Atal Pension Yojana in Delhi


Atal Pension Yojana in Delhi

The Atal Pension Yojana (APY) which is named after Atal Bihari Vajpayee- the ex-prime minister aims to provide pensions to all citizens and chiefly targeting the unorganized and rural working class. This scheme which is launched as an extension to the Jan Dhan Yojana scheme under the Ministry of finance, Indian government is an endeavor to provide financial social security to the citizens of India after 60 years age. This scheme is very popular these days in Delhi City.

  • Government’s role in APY: The government would provide incentives to the initial citizens who join the scheme before the end of this year, i.e. 31st December 2015. The government would contribute INR 1000 per annum for an initial period of 5 years to citizens who would pay more than INR 2000 under the scheme. Whereas for the ones who pay less than INR 2000 the government would pay 50% of the amount the person pays.
  • Eligibility: Subscribers of Indian nationality and age group 18-40years are eligible to pay under this scheme. Any subscriber who already has a security scheme is not provided the government contributions under APY. Income tax payers, government or state employee and private corporation worker with an EPS account are not eligible for the subscription. Government employees can though open account under APY scheme but aren’t eligible for the government contributions. The existing subscribers of age group 18-40 years of the Swavalamban Yojana which is now being replaced by APY, would be transferred to APY scheme. For subscribers of age more than 40 years, they could discontinue the scheme or continue under APY till 60 years. The migration would be completed through filling of few documents in banks.
  • Premium and its schedule: The policy premium is paid from the bank account registered under the Aadhar card monthly, quarterly or half yearly. If the policy owner dies the contribution is rewarded to the nominee or family members. The basis of the scheme is clear- the more you pay, more you get in return. If payment is not paid for 6 months the account is frozen/ a year the account is deactivated and if the period reaches 24 months the account is closed.
  • How and where to subscribe for APY Scheme: The Indian citizen must hold an Aadhar card assigned with a bank account in a working state. From 1st June’ 15 the scheme has been introduced and needs to be renewed annually before the 1st of June. The forms are available online in both Hindi and English languages on and the APY account is opened in banks where the respective accounts are registered. To discontinue the accounts an application is filed in the bank and the investment along with the interest is paid to the citizen. Though a minor penalty fee is deducted for the discontinuing.

The subscribers are kept updated and alert about their APY account details such as balance, credits of contribution, etc. through SMS alerts.

The scheme has already initiated and has had a positive response. As per the Pension Fund Regulatory and Development Authority (PFRDA) around 8 lakh subscribers have already enrolled under this scheme.

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