Atal Pension Yojana (APY), which is a monthly pension scheme for crores of Indians, has been extended till the Financial Year 2030-31, the Ministry of Finance has said in a press statement.
“The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, approved the continuation of up to FY 2030-31. This also includes the extension of funding support for promotional and developmental activities and gap funding,” says the Finance Ministry
The Ministry also says that APY will continue its support for-
Promotional and developmental activities to expand outreach among unorganised workers including awareness and capacity building.
Gap funding to meet viability requirements and ensure sustainability of the scheme.
What is Atal Pension Yojana (APY)?Atal Pension Yojana (APY) is a voluntary pension scheme launched by the government for all Citizens of India, especially the poor, the under-privileged and workers in the unorganised sector.
What are the major impacts of the APY scheme?To ensure old-age income security for millions of low-income and unorganised sector workers.
To enhance financial inclusion and support India’s transition to a pensioned society.
Who can join the APY scheme?APY is open to all citizens of India who fulfil the following eligibility criteria: –
(i) The age of an individual should be between 18 and 40 years.
(ii) He or she should have a savings bank account or a post office savings bank account.
(iii) From October 1, 2022, any Indian citizen who is or has been an income taxpayer under the Income Tax Act, 1961, as on the date of application will not be eligible to open a new APY account.
Prospective applicants may provide a mobile number to the bank during their enrolments under APY to receive periodic updates on their APY account as well as on the scheme. Aadhaar may also be provided at the time of enrolment as APY is notified for the same.
How much monthly pension can you get under APY?Under the APY scheme, the minimum guaranteed pension is Rs 1,000. But APY subscribers can also get Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month after attaining the age of 60 years. The APY pension amount will depend on the contributions made by the subscribers for their chosen pension amount.Important FAQs on APYIs an Aadhaar card mandatory for APY registration?Atal Pension Yojana (APY) has now been included under Section 7 of the Aadhaar Act. As per the provisions of the Act, any individual who is eligible to receive such benefits under APY will have to furnish the proof of possession of the Aadhaar number or undergo enrolment under Aadhaar authentication.
Hence, it is desirable (not mandatory) to provide an Aadhaar Number for the proper identification of the subscriber at the time of enrolment. However, Aadhar details are to be submitted in due course of time, if not submitted at the time of enrolment.
Whether an NRI is eligible to open an APY account?Yes, any NRI who satisfies the eligibility conditions as specified at Point 3 above, is eligible to open an APY account.
What happens if a subscriber does contribute to their APY account?An APY account never gets closed due to the non-payment of contributions by a subscriber. Further, a subscriber can regularise his/her account at any point of time by paying contributions for the overdue period along with the overdue interest. However, the deductions would continue to be made in the subscriber’s APY account for account maintenance charges and other related charges on a periodic basis till it becomes zero.