Our honorable PM, Shri Narendra Modi has launched three JAN SURAKSHA schemes on 9th May, 2015. These three schemes are Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) .
PMJJBY and PMSBY are insurance related schemes, whereas APY is a pension scheme for citizens of India, primarily focused on the unorganized sector workers. Under the APY scheme, a guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions made by the subscribers.
In case of death of the subscriber, pension amount will be given to the spouse, and on the death of both (subscriber & spouse), the accumulated pension corpus would be returned to the subscriber’s nominee.
Let’s understand more about Atal Pension Yojana (APY) scheme in FAQ format.
Atal Pension Yojana (APY) – Details, Features & FAQs
- Who can enroll for (or) join APY scheme? – Any Citizen of India can join APY scheme. The following are the eligibility criteria;
- The age of the subscriber should be between 18 – 40 years.
- He / She should have a savings bank account/ open a savings bank account.
- The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.
- Can subscribers / members of EPF (Employees Provident Fund) subscribe to APY scheme? – Yes, the beneficiaries of any social security schemes can also enroll for this scheme.
- Can I open two or more APY accounts? – No, only one account per person is allowed. Savings bank account is mandatory to open an APY account.
- How to open Atal Pension Yojana Account? – Approach the bank branch where your savings bank account is held. Fill up the APY registration form. Provide Aadhaar/Mobile Number. Ensure keeping the required balance in the savings bank account for transfer of monthly contribution.
- What is the mode of contribution to APY A/c? – All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.
- I don’t have Aadhar number. Can I join Atal Pension scheme? – It is not mandatory to provide Aadhaar number for opening APY account. However, For enrollment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
- How much pension am I going to get? – The lifelong pension amount that you receive from 60 years of age is dependent on the contribution amount during accumulation stage. The pension amount ranges from Rs 1,000 to Rs 5,000 (in the multiples of 1000’s).
- Which authority is going to administer this scheme? – APY scheme is administered by PFRDA (Pension Fund Regulatory and Development Authority ) Or Government. (PFRDA also administers National Pension System – NPS)
- Is Government going to contribute any amount to my APY account? – Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20, for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers. That means, if you are contributing to say EPF or any other similar schemes, then you will not be eligible to receive Govt’s co-contribution amounts.
- (Latest News : 19-Jan-2016 – Extension of time-line upto 31st March, 2016 for Government Co-contribution under the Atal Pension Yojana (APY). The Government has decided that the co-contribution by the Central Government will be available for those eligible subscribers, who join APY before 31st March, 2016)
- What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date? – Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
- Re. 1 per month for contribution up to Rs. 100 per month.
- Rs 2 per month for contribution up to Rs. 101 to 500/- per month.
- Rs 5 per month for contribution between Rs 501/- to 1000/- per month.
- Rs 10 per month for contribution beyond Rs 1001/- per month.
- What will happen to my APY account if I discontinue the payments? – Discontinuation of payments of contribution amount shall lead to following:
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.
- Are there any income tax benefits available? –
No tax deductions are available on the contribution amounts to APY.Latest update (23-Feb-2016) : Contributions to ‘Atal Pension Yojana’ are now eligible for Tax Deduction under section 80CCD. - How to know my APY account balance amount? – You will receive SMS alerts related to account details/activity. You will also receive a physical statement at regular intervals.
- Can I change monthly contribution amount? – Yes, the monthly contribution can be changed once in a year for higher / lower pension amount.
- Can I exit from APY scheme before attaining 60 years? – 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.
- Settlement of Death Cases before the age of 60 years of the Subscriber :
- If the subscriber dies before the age of 60 years, his/her spouse would be given an option to continue contributing to APY Scheme, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
- In case the spouse of the subscriber wishes to exit from the scheme and close the account, the corpus will be settled in the name of surviving spouse (if spouse is not present, will be settled in the name of the Nominee).
- Below is the Account Closure Form (Death cases).
How much should I invest in Atal Pension Yojana to get the guaranteed pension of Rs. 1000 / Rs 2,000 / Rs 3,000 / Rs 4,000 / Rs 5,000?
Below is the indicative contribution chart (Age Vs Pension amount). For example – A 30 year old individual has to contribute Rs 577 per month, to get Rs 5,000 per month pension amount. He/she has to make the contributions for 30 years (60 years minus 30 years age).
What is the corpus amount under Atal Pension Yojna Scheme?
If a subscriber opts for Rs 5,000 as the pension amount, 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 (as indicated in the above table) would be returned to his / her nominee.
Latest update (20-Aug-2015) : Government has modified some of the conditions & features related to Atal Pension Yojana Scheme as below;
- The APY subscribers shall now have an option to make the contribution on a monthly, quarterly, half yearly basis instead of on a monthly basis earlier
- Discontinuation of payment of contribution provision has been substantially modified in favor of the subscriber. The account will not be deactivated and closed till the account balance with self-contributions minus the Government co-contributions becomes zero due to deduction of account maintenance charges and fees
- Also the penalty on delayed payment has been simplified to Rs. One (1) per month for contribution of Rs. 100, or part thereof, for each delayed monthly payment instead of different slabs given earlier
- Similarly, premature exit from the scheme before sixty years of age was not permitted earlier except in exceptional circumstances, i.e., in the event of the death of the beneficiary or terminal disease. Now the modified provision permits the subscriber to voluntarily exit with the condition that;
- He shall only be refunded the contributions made by him to APY, along with the net actual interest earned on his contributions (after deducting the account maintenance charges) and ;
- The Government co-contribution, and the interest earned on the Government co-contribution, shall not be returned to such subscribers
(Source : pib)
Latest Update (22-March-2016) : The Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber. (Source : pib)
Latest update (13-June-2017) : Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrollment under Aadhaar authentication. Accordingly, an APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his/ her savings account where the periodic pension contribution installments are debited and government co-contribution is to be credited. In case a subscriber is not yet having an Aadhaar card, he/ she should immediately get him/ her enrolled for the Aadhaar card for which he or she can visit the nearest Aadhaar enrollment centre.
APY Calculator
Kindly click on the below image to visit APY online calculator link.
My opinion on APY Scheme
The pension amount under APY scheme is a guaranteed one. This may sound attractive, but from returns point of view and considering the rate of inflation in India, the pension amount (maximum Rs 5,000 per month) may not be sufficient during the retirement age.
However, in India we do not have any Social Security System. So, this scheme is an attractive one especially to the lower income group or individuals who are working in the unorganized sectors. However, the higher income group families may also reap the benefits of this scheme, which is primarily meant for the poor.
You may consider opting for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) before subscribing to APY.
Do you think that this is a good scheme? Do share your views and comments on Atal Pension Scheme?
For more details on APY, you may dial Toll Free number (national) 1800-180-1111 /1800 -110-001 (or) visit, Govt website @ jansuraksha.gov.in . Download Atal Pension Yojana’s application form (account opening form or registration form).
Click here to download APY – Atal Pension Yojana application form in Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil or Telugu.
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I have Atal Pension Yojna Account since it was launched.I am paying Rs.825/- pm.But in 2016, April I become Permanent Resident of Canada, but monthly installment still going from my saving account.Can I exit from the scheme and take my money back?Because as an NRI I am not eligible for this scheme.Plz. Advice
Regards
Ajay
Dear AJAY ..I am not sure on this query. You may contact APY customer care number @ : 1800-180-1111 / 1800-110-001 1800-180-1111 / 1800-110-001
Hi Sreekanth, I’ve already enrolled for APY, and today I got to know that if a person already paying Income tax he is not eligible for APY.
Could you please confirm me on this.
Dear Chandresh ..I dont think any such restriction is there..
“Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer
This note i got from APY portal. Could u pls help me understnad this.
Dear chandresh ..Even if one is an income tax payer, he/she can contribute to APY scheme, but its just that Govt contribution is not available for such individuals.
SIR MY AGE 36 , MY BEE I AM SADANLI DEAD 40 YEARS, HOW TO MY PENSON AMOUNT AND WHAT IS BENFIT
Dear Sanjaya ..Your spouse will get pension amount and on her expiry your nominee would receive the corpus amount back.
I’ve APY scheme in Bangiya Gramin Vikash bank from July 2015. Recently I have opened a savings account in Axis Bank. Without my concent this bank opened a new APY scheme against my new account. When the monthly subscription of this scheme is debited from my savings account then I know about that. So my question is how this possible, when I already have a APY scheme in a bank then Axis Bank without my concent opened a APY scheme????? ?? So what can I do???? Please help me.
Dear Soma .. You may ask your banker to stop debiting your account for this scheme.
I am 26 yr i am opting 5000 pansion i have to pay 409 its ok . my question if i died before 60 then
1. my wife will get pansion or 8.5 lakh on next month or after my age of 60 .
2. when pansion will bw given from 8.5 lakh can we withdraw some amount like 2-3 lakh and pansion rest of the period
3 any interest will be paid on 8.5 lakh when pansion will start.
Dear manoj,
1 – Your spouse will get pension immediately.
2 – No. The corpus amount will be given to nominee.
3 – No.
Thanks dear
Matter is not clear till now.
