Gratuity/Pension/NPS for Bankers/Bank Employees and other Government Employees

 

Gratuity:

 

	Gratuity Under Award	Gratuity under Act
Eligibility	a) The death of the employee, b) Employee becoming physically or mentally incapable of further service, c) Termination of Service d) Retirement on superannuation and e) On voluntary retirement or resignation after 10 years of continuous service	A) Retirement on superannuation B) Resignation after 5 years of service C) Death and D) Disablement
Formula for calculation	One month pay for each completed years of service (max) 15 months pay + 1/2 month pay for each year beyond 30 years of service.   *Pay = Basic Pay + Special Pay + Officiating Pay + PQP+ increment component of FPP. * Based on Average of the last 12 months. * Service of more than 6 months will be taken as one year.	15 days wages X No of years of Service  i/e., 15/26 X Wages X No of years of service.   *Wages = Basic Pay + DA + Spl. pay + PQP +Officiating Pay + increment component of FPP *One day Wage = Monthly wage divided by 26 * Based on Last drawn Salary * Service of more than 6 months will be taken as one year
Maximum Amount Payable	No ceiling	Max. Rs.20,00,000
Tax Exemption	Exemption up to Rs.20,00,000	Exemption up to Rs.20,00,000

 

 

Pension Scheme (Old) Highlights:
(to those who have joined before 01/04/2010)

 

1. Pension will