DEPOSIT SCHEMES
DIFFERENT TYPES OF ACCOUNTS
Saving Accounts
Deposit Accounts
Social Security Schemes
Atal Pension Yojana (APY)
The scheme will be launched on June 1, 2015 and focus is on the unorganised sector. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income. Under the Atal Pension Yojna Scheme (APY), the subscribers, under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs. 5000 at the age of 60 years, depending on their contributions.
To make the the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs. 1,000 per annum, whichever is lower to each eligible subscriber account for a period of 5 years from 2015-16 to 2019-20. The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before December 31, 2015.
Eligibility for APY : Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
- Age of joining and contribution period : The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.
- Enrolment agencies :All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup of National Pension System.