If I am alive till 60 then can I take 8.5 lakh lump sum or pansion only
Dear Manoj ..Only pension..
Dear Sir,
Please inform me if I have
1) PF with company, where i am working
2) EPR ( Employer’s Share in PF ) by company
3) I Have PPF A/c my personal PPF a/c with Bank
4) I had paid TDS, not Tax ( tax refunded to me on returned from Income Tax Dept)
What to do..I con open APY A/c or not ?
And also inform if am liable to pay tax in future then also we can continue ?? APY havr to continues ??
in future my total income above tax bracket, & i will liable to pay tax in future
Thanks in advance sir
Dear venkat,
You can subscribe to APY.
Yes, you can continue….
my current year 35 & running age 36 (35 complied), what primium applicale for 5000 pension scheme ?
thanks for reply
Dear Venkat ..Kindly use this calculator..
Sir,मैने कल ही Online registration किया था APY में। मुझे Refrence no. & PRAN no. भी message k through मिला और आज से Rs446 मेरे बचत खाता से कटने लगा।।
लेकिन Rs 446 Account से Debit होने के बाद मेरे Mobile no. मे MESSAGE नही आया।
लेकिन Internet banking मे transactions मे Rs446 Debit hone का Show kar raha…
सर, sms k through कुछ जानकारी मिलती है तो बताएं।
Plz updates
1) My age is 37 what amount i have to pay per month to get Rs 5000
2) What if i die before 50 will my get 5000/mo till she is alive.
3)Suppose if I take a apt, I pay for 10 years, if Iam no more at 50 yrs, 1) than need not make balance period payment for 10 yrs will it be waived and pension will get to nominee.
4) 8.5L will be given to my daughters/nominee only it will not be given to my wife if i die?
5) Can i open pension scheme for my wife as well she also earns, so that after 60 she will also get per own pension of rs 5000
6) If by any chance we would like to close this before turning to 60 can we do that if yes what will we get back?
6) this is guarantee plan
Dear feroz,
1 – To get Rs 5k pension, you may have to pay around Rs 1,080.
2 – Yes, your spouse would receive the pension amount.
3 – Yes.
4 – After demise of your spouse, your nominee would get the corpus amount.
5 – yes, you can ..
6 – 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.
sir i am a central govt employ can i open atal pension yojana
Dear Arun..Yes, you can open APY
is there extra benifit after 60 years
Sir,
please guide, as i was contributing to APY but now i have closed my saving account. can i transfer my APY account from one bank to other in this case??
Dear ashish ..I believe that it is possible/allowed.
but there is no such details available on internet and also no info to bank officials. many bank officials even dont know that we can close APY voluntarily now. please suggest the possible way.
Sir if i and my wife both have apy. if i died before 60 than my wife will start to get 5000 as pension or can she opt an option to get lump sum amout?
and if she will get 5000 as pension than she has to pay her amount till 60 age. after 60 can she get 10000 per month as pension?
If both died before or after 60 can nominee will be able to lump sum amount for both or her?
Dear Sandy,
1- She will start receiving Pension amount.
2 – Yes.
3 – Yes, nominee will receive both corpus amounts.
Dear Sir,
Very informative. Thanks for sharing this details. I have a question sir, What will happen if I start paying the taxes for the income or become an NRI after 2 years of opening the Atal Pension Yojna?
Regards,
Johny
Dear Johny,
Even if you have taxable income, you are eligible for this scheme.
NRI’s are not eligible to open APY.
But I am not sure if one take APY as Resident indian and becomes NRI later on, can he continue APY or not..
Thank you sir
Newly introduced by the Government i.e. at the bigening of Atal Pension Yojana, I have requested the Bank authorities that as I am ready to pay an amount of Rs.1000/- per month as premium. By over sight they have opened one account to pay an amount of Rs.217/- to. Hence I have asked the Bank Authorities, then they have opened another Bank account. As such I have got TWO APY accounts on my name. Please rectify my problem. monthly I have been paying amount to two accounts.
What happens to the amount deposited if a person dies mid-way before reaching the age of 60?
Dear sir
What is your opinion on APY.
A must for unemployed or not suggested?
Sir
In today’s scenario is this a better scheme?
Dear sir
I have two que.
1. I am an employee of central government and already have 01 PRAN NO in nps with nsdl . Now I want to know that ,is I am eligible for APY.
2 now I want to open APY scheme for my self and my wife . How can it is possible. Please reply as soon as possible.
Dear ravish,
1 – Yes, you can contribute to APY.
2 – You can apply through your banker.
Hi,
I already subscribed APY scheme but i don’t have any kind of proof that i subscribed so please help me.
Dear Abhishek,
Kindly note that periodic statement of APY account will be provided to the subscribers. So, you can consider this as proof to claim tax benefit.
Sir, I am working as MTS in postal department,, I am joined Apy scheme at the month of may-2016,.and continue till now..my questions is am I eligible for APY scheme,, because of I already have NPS contributions in government side (department of posts employee)….. Please suggest me whether I continue my Apy account or discontinue…
Dear Sivasenthils,
Yes, you can continue with your contributions to APY scheme.
How can we check the entries in APY. any pass book or document giving details of entries is provided.
Dear Ajay ..I believe that it would be like any other home loan account, you can get loan statement..
my age 37 today apply pension scheme 5000 p/m plan after 5 yrs died
Is his spouse get pension? how much pension amount?
Is his deposited money back?
my age 37 wife 29 daughter 4 after 5 years i am died
1.After 5 yrs wife age 34 immediately pension start 5000 per months ?
2.how many years pension ?
3.after that wife died my daughter nominee lump amount 8.5 lakhs?
4.i am apply 2 a/c APY my a/c and wife a/c ?
Dear Feroz,
1 – Yes.
2 – Life-long
3- yes.
thank u very much
4.i am apply 2 a/c AYP in my name and wife name same bank a/c
after 5 yrs in case wife died pension start 5000 for me or daughter name?
Dear feroz ..You will receive the pension.
how do u check my AYP a/c? any website ? login id webside?
Dear feroz ..I dont think online facility is available..
I HAVE RECD SMS FROM “PFRDA” THAT THE PENSION AMOUNT CAN BE INCREASED.IMY DAUGHTER IS PAYING RS 480.00 PER MONTH.
I ASKED MY BANKER TO INCREASE MY SUBSCRIPTION SO AS TO GET RS 5000/MONTH.
THE CORPORATION BANK.AMBATHUR CHENNAI -600053 SAYS THE ” ENABLE ” ICON IS IN ” HIDE ” STAGE,
HENCE THEY COULD NOT DO ANY CHANGE,
THEY TOLD ME THAT THEY HAVE SENT MAIL TO YOU . PLEASE REPLY.
Can I switch bank during the scheme
Hi sreekanth
I am a bachelor .now I want to subscribe the APY.I can’t able to mention spouse details.after my marriage can I change the nominee detail and add my spouse detail.it is possible? Kindly reply me.
Thanks,
Sasikumar.M
Dear sasikumar ..I believe tht you can change the nominee details later on.
sir,
if a person contribute 630/ months . 5 years letter he died.
Is his spouse get pension?
Is his deposited money back?
Dear samir ..Yes, his spouse would receive the pension and the nominee will receive the corpus amount.
Dear Sir,
I am Subrata chakraborty resident of Dum Dum Cantonment. I have one pesion scheme of Atal pension Yojona every month Rs. 630/- deduct from my savings account. Last friday i received a message from NSDL for update your nominee details to go your home branch but today i go to home branch of my a/c branch code 1956 i tell the manager plz update my nominee but he answered me i am not able to update plz you talk to nsdl now i am in tense what is happend because i am belong to very poor family
plz suggest me what do i
Dear Subrata ..Most probably the banker does not how to do it? You may escalate the matter and contact his/her senior person.
Dear Sir,
I am talk to Branch Manager but he replied that i am not able to short out this.
plz guide me what can i do?
dear Sir,
I have taken the Atal penson yojna and regularly deducting amount from my account but still i have not received any information from the department. I am also unable to check the online status of my registration. kindly provide the Link and contact details on priority.
Dear Ajay..Kindly contact your banker or For more details on APY, you may dial Toll Free number (national) 1800-180-1111 /1800 -110-001.
HI SREEKANTH
I HAVE OPENED APY ACCOUNT FOR BOTH MYSELF AND MY WIFE FOR 5000.
NOW MY QUESTION IS THAT CAN I CLAIM TAX REBATE FOR BOTH THE ACCOUNTS AS I AM PAYING PREMIUM FOR BOTH ACCOUNTS.
Dear All,
I want to know regards APY Nomineee. For the time being i am nominate my wife as nominee of my apy. Could i Change the nominee name later like after my son or daughter?
Dear dibyajyoti..I believe that nominee should be other than spouse. Your spouse will receive pension (if any) and after her demise, your nominee will receive the corpus amount.
This scheme is mainly meant for poor people and those working in the unorganized sector, isn’t it? Do you think the social security measures meant for the people belonging to the above category really reaches them? Where can I find more information regarding the the second question?
Dear Dhanalakshmi,
Agree that the real beneficiaries mostly never get the real benefits of most of the Govt sponsored schemes.
May be, the current govt is taking steps in the right direction – be it be digitization of Ration cards, Direct transfer of benefits, LPG subsidy etc.,
Hi Sreekanth,
I have joined APY Scheme of Rs.3000/-. But now I want to upgrade it to Rs.5000/- is it possible.
Dear Kaushal ..Yes it is possible. Kindly contact and check with your banker.
Hi I have an Q,
The APY says will get pension after 60 years, mention spouse and nomine.
Now, if the subscriber took APY when he was 32 years and dies at 36 years. what will happen to APY, will the spouse start getting pension from the next month of death or subscriber Or she will have to pay her self for remaining 24 years to get the pension of APY.
Dear SAM ..Will get pension immediately.
Hi Sreekanth Reddy,
That’s not correct read the APY GO properly.
“Exit before 60 years is not permitted, however in case of death of customer, the spouse can pay the contribution till 60yrs and then start getting pension”
Please ready the PDF that available online.
Dear Sam,
I believe that it is CAN pay and not MUST pay. So, if the widow is not in a position to pay the contributions then she can get the pension.
that’s not true, please refer to the right GO and correct your comments on the blog please ASAP.
Dear Sam,
Could you please share the GO link. If my views are incorrect, will surely update the article with the right information.
Meanwhile, just consider a scenario where-in the widow after the demise of her husband is not in a position to contribute to APY, and if as per the GO it is MUST to contribute till 60 years to get pension then I believe that whole purpose of a PENSION SCHEME gets defeated. What is your opinion?
that is wrong. based on the policy I read, After the subscriber death , spouse will have 2 options 1. to continue the payment the original subscriber age reach to 60 and then she will get pension. 2. she can opt the lumsum amount calculated based on the payment the subscriber did till his death.
Dear Ranjith,
You can be correct, but kindly share any official link on this, will surely try to update the article with right info. Thank you!
I want to know subscriber after 60 year will get pension upto 70 year after that both subscriber & spouse died in that case corus amount will get to nominne or not.
Dear arun ..Yes, the nominee would receive the corpus amount.
I want to know that can I change the existing nominee name and add my spouse name in the future . (later)
What will happen if I die before the age of 60? Do my nominee (family) will get the corpus amount of 8.5 Lakhs or not?
Dear Amit ..Your spouse will get Pension amount and after her demise, the nominee will get back the corpus amount.
Dear sir
I have pran numder.APY any contact mail id and app.
How to check my APY status.
Dear Radhakrishna..I am not sure if there is any provision to check the APY status.
National Toll Free : 1800-180-1111 / 1800-110-001
Hi Sreekanth,
I and my wife want to open separate APY account with Rs. 5000 pension amount each.
I have 2 questions –
1. Suppose, I die at the age of 63, Will my wife get pension of Rs 10000 until she dies?
2. Suppose I die at the age 63 and my wife dies at the age 65, Will our nominee get full corpus amount? i.e. 8.5*2L ? or there will be deductions?
Thanks.
Dear Kabir,
1 – She will get Rs 5,000.
2 – Yes.
Answer is not clear. Can wife and husband both open apy account separately? If yes when both attains 60 age and one dies.. will other get 10000 pension ? Pls reply
Dear Manoj ..Will get one pension amount only.
Sir i have already enrolled Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)…. I am eligible or not for Atal Pension Yojana (APY) . My interbanking account shows the third option like.
Whether Beneficiary of other social security schemes
if i press yes
You will not be eligible for Government Co-contribution.
Dear Jagadeesan,
You can apply for APY.
If you are contributing to say EPF or any other similar schemes, then you will not be eligible to receive Govt’s co-contribution amounts. But you can make your deposits.
Thanks a lot sir..
Thank you for your reply for all Qs
I got almost all answer reg APY.One Q is still in my mind is that Suppose I and my wife opend APY after my death or her alive person contributes for remainging period of scheme in this case alive person, can get both pention
Dear Ejaz..I could not understand your query..
Dear Sreekanth Reddy Sir “Mr.Ejaz” asking to you.. Eajaz and his wife pays this scheme for each separte (Which means two policy). Incase of both are died. the alive person contributes can get two pension amount or not ???
Or
If only Ejaz died . His wife can eligible for two pension ?? . One for her own and another for her husband’s pension ???
Dear Jagadeesan..Thanks for re-phrasing the query.
Dear Ejaz,
If both the contributors die, the nominee(s) would receive the corpus amount.
If he passes away, his wife will receive the pension amount. Later if wife passes away and if nominee is same for both then that nominee would receive corpus amounts (two).
Thanks you so much Sir ….
dear srikant
can I get the invested money contributed upto 60 years after the age of supetannuation along with pension or only the pension monthly…….and if I die before the age of supperannuation then should my family get the whole invested money with interest + sum assured money + with pension please clarify….
Dear Munna,
You can get pension only. After your demist, your spouse will receive the pension and then after her your nominee can receive the corpus amount back.
sir, i m state government authorised employee. may i eligible for apy?
Dear manotosh ..Yes you can apply..
A person working in private company are eligible to open APY if this PPF is going on.
1. I need information regarding APY that in case of death of policy holder before 60 years then what happened to this policy .
Hi I am Subrata 30 years old, 1 have sbi savings account. I want to open a APY. Now it is available for me……….
Dear Subrata..Kindly check with your banker. I believe that you can contribute to APY through your SBI savings a/c.
if spouse and nominee are the same then will the pension amount and corpus fund will be transferred to the spouse immediately after the death of the subscriber?
Dear sabari..I believe that one has to provide two different names, as a nominee and as spouse.
Is there a way to create APY online, without going to SBI branch?
Dear Buvana ..I don’t think such a provision is available.
Dear Buvana and Sreekanth,
Creation of APY is not available through SBI online. As of now,three Social Security Schemes (Suraksha Bima, Jivan Jyoti and APY) are available online through SBI.
Correction:
Creation of APY is now* available through SBI online.
creation of APY online also available from icici. I already do that. But from hdfc you need to go to bank (not online). from sbi you can open APY account online.
Sir my march month APY is not deduct my saving bank account that what heppend in case what i do
Thanks & Regards
Tanmay
Dear sir, I have opened APY on 29th of December in IDBI Bank …and now i want to transfer my APY to my SBI Saving Account …because i want to close my IDBI current A/c.
May i elegiable to transfer it from IDBI to SBI…kindly give my your valuable advice..
Dear RAMTARAK..It should be possible, kindly check with your SBI bank.
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Is DSP Black rock’s new fund good to invest? it’s an open-ended equity savings fund.
Dear Anup,
We have tens of good performing funds which have proven track record. So suggest you to invest in the existing schemes instead of NFOs (new fund offers).
Read:
Best Equity funds.
My mutual fund picks.
How can we login to APY ? Pran I’d will be treated as user ID but what is the password?
If any person who fill income tax that person eligible for take pension plan (Atal pension yogna).that person take benefits for this APY scheme.
I’m planning to subscribe for Atal pension yojana as part of next year tax saving plan.
My doubts are –
In case of death of subscriber during the period, pension would be available to the spouse. But from when? Immediately after the subscriber’s death or after she attained 60 years.
Will the spouse need to pay the monthly installments after the subscriber’s death?
My actual doubt is “can I treat Atal pension yojana as an insurance scheme”?
Dear Kranthi,
1 – Immediately.
2 – No.
Dear sreekanth:
i have contacted with toll free number of APY, i asked, is there tax exemption?. they said there is no tax exemption.
kindly clear the my doubt.
hi sreekanth
i hve joined in APY scheme, contributing monthly 485 but i am not receiving email. please tell me what can i do?
hi
i am contributing in APY , which document i have show for tax exception.
thank u…
Dear nagarajan..Mostly it is your bank statement which has APY transactions.
WE HAVE NOT RECIEVED ANY CONFIRM NUMBER LIKE NPS OR KIT REGARDING APY
Now I want to withdrawal from APY , What is the Procedure and what about my deposit money. How can I refund my money.
Dear Prafulla..You can contact your banker regarding the closure of APY.
You will be refunded with the contributions made by you to APY, along with the net actual interest earned on your contributions (after deducting the account maintenance charges).
Hi Sreekanth, instead of investing in APY for a 27 year old, if he invests the same (amount of Rs.550 which would be his monthly investment amount) in a RDP till 60 years, won’t that be more effective.?
Because equivalent of Rs.5000 in say, year 2060 would be less than Rs.100
Dear Vineeth..What is RDP?
Hi Sreekanth ,
I have enrolled APY and paying ontime but i am not able to login APY wesite as it is asking the password & when i called toll free number they asked me to check with banker , when i checked with banker they said they dont assist anything on APY as they only coordinate with us for enroll.
Please suggest to whom can we contact.
Regards,
Jagan B
Dear Jagan..What website are you referring to? Kindly share the url link.
Dear sir if u have any link realted to the APY pl share me also
Dear Srikanth Ji, My self and my wife recently opened APY. But lack of knowledge I was kept my wife as spouse name and my wife case I was the nominee. Now I want to change the nominee in both APY’s. Can you sugges how I can get this option.
