.
  • The contribution amount depends on age and pension amount.
  • The guaranteed monthly pension amount ranges from Rs.1000/- to Rs.5000/-.
  • The exit from APY is permitted on attaining the age of 60 years with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.
  • In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
  • The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
  • In the event of death of the subscriber, the spouse can continue the account for remaining vesting period.
  • A subscriber of the Atal Pension Yojana account can enjoy tax benefits, including the additional deduction of Rs. 50,000 under Section 80CCD (1) of the Income Tax Act.

A Citizen of India can join APY scheme fulfilling the following :

  • The age of the subscriber should be between 18 - 40 years.
  • He / She should have a savings bank account/ open a savings bank account.
  • Any citizen between the age of 18 and 40 years, who is income tax payer, shall not be eligible to join APY w.e.f 1st October, 2022. This amendment is not applicable to existing APY subscribers/ income tax payers who have already joined APY by 30.09.2022.
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