Dear Dr Shailendar,
You may kindly contact your banker and update the nominee details.
respected sir i want to know about goi contribution system .how we get goi contribution
thanking you
hai sreekanth, i have joined APY scheme and paying amount on that , but am not getting e-mail. help me how can i get email.
Dear nagarajan..Kindly check with your banker.
(or) National Toll-Free – 1800-180-1111 / 1800-110-001
Hi Sreekanth,
Please clarify my concern , In case of Joint Bank account can Both husband and wife enroll them self in APY with same Joint bank account ?
Thanks
Rahul
Dear Rahul..I believe that it is accepted. You may also check with your banker.
whether we will get APY kit & PRAN Card with pin number
Dear Raj..You will receive PRAN number.
Hi Sreekanth, Whether we will get any physical card for PRAN number like NPS, as of now sbi has given acknowledgement letter with PRAN number only
Dear Raj..I think that the only thing you get under APY scheme.
sir my question is can i view my apy account online like regular nps account and will i receive pran card also?
Dear vikas..As of now I believe that online facility is not available for APY scheme.
I am talking APY scheme. I am not govt employee . I don’t have PRAN no. Can I invest in APY.
Secondly, Ias per application form spouse name i.e wife name is mentioned. but can I keep nominee , my child name ,he is 3.5 yrs old.
Dear santosh..Yes, you can invest. PRAN no will be issued to you after processing your application.
spouse name should be your wife’s name and nominee can be your kid’s name.
Is there any tax benefir for APY investment under 80C?
Dear Kunal..No tax benefits are available.
pl give a format for to close apy
Dear Sir
Can I get pension till death from APY?
Yes..it is a life-long pension.
Some problems i can`t to start atal pension scheme now wanted to start atal pension scheme any suggestions
Dear Sir
I have an EPF account .my question is, can i open APY account? is it affected to EPF account?
Dear prakash..Yes, you can open APY account.
Sir,
I am an unmarried person with age about 25 years. I was unable to write my spouse name in APY form and had no choice to write my kid’s name in “Nominee” column- as it was essential to indicate in APY form, so place my Mother’s name in “nominee’s column”. She is already around 52 now (estimated time of a human life is 60 years). Can i change nominee’s name further, after getting my kid, so that, claims can be done according to the provisions? OR my corpus amount go to west/lost if i get dead, even after 60 yeas?
Dear AK..You can change the nominee name in future.
Hello Sreekanth, I have a practical question regarding myself.
We are a childless doctor couple and both of us are working in government job here in Hyderabad (India).
Now i want to give the name of my sister’s son (who is a citizen of United Kingdom now) as a nominee. Can i do that, or the nominee should also be an Indian citizen
Dear Abhishek,
I believe that this is acceptable.
Which documents to be collected from bank in case of atal pension yojna
Dear Shahbaz,
For enrollment, Aadhaar would be the primary KYC document (though not mandatory) for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
I HAVE OPENED RECENTLY THE “APY” SCHEME ,IF IN CASE OF A NY EMERGENCY CAN I CLOSE THE ACCOUNT BEFORE 10 YEARS R NOT AND ONE MORE THING THAT I HAVE DEBITING MONTHLY CAN I CONVERT IT INTO HALF YEARLY
Dear Kranthi,
You can close the account.
One can voluntarily exit with the condition that;
He shall only be refunded the contributions made by him to APY, along with the net actual interest earned on his contributions (after deducting the account maintenance charges) and ;
The Government co-contribution (if any), and the interest earned on the Government co-contribution, shall not be returned to such subscribers
Yes you can modify contribution mode. Kindly check with your banker.
Dear Sreekanth Sir,
I have subscribed APY myself for 5000, my age is 35 and my spouse is 30. In case if the spouse dismiss at the age of 45 who will get the pension after me (if I also die at the age of 60 or before 6o without getting any pension) only the nominee will get the corpus amount? or any other option to change the pensioner name? please suggest.
Dear Purushotham,
Your spouse will receive pension and the nominee will receive the corpus amount.
Dear Sir,
If person is government employee, then he/she can join with this scheme
Yes dear Lalit.
I am also optin for this pension plan. Yes I am agree with the question raised about the inflation rate and amount paid at that time but I have counter question for those people is there any better option than this ? I think it’s good step in field of social security of citizen and I do believe government will come up with more such schemes so that a common people can get freedom from burden of extra expenses.
Hi Sreekanth, I have a doubt regarding this scheme please help me. Is there any option for investing more money for higher pension benefits ? I am confused because Govt. has mentioned it as Min amount paid monthly.
Thanks, Avanish
Dear Avanish..I believe that Rs 5k as pension is the max amount offered under APY.
Me and my wife applied Apy scheme. I mentioned nominee as my wife and she mentioned nominee as me. If both will expries ,Who will get corpus amts.
Dear Nagarajan..So, it is better you mention other person’s name as nominee.
thanks u!
where i go, to change nominee name.
Dear Nagarajan..You can change the nominee name. Kindly contact your banker.
Hi….my name is lalit I mentioned nominee as my wife. i just want to know that.. I mentioned spouse name and nominee name same (my wife). If I expire then would she get a corpus amount
Dear Lalit..Spouse name and nominee name should be different. You can get the nominee name changed now.
How much amount i have to deposit at a time in saving account so that it would be auto debited upto the age of sixty for 5000 pension. I would like to gift this scheme someone.
atal pension is good bt if i want to close it in middle than .than at they return back my money
Dear Rawat,
Similarly, premature exit from the scheme before sixty years of age was not permitted earlier except in exceptional circumstances, i.e., in the event of the death of the beneficiary or terminal disease. Now the modified provision permits the subscriber to voluntarily exit with the condition that;
He shall only be refunded the contributions made by him to APY, along with the net actual interest earned on his contributions (after deducting the account maintenance charges) and ;
The Government co-contribution (if any), and the interest earned on the Government co-contribution, shall not be returned to such subscribers..
Hi Sreekanth,
How do i exit?? Banks say that they dont have any provision to exit the same.
Can you please suggest
Dear Vamsidhar,
Earlier there was no provision to exit before 60 years, now the exit is voluntary. Kindly check with your banker,
Thanks Sreekanth for the prompt response. Appreciate it !!
SBI bank doesn’t provide any info on this. None of their mangers nor their officials know about this voluntary exit. Could you please let us know if there is any official communication from Govt on this.
I will follow up with this proof.
Dear vamsidhar,
Check out this one, govt’s official press release..click here..
Hi, I am Bharat Saxena have started the beginning of my career well but due to some bad decisions of career I have dropped down 4 yerars back.. again I joined a job but I really want to plan my next important 12-15 yrs of job with good wealth to survive my life smoothly with my family I have one 10yrs daughter want her to make a perfect lady without compromising anything about money is matter, , can save up to 5000 to 10000 rs monthly after my present investment n expenses ,,, not at all interested to invest in any insurance policy,,, pls suggest how could I n what are the best benefits of that.
Dear Bharat,
Do you have adequate life insurance cover? What about health insurance?
Kindly read:
Why insurance is important?
Top Online term insurance plans.
right now im not tax payer if will pay the tax in future the account is valid and can i get the pention.
Dear Raja..Yes, Income tax is irrelevant here.
If some one is suffering from critical illness and he/she is below 40 yrs and if he/she opt for Rs. 5000 pension and suppose he/she dies coz of any reason after 40 yrs and he/she does not have spouse, only nominee name is there, then what amount the nominee will get and when will the nominee get the amount. Nominee will get the corpus amount of 8.5 lacs or amount paid with interest he’ll get
Dear SANA..nominee will get only corpus amount.
dear sir this is BHARATH if selected 5000 rs option my doubt is what if I die after paying ,10 installment’s Case 1).what amount nominee receive further no payment of premium.
Case 2) can my spouse can continue to pay premium amt and she can avail the benefit after end of the last premium
Dear Bharath..She will get Rs 5k as pension and on her demise your nominee will get the corpus amount. She can not pay the premiums on your behalf (for your APY account).
Now that My wife wish to close APY account, we approached SBT Bank, Nilambur Branch, Malappuram district, Kerala, But , they told, there were no forms issued regarding this, and we got to download it from concerned site.
how this Account can be closed? from where we can attain the forms?
Dear Abdul,
When the scheme was launched, pre-mature exit option was not available.
Now banks do provide account closure forms to exit from this scheme.
Walk up to the bank where you opened your APY account. Insist on APY closure.
Ask for APY account closure form. Fill in the form properly with all necessary details and submit the form.
Government hum youngsters ke liye kya kar rhi hai isme.pension humko is time milni chaiye jab humko jarurt hai padhi ke liye paise nhi ho pate hum abhi us pension se apna carrier to bana sakte hai. Hamara ramnaam satye hone ke baad denge. Bekar scheme hai
Sir. Which place i receive after 60 age my pension amount. And after the death my nominee which place received money. What procuders. Please tell me sir.
Dear manogaran..May I know what do you mean by ‘place’ here?
My question:
Assuming I pay my pension till I am 60 and that I live till 80 and my wife lives till 90. So.. I get my pension till I die, my wife gets the pension till her death and then after my wife’s death the corpus amount of say 8.5 Lakhs (in case I am opting for 5000 rupees pm) goes to my kid. Is my assumption correct or is it that the remaining amount from the corpus goes to my nominee?
Dear Arun..your understanding is correct.
Dear sir,
1.If I desmise after one or two years of registring APY from when my spouse will get Pension? how much? wheather she has to pay remaining instalments?
2. If me and my wife dismise at the age of 50 will my nominee (Children) will get pension? if not they will get corpus amount same year or after 10 years?
Regards
UDAY
Dear Uday,
Your spouse will receive pension immediately. No need to pay the remaining installments.
Your nominee will receive the corpus amount.
my question is,suppose am passed away at the age of 95,my wife will receive the pension amount,if she also passed away at the age of 99,suppose my nominee age is 25years at that time,he/she will receive the pension amount upto which age.and also can i change the nominee at any time?
Dear SHRAVAN ..your nominee will not receive the pension amount, he/she will get the corpus amount (lump sum).
Dear Sir,
My question regarding the issue that I’m 25 years old and has involved in this scheme, can i recieved any certification of this scheme for future reference
Dear Deepak, I do not think as of now Govt is issuing any certificate, but I guess you will receive unique no from PFRDA.
hlw sir my mother age is 38 and she paying 1200 for 5000 p.m pension. but after 60 suppose she will die on 65 age then how much will get the nominee
Dear krishna..Corpus amount of Rs 8.5 Lakh will be paid to the nominee.
sir,
as of now we are two means me and my wife.
I have no child.
so that I can not declared nomination rather than my wife name.
I was selected 5000pm plan
if she was passed away before me than what about that corpus amount???
Dear Mitesh,
I believe that they (bank or life ins co) may insist you to nominate a person. Note that you can change the nominee name in future.
would like to know if we will get any documents on enrolling for APY.
Dear senan..I believe that you will receive PFRDA number. As of now, scheme certificate or any doc is not being issued.
Dear sir,
My question is-If I deposit any premium till 60 years and got pension for 5 or 6 months.Then I passed away.What will hapen after that.Will my nominee find corpus amount?
Dear jogendranath,
Your spouse will receive the pension. After her demise, your nominee will get the corpus amount.
The corpus amount will be full or it will be deducted amount as Jogendra’s wife will have get some months pension already.
Dear Babita.. full payment will be made.
You mean to say if I opt for 5000 Rs. pension, my nominee will get 8.5 Lakh rupees after my or mine husband death at the age of 65. It does n’t matter that I have received pension for 5 years. The corpus amount will be full that is 8.5 Lakh.
Hi Sreekanth,
Do not delete my question this time please.
You mean to say if I opt for 5000 Rs. pension, my nominee will get 8.5 Lakh rupees after my or mine husband death at the age of 65. It does n’t matter that I have received pension for 5 years. The corpus amount will be full that is 8.5 Lakh.
Dear Babita..I generally do not delete blog readers’ comments, unless they are duplicate queries.
I have already answered your query.
Yes, entire corpus amount will be paid.
Thanks Sreekanth,
Sorry, my comment was not showing so I thought that you had deleted my comment. Then I repost my comment and I realized that my earlier post was also showing with the latest one. Sorry for my misunderstanding. Thanks for answering my queries.
Dear Sir,
My question regarding the issue that I’m 25 years old and has involved in this scheme, I have selected 5000pm and paid two months installment. But what if I die before 60(suppose at the age of 50 years) years of my age? would my spouse or nominee get 8.5 lakh benefit? Will my pension be given to spouse or nomine in this case?
Dear Abhishek,
Your spouse will receive pension amount. Nominee will receive the corpus amount only after the demise of your spouse.
Dear Srikanth,
If My spouse is my nominee then who will get the corpus amount?
Regards,
Suresh
Dear Suresh,
Your banker or insurance co may ask you to nominate other person.
Hi,
Suppose after a Pensioner dies at the age of 65, what amount his nominee will get from Atal Pension Yojana? Does the amount paid for the period till 60 years will be given to the nominee?
Dear Swapnil,
The corpus amount that is given to the nominee depends on the contribution amount.Kindly refer to the chart provided in the article.
Dear Sir,
I joined APY june,2015. But now i joined a Govt. job. So now i am eligible this Yojana. And also PRAN no. received now again office make a PRAN number so please tell me a suggestion.
Dear Pintu,
You may share your existing unique PRAN no with your employer.
I am get PF monthly can I apply for APY
Dear Prashant..Yes you can apply for APY.
Sir, I am 25.and my wife is 23 now.both of us have done apy.as mrg is recently done so we have not mentioned our names as wife and husband.my question is
1. if we mention that thn after any one death the other means husband or wife will get the pension or not as both of us are polycy holder…
2.how we will get benifit…1st me thn my wife thn the corpus amount to nominee or what?
3.and what is pran no.and where to get it from?
Hope u understand my query and plz answer me
Dear Swastik,
You can update the nomination details in both the plans.
If any one expires, the spouse who is alive will get the pension amount and after the death of the pensioner then nominee will get the corpus amount.
PRAN no is Permanent Retirement Account Number. Even I do not have any info as to who will allot this no wrt APY scheme.
Sir,
I am a house wife, not a PF member and income tax payee and thinks eligible for goverment contribution even if my husband is working in public sectar unit. I have already joined the scheme to get 4000/month pension scheme but now I wish to minimise by contribution to 1000/month. please clarify, what shall be done?
Dear Asha,
The APY subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April only.
Dear sir’
I have joined in APJ .I have already 2 months paid the pension amount but this month amount has been returened from my bank account due to insufficent available balance.so what can i do ??
Dear sandhyarani..you can nominal penalty amount along with next contribution amount. This should not create any issues.
I have opted for apy scheme but I want to cancel. But where do I get the cancellation form.I enquired in bank they are telling they not received any form pls guide me.
Dear Sridhar,
I believe that as of now there is no option to cancel is available.
Hi Sreekanth,
My pension scheme started last month 22nd. But I did not have sufficient amount in it. This month 22nd is passed but still there is no debit happened. I am afraid this might have got cancelled. Do you know how this works?
regards
Dhivya
Dear Dhivya..I believe that this should not create any issue, penalty on delayed payment will be levied along with the current contribution amount. Suggest you to check with your banker.
Dear Sir,
I applied for APY as my age is 25 i opted for 5000 pension so on august 18.08.2015 376 amount has been debited and on september it has not been debited. And still i did not receive my PRAN CARD so i am unable to understand please say me what should i do I went to bank they said that that PRAN will be issuing directly and when i went to PFRDA they said that the bank will issue what is the answer aboubt it/
Dear Sir,
I applied for APY as my age is 24. I opted for 5000 pension so from 17th june ’15 onwaed an amount of Rs.346 has been debited from my account but till to day I have not received my PRAN CARD or I have not been informed yet through sms. so i am unable to understand please say me what should i do I went to bank they said that that PRAN will be issuing directly and when i went to PFRDA they said that the bank will issue what is the answer aboubt it/
Neeloy Kanti Das
Reply
Dear Neeloy,
Suggest you to send an email to your banker and follow up through emails / customer care numbers. As the contribution amount is getting debited, you may soon receive the required PRAN card.
Hello Again,
This time i want you to write something NPS too.
we really confused about this scheme as it is not taking up and mode of operation
please share your valuable thought on NPS and oblige us
thanks in advance
Amit Aka Dev
sir iam joining apy .now my salary below income tax .when iam a income tax holder can my accunt runn…
Dear Sir,
I have subscribed APY for my wife and myself. In my subscription nominee is my wife and in wife subscription I am the nominee in case something happen to both of us, will our children get anything?
sir i had taken this apy scheme.i had recieve the pran number but i did not get any soft copy from the bank side. and i am paying money for past 3 months i am recieving sms only. i did not get any statement from bank side and too apy side also.. kindly explain what should i do.
one more dout if the person had died on 40.if spouse get pension on the current year itself are else subscriber wife need to pay for balance 20 yrs..
Dear Saravana..Are the contributions amounts are reflected in your bank statement? I believe that Spouse will get the pension immediately.
How to cancel apy, bcoz Zbigniew its not worth it, bank people are not guideing properly
Hi sreekanth,I am 28 years old. i want to take atal pension yojana.I want contribute for this scheme to get 5000 rs as pension. I am an income tax payer. For incometax payers govt will not contribute under this scheme.
My doubts are “1)can i get 5000 pension with out govt contribution ? 2)will non income tax payers will get 5000+govt contribution?
Dear Phani,
1 – Yes you can get by contributing the required amount
2 – I do not think there is a condition related to ‘income tax assessment’ to get govt contribution.
These lines i found in atal pansion yojana
“Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for
the subscribers who join the scheme during the period from 1st June, 2015 to 31st
December, 2015 and who are not covered by any Statutory Social Security Schemes
and are not income tax payers.”
My doubts are
1) Now If I am an incometax payer, Govt Will not provide any contribution.can I get 5000 rs pension with out govt contribution?
2)If I am not income tax payer Govt Will provide contribution .Does it mean can I get 5000+Govt contribution as pension?
Dear Phani,
1 – You will get RS 5000 as pension if you pay the required contribution amount as per your age.
2 – Are you an income tax payer? Rs 5000 + govt contribution as pension this I am not very sure.
CHANGE in monthly payment is permissible ONCE AYEAR as per details mentioned by you..which govt order or notification of Atual pension yojana is having above mentioned details .Kindly inform me from where I can get above mentioned details.
Thanks
Dear Vijay,
This is as per Press release by the Govt. Click here for more details.
Sir,
I have joined in APJ . If I die due to accident. How much amount would be claimed by nominee ?
Dear Munesh,
Your spouse would be receiving the pension based on the scheme contribution amount.
iam intresting to join this apy you have all details to this scheme
WHICH IS THE LAST DATE TO JOIN THIS SCHEME
IF i get stipend for study in ME about monthly rs. 8500/ for the period of two years.
Can i eligible for APY scheme.
Dear Mantra..Yes you can be eligible.
Sir,could u pl tell me when shall i get my PRAN no becoz i hav already deposited two installments in jul &aug,2015. Idont hav any physical proof of it.
Kindly contact your banker dear Raina.
sir my age is 27 i join apy i want to know that if i death before 50 than my wife get penson or not ? and my wife is my nommine then who will get corpus of his death? because the corpus of death return in case of both subscriber and supose. so for retunrn of corpus i have to need change my nommine? plz answar in detail.
Dear sanjay,
In case the subscriber expires, spouse gets pension. After the spouse’s death, nominee would receive the corpus amount. So, spouse and nominee should be different individuals.
Hi, I am interested for this APY, however I am 41 years.
Sanjay
dear sir
I am unmarried if I died before my marriage . than what would done with my aty account? my nommie will get the all corpus??
Yes dear Jasjeet..
dear sir
I want to know what happens if u died before 60 years in atal pension yojna.
Hi Sreekanth, I want to take 3 policies of central govt (Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Yojana,Atal Pension Yojana). I am not govt employee. I am searching for a job in private sector(software) I am 27 .
My Query is if i take Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Yojana then am I eligible to take Atal pension Yojana?
Dear Phani,
Yes you are eligible.
Thanks Sreekanth
Hi Sreekanth, my question is if the subscriber expires after couple of years of the inception of the scheme. Eg the person who is around 40 years joined in the APY scheme by paying 1454 as premium to get 5000 after 20 years. If he/she dies after couple of years
1) Do they need to pay the remaining amount
2) will his/her spouse get the pension amount?
3) will he/she get the corpus amount?
Dear Anil,
On death of the subscriber anytime after subscribing to scheme the spouse will start getting the pension. There is no waiting period. So if subscriber dies at 40, the pension for spouse will start right after the death. On death of the subscriber and spouse , irrespective of age the nominee will get corpus amount.
I have enrolled for APY on 18/07/2015 from bank of india but deductions have not started from my saving account. So, I would like to know from when it will start. I have a acknowledgement slip with PRAN Number.
Dear SANGEETA..kindly check with your banker.
Dear Sir,
if a person has opened PMJJBU,PMSBY, APY the above insurance plans and if he is dead not because of suicide or self attempt, which benefit will be given to the nominee of that deceased person? All the schemes maturity amount or single scheme’s? plz explain
Dear Satish,
The benefits of all the three schemes can be claimed.
I have enrolled for APY and since last 2 months deductions have started happening from my saving account successfully . When will i receive the PRAN card.
Thanks
Dear Saran, i am not sure about this one.
Sir,
I want to change my nominee name in Atal Pension Yojana, but the bank staffs are saying that they are not avail to change it. How i can change my nominee name?
Dear LIFELINE..it should be available..may be they are not aware of the procedure or this facility has not yet been enabled.
Please tell me last dates for these two schemes..
Dear Jagadeesh..last date to join APY is 31-Dec-2015.
Sir,
My income 5.7 lakh and paying income tax. Can I apply for Atal Pension Yojna.
Yes, you can apply dear Ratul.
I am paying Income Tax (5.7 L) . Can I apply for Atal Pension Yojna?
You can apply dear Atun.
Namaskar,
Iam 40 & I am working in private firm and I am a tax payer. iam I eligible for APY, pls suggest.
Thanks
Dear Prashant..the age limit is 18-40 years. You can check with your banker if you can apply for APY.
sir,
i want to know that after the death of both meanr contributer and spouse how much amount nomine willget and how long time?
Dear siddharth…the corpus depends on the premium amount. I have provided indicative chart on corpus amount in the article. Kindly check tht out.
எனக்கு வயது 25 நான் இன்னும் 35 ஆண்டுகள் பங்களிப்புதொகை கட்டவேண்டும். மாதம் ரூ. 376/- வீதம் 35 ஆண்டுகளுக்கு ரூ. 157920/- கட்டவேண்டும். இதில் நான் 30 ஆம் வருடம் உயிர் துறந்தால் நான் 30 வருடம் கட்டிய பணம் என்னவாகும்.
1. நான் கட்டிய பணம் மட்டும் எனது மனைவிக்கு ஒரே தொகையாக கிடைக்குமா…??.
2. எனது ஓய்வூதியம் எனது மனைவிக்கு கிடைக்குமா…??
3. மீதி வருடத்தை என் மனைவி தொடரவேண்டும…??
IF I AM NOT ELIGIBLE BUT HAS I APPLIED FOR APY , SO WHAT WILL HAPPEN ??
Dear Shreekanth,
I have gone through the basis features of Atal pension Jojona, and found that in case of discontinuations of
payments of monthly contribution amount shall lead to following:-
1. After 6 months account will be frozen.
2. After 12 months account will be deactivated.
3. After 24 months account will be closed.
Could you please describe the exact meaning of above mentioned words , like – FROZEN/ DEACTIVATED / CLOSED.
Suppose MR X contributed RS 500/- per month for 10 years (total – 60000/-), then due to some financial reason he could not continue the monthly contribution in APJ a/c.
In that scenario, after 24 month his APJ a/c will be closed permanently. Now my question that, what will happen to that RS 60000 which was deposited in AYP a/c of MR X.
Thanks
Amit
Dear Amit,
When account is Frozen/deactivated, you can still activate it by paying penalty and by making fresh contributions.
The subscriber can exit from the scheme before 60 years and it is permitted (but there should be valid reasons and this is allowed only in exceptional cases). I believe that the pension benefits will remain the same (but this can be subjective).
Dear Shreekanth,
My query is still not been answered , I am asking that what will happen contributed amount RS 60000/-.
Situation The a/c holder could not continue the monthly payment and his a/c was closed.
Also whatever reason provided by the a/c holder is not accepted by authority.
Now what will happen , after all RS 60000/- is his contributed money and deposited in his APY a/c only.
Therefore RS 60000/- should be return to him by APY authority. That might be post 60 year age of a/c holder.
What your view.
Dear Amit,
I completely agree with you. I believe that the accumulated should be returned.As of now Govt gazette do not have clear details about this.
my date of birth is 16/04/1975 can i participate Atal pension yojana? If is possible please inform me urgently
Dear Kamal…You have completed 40 years, hence may not be eligible for APY scheme.
I am 30 years old if i will death at the age of 50 then what will happen to my account whethear it will deactivate or my spouse will get benefites….If she will get means what she will get Pension or corpus amount.or shee need to continue up to 60 years
Dear Ram,
Your spouse will get pension amount immediately.
I have enrolled in APY…from SBI..
45 days over the amount is not deducted from my account?
What should I do?
Dear Debasish…kindly check with your banker.
Dear Sir,
I am planning to invest in my wife’s name. In case me and my wife nominate a person now, Is there an option to change the nominee in future. During the course of the period of contribution, is it possible to change the nominee.
Dear SUBAMANIAN,
Yes, you can change your nominee.
Dear sir,
My wife age is 34 , she is house wife and not engaged in Insurance policies & PF. And my age is 37, iam engaged in PF & Insurance policies and not filing IT returns.
Please reply that whether only one should joining the scheme (or) both of us joining this sheme
Dear KANDASAMY,
Both of you are eligible to join APY.
What do you mean by ‘engaged’??
Hi Sreekanth,
I have opted for APY scheme through a private bank and would now like to opt out. Is it possible to do that as my RM is not aware how to opt out. The first contribution is still not debited from my bank account and I haven’t received the policy till now.
Dear Manasi,
You have to inform your banker not to Debit your Bank account (that is linked to APY). Kindly submit cancellation request to your RM.
Hello,
I want to know if my spouse applies for APY and my child is minor than who would be nominee in this case. And if I put my name under nominee than will I get pension benefit as spouse or corpus amount as nominee?
Also can minor be nominee for APY.
Thanks.
Dear Ashish,
Spouse gets the pension in case the subscriber passes away. That is the first provision. If both of them expire then nominee will get the corpus amount.
If your spouse applies for APY, ideally your child can be a nominee and you being the legal guardian.
Q 1. What will be the monthly premium of the spouse aged 30 years if an apy holder aged 40 years dies after paying 2 years monthly subscription ?
Q 2. If there is no spouse and only nominee is there, what will be the procedure of payment of apy on death of the apy holder before maturity of the scheme ?
Q 3. What is a corpus. Will the corpus amount mentioned in the charts of apy paid to nominee on death of the pension holder any time after comancement of the apy scheme ?
Dear Sakil,
1 – I did not understand your question.
2 – The nominee will receive the corpus amount
3 – Corpus is the lump sum amount that is paid to the nominee (after the demise of the APY subscriber and spouse).
Hi am already 60 year old. It’s is possible benefit for me penssion scheme for me plz rply
Dear Gurdev,
The age of the subscriber should be between 18 – 40 years.
if i join APY but unfortunate my death done before age of 60’s then but…
Dear SR sir
can we get any amout after 60 year except monthly pension.
Dear Jayur..What is that you are expecting?
i m pf and esic follower can i tack benefit of this scheme
Yes Amit, you can subscribe to APY.
hai,
I recently opened the apy pension scheme in indian bank.(1st july). 630 rupees per month. Iam an tax payer. now only i knw. tax payer is not eligible for this scheme. How i close this account. If i ask bank they told i dnt know…
wht i do now…
Hi , any citizen of India is eligible. Since you are tax payee for co- contribution by govt you are not eligible. That means all monthly contributions are done by you. Govt does not contribute.
Dear Senthil,
Kindly let me know as to who informed you that Tax payers are not eligible for APY?? Could you provide any source to confirm this?
Hello
I did the calculations and found out that if I invest same amount of money in a Recurring Deposit and then invest the maturity amount of the RDs in Fixed Deposits, I will be getting more assured sum and monthly interest than what this pension plan is offering. All the private banks have online FD and RD system. Everything can be done online and no need to run to govt offices and bribe the babus for getting you money back.
Pls advice on this.
Thanks
Dear Ashish,
Could you please share your calculations here. Kindly note i am not for or against APY. But would like to see the numbers.
WHETHER SPOUSE OF A GOVT. EMPLOYEE IS ELIGIBLE OR NOT FOR APY SCHEME ?
Dear Aparesh…he/she is eligible.
what are the details of exit before 60? is they give derivated amount to beneficiery or commulative amount? pls convey details…
Dear Pratap,
I did not understand your query. What is meant by derivated amount?
Do atal pension scheme is applicable for tax payer & government employees.kindly let us know as not getting any proper answer.
Yes, any Indian citizen can subscribe to APY Scheme.
I found that in the declaration section of the form that “…. I do not hold any pre-existing account under NPS. ….” so NPS memmbers could be eligible to open APY account or not. if yes then the PRAN number may be same as my NPS account or differnt and new?
Dear Pankaj,
NPS subscribers are eligible to apply for APY.
sir,
can we take income tax deduction benifit under atal pention yojna
Dear Srikant..no income tax benefits are available for APY contributions.
Dear Sreekanth,
If government changes this Atal Pension Yojana (APY) scheme will remain or vanished.
And if this plan is withdrawn in future what will happen to our money.
Dear Amit,
I believe that if Govt changes, the current subscribers will get the benefits..It can stop fresh subscriptions..anything can happen in India.
Dear Srikant,
What is the best option or plan for better retirement for middle class private job holder. my age is 30.
Dear Praveen,
For retirement corpus accumulation, (considering your age) you may start investing in equity mutual funds for the next say 20 years.
Read my articles;
Retirement planning made easy
Top 15 best Equity mutual funds
Will APY monthly installment get change as our age changes during the term.??
Dear Himanshu…the monthly contribution amount remains the same.
Hi,
My question is, person has taken this Scheme at the age of 26 & given premium 4512 (376*12) & given for next 4 years, i.e. when he gets age of 30 years & premium paid is (4512*5). Now person dies on completion of age of 30 years. Now will spouse need to wait till 30 years to get started taking pension of 5000 or immediately she will get the pension of 5000.
Dear Rohit,
I believe that spouse will immediately start receiving pension after the death of the contributor. (But let me be frank to you that Govt’ Gazette is not very clear on this)
can I get more than 5000 monthly pension when I reached at 60 age
The maximum pension provided under APY scheme is Rs 5k.
if age of entry between 36 to 39 how much premium will pay
What is the expected pension amount?
5000 per month
The monthly contribution ranges between Rs 990 to Rs1,318 for 36 yo 39 age group.
regarding APY account NRI ‘s can open
Sir,
I am a tax payer but my wife is housewife. Can she able to jion this APY?
Yes, she can subscribe to APY, but savings bank account on her name is mandatory.
Can husband and wife both subscribe for APY separately?.
Yes both can subscribe to APY.
I want to know if both husband and wife can enroll for this scheme separately.
Yes, both can apply to APY.
In APY subscriber get pension after attaining 60 yrs, if he died then spouse will get pension. Also after death of spouse corpus amount will get nominee for every subscription with this APY plan. May I right?????????
Kindly suggest me.
Your understanding is correct.
Dear Sreekanth Reddy
I have quarry regarding the benefit of Pension, if person died before age of 60 Year.
As per your opinion pension will start immediately (on death). But from document available for Government site nothing is mention about this. And i had also contact bank in this regards. but the bank has replay that in such case the amount paid by your will refunded to you.
So Dear Reddy, Kindly clear my doubt in this matter .
Dear Bhavesh,
The corpus will be refunded to the nominee on death of both, APY subscriber & subscriber’s spouse.
i am a government emploee. I am subsriber of atal pension jowana. will i not able to get any benefit ?
You are eligible to get benefits under APY.
after 60 years how many years get I received the pension, is it lifetime?
Dear Partho,
The pension amount is payable lifelong.
I want to know, whether at the age of 60 we can get the whole pension amount at once or we will be getting on the per month basis ?
Dear Saba,
Pension is payable on monthly basis.
Hi,
Can i change bank after registration for pradhan mantri pension scheme.As example,i register this scheme from HDFC but later on i want to deduct the amount from SBI amount, Is this possible ? And after 60 years i which account pension will credited?
Dear Shekhar,
I believe that you can change your savings a/c that is linked to APY. The pension amount will be credited to the account which is linked to APY. You need to keep that savings account active.
Can I change the nominee any time in APY scheme
Dear Nagamani,
I think it should be allowed.
My query is what is the position if a person, who has contributed under Atal Pension Yojna for receiving pension of Rs.5,000/-, dies after say 5 years of joining the scheme, whether the pension amount will be payable to his/her spouse immediately after death or has to wait till she/he reaching the age of 60. Please clarify.
Dear Balan,
Pension will be paid immediately.
Dear All,
Kindly tell me about ATAL PENSION YOJANA CERTIFICATE.
Q1. I have open A/C on 01/06/15 but not receive any certificate till date.
I received only temperory slip.
Q2. Where will I got certificate and contact any tipes of quaries.
Dear Rishi,
Kindly contact your banker..
hi
wanted know about death benifit
i have subscribe the pension plan and i wanted to more about the plan
please explain me
thanks
regards
Ashwin purabiya
Go through the above article dear Ashwin..
If subscriber died, spouse will get pension . But when will get the pension after 60 years or from subscriber date of death
It is immediately (on death).
Suppose, X person has opted APJ & he will have completed 1 year with 5000 pension per month scheme & depositing 6000 (Indicating Monthly Contribution of Rs.500 *12) in the completion of first year , if same person died in next year than how much amount (or eligible) would be provided to his nominee.
Pls guide.
Dear Anup,
If spouse is alive, pension amount will be paid to the spouse, else the corpus amount of Rs 8.5 Lakh.
We have joint savings a/c. I have started Atal Pension in joint a/c. My husband is Prime Account Holder & Tax Payer.
Is it ok to continue. Please reply me.
Dear Swetha,
There is no clarity on if join-account is allowed or not.
Since your banker has accepted joint-account for APY, looks like it is fine.
can we change the nominee details in the middle in ATAL PENSION ?
Dear Payyal,
I believe that the option is available.
if thé subscriber and his wife both died before âge of 60 ,when and what amt will be paid to nominee .
Dear Aditya,
If subscriber and spouse die, nominee will receive the corpus amount.
This amount is dependent on the monthly contribution amount (as mentioned in tables of the article).
Sir what if died in accident middle age like 45 what will be APY benift our family
Dear Mahesh,
The spouse of the contributor (Scheme subscriber) will receive the pension amount.
Hi – I am an income tax assessee but my spouse is not an assessee. She also does not have a separate bank account in her name. Can I open APY account in her name so that the contributions can be debited from my bank account.
Regards
Dear MJ,
She has to have her own savings bank account to contribute to APY.
Hi,
I have NPS because i am a gov. Employee. Can i open atal pension scheme
Yes you can contribute to APY.
otherwish open APY account govr. give certificate pls ans me
Dear Sir
I Have Dena Bank Joint Account On My & My Wife’s Name . So I Wanted To Know Can I Open APY Schemes
On Both Names Or Only On Single Name Can Be Open.Please Help
Dear Abhay,
Very good question and I am not very sure about this.
It is better to contribute to APY through separate bank accounts.
Sir, I am government employee. Am i eligeable for Atal pension yojna. Pl reply.
Yes dear Sumit, you can apply..
1. Compulsory all in PM scheme, participant require to be account holder. for ex: my father was an account and i don’t have account. so i can join by keeping my father account details
2. All are saying insufficiency of account may chance to terminate any PM scheme, can i know how much amount we need to maintain
3. Will nominees can get/ cover any benefits or features like subscriber. for ex: in case of accident /death of nominee, any returns subscriber gets..
Dear Kathyayani,
The applicant should have a savings bank account. It is mandatory.
You can open a no-frill, basic savings account (banks do offer zero balance accounts, check with sBI).
I did not understand your third point..kindly re-phrase it..
Hi,
Can you please clarify whether a person whose PF is getting deducted whether he is eligible for APY or not?
Dear Jankhana,
Yes, eligible to apply for APY.
Sir, I am a Central Government Employee and Under the New Pension Scheme. Till now I didn’t pay Income Tax due to savings. Can I avail APY. Please advise
Yes you can avail..
Modi government. Atal Yojana retirement pension.
A Calculation.
@@@@@@@@@@@@@@@@@@@@@@@@
Arrive age. – 18
Years of paying – 42
Rupee paying Rs42 / =
Atal retirement pension Yojana By project
Get a payment of – 17000.00
Monthly pension. – 1000.00
@@@@@@@@@@@@@@@@@@@@@@@@@
Calculation of the Post Office.
Arrive age. – 18
Years of paying – 42
Rupee paying Rs42 / =
Pay at the post office
interest of 8.4% per annum (quarterly
compounded) and recive a amount Rs 193673.00
The sixty-year-old senior at Rs 193673.00
Citizen interest rate of 9.3% per annum.
According to its availability of
Rs through interest
Monthly income 1500.00 / =
??????????????????????????????
my age 33 year ……i have withdraw my all epf balance …… right now i am the eligibility of atal pension yojona .
I am 44 years old & my wife is 35 years old. whether we both are eligible for APY ? If yes, then how much amount should we invest for a pension of Rs. 2000/- each and how many years should have to invest?
Dear Girish,
Only your spouse is eligible to contribute to APY (as the max age limit is 40 years). She has to contribute Rs 362/- pm to get Rs 2k pm as pension till she attains 60 years of age.
Plz. let me Know under Atal Pension Yojna that if my self is income tax payee and my wife (House Wife) is not income tax payee can She get the benefit of this scheme,
If yes – in case of death of subscriber, Would the pension corpus will also be returned to her nominee.
Sreekanth, I want to know, if I subscribe both PMJJBY & PMSBY. But in event of death through accident, will I Rs. 2 Lakh through each insurance policy…?
Dear Deepika,
Yes, the total claim of Rs 4 Lakh will be paid to the nominee(s).
Abhi lagraha hai Hindustan me kuch aacha ho raha hai.
Thanks to narendra modi ji
Long live….
From-
Sanjib Kumar Das.
useful to one and all alike
my instalment of 1454 has been deducted from my saving account so then I will get all the benefits of atal pension scheme as my birth date is 5 – 5 – 1975 so there was a little confusion that weather my form will be accepted or not so is it means that I will get all benefits under this scheme
Hi,
I have NPS because i am a gov. Employee. Can i open atal pension scheme for my wife………. she was house wife…………….. can she recive gov. Contributions benifit….. pls clear it…….
Dear Sir,
I call at toll free for APY, executives told me that if my PF is deducted I am not eligible for APY,,, please clarify & suggest for APY
Dear Manish,
This is news for me. Let me check and get back to you 🙂
Thanks a Lot Sir… you are doing great job by providing information because I think many people suffer due to lack of information.
Thank you Santosh. Keep visiting!
Hi. Sir just want to add that the above question regarding corpus amount is for atal pension yojana. please answer.
Hi.Sir.Does one has to fill related forms once again for renewal of PMJJY,PMSY every year or it is automatically renewed…and why corpus is not given to subscriber with pension if he/she is alive after 60 years because any how they will be giving corpus to nominee.Please answer.
Dear Santosh,
It’s auto renewed (as long as you keep sufficient balance in your Savings account) and the contribution amount is auto-debited periodically.
The corpus amount is returned only to Nominee and the applicant / spouse will receive the pension amount.
My banker informed that Spouse and Nominee should not be the same. Is it right?
Dear Vijayakumar,
I believe that your banker is right. Thanks for sharing this update 🙂
Thanks for your early reply.
Hi ,
As I am not married, so can I add my spouse name at later part of the scheme
Dear Vivek,
I believe that it is allowed.
If normal death is happened then 2 lac can be claimed in pmjjby scheme?
Yes dear Biplab..
is there any risk cover available in atal pension scheme
if subscriber dies after giving 3 years contribution ,and how much amt will be given to spouse or nominee
what will happen to the amt
Dear Bansidhar,
It is not a life insurance scheme, hence no risk cover is available.
In case of any unfortunate event happening, your spouse would receive the pension amount. The pension amount depends on the contribution amounts and I have explained it in the article.
APY is 200% WORST schme comparing with NPS schme
Must think MODI JI
sir hum 60 year se pahle paisa le sakte hai
Dear Yunush,
You will receive pension after attaining 60 years of age.
Hi Sreekanth,
I really appreciate your articles & for your prompt response. Infact, i use to suggest my friends to go through your website for understanding financial related things.
Coming to my question: I’m an IT employee(25 years age), I’m interested to take this scheme.
(1) Does this scheme applicable for a person who will pay income tax & who has EPF/PPF/LIC policies as well?
(2) As this scheme is launched by current government, in future if government changes does this scheme continues or how will it be?
Dear Mahesh,
Thanks for recommending my blog to your friends 🙂
1 – Yes, can contribute to this scheme. But Govt’s co-contribution is not applicable for the individuals who are members of EPF.
2 – I do not thinks so. But, even if they do so, they may not accept fresh applications and continue with the existing subscribers.
Thanks a lot Sreekanth for the perfect information related to Atal Pension Yajana. This proved to be a great help to me.
Dear Nisha,
Thank you and keep visiting!
nice info. Thank you
is there any chance to change nominee after few years .?
Dear Ramesh,
I believe it is allowed and should be allowed.
dear srikant my birth date is 5 – 5 – 1975 so am I eligible for this scheme or not some bank staff are saying yes & some are saying no I am very much confused so guide me
Dear Nitesh,
The age limit is 40 years. You have completed 40 years right? Did your banker say that you are eligible? Kindly submit the APY registration form and share your experience here (if they accept your application), this will be useful to other readers too. Thank you!
Can open APY account HE & Spouse at a time? after completion of 60 yrs if required corpus amount can withdraw that amount instead of nominee? pls explain
Dear Vijay,
Yes, you can open two accounts (self & spouse). No, the corpus amount at 60 years can not be withdrawn by the pensioners.
Atal Pension Yojana (APY) Vs. New Pension Scheme (NPS)?
Which one is best pension plan?
i am 36 years old and have planned to spend 12000/ year. Kindly give details to choose one.
Dear jjjjeeve,
Do you want to spend or invest? Why do you want to invest in NPS? Do you contribute to EPF or PPF accounts?
i am planning for my retirement.
APY we will get max 5000/ month but i hope it is not enough also no Tax benefit.
NPS i don’t know how it will useful for my retirement.
I have opened PPF account last year. Is it only PPF is enough for my retirement.?
Dear jjjjeeve,
You need to invest in different financial products to accumulate the required Retirement corpus. PPF alone may not be sufficient.
The best combination can be PPF + Equity mutual funds. Considering the prevailing tax laws, you may ignore investing in NPS.
Kindly read my article – “Retirement planning in 3 easy steps“.
If i consider 8.5% interest rate per year, and age of the person is 30 yrs, the total Maturity Amount (Approx) Rs. 947526.00. And the monthly return interest after Maturity, if i consider 6.5% interest rate per year, the amount is Amount Rs.5132.00
I don’t have any comment for the people who fall under Government co-contribution as i don’t have sufficient information. (I believe it 10% amount, but not sure)
For me, I will consider it only if i get tax exemption outside of 80c, I will not even consider it, if i get tax exemption as part of 80c. because i will make more money then APY using PPF with more flexible options .
Please correct me if i am wrong.
Dear Prakash,
Agree with your views. I have mentioned the same point in ‘my opinion’ section (referring – low returns..).
But, remember this scheme is primarily for the unorganized sector workers.
my age 30 yr. if i start it 577/- pm then its fixed or increase with my age per year…..
Dear Mr Choudhary,
It will remain constant.
Sir,
Is it better to go PPF rather than APY? please answer.
Dear Poori,
Personally I prefer to save in PPF.
This scheme is specially focused on workers of unorganized sectors. Govt co-contribution is also available for them.
If a person of 30 years old opened an atal pension yojana account to receive pension of Rs.5000 after attaining 60 years,after 2 years he and his spouse died,how much amount will the nominee get and when,what is the possition?
Dear Ramsha,
The nominee will get Rs 8.5 Lakh.
kindly explain the APY.When the nominee receive corpus amount for the above case.Is APY under income tax exemption or not?
Dear Ramsha,
As of now there is no clarity on this aspect.
Normally, pension income is taxable. The death benefits amount are not tax exempted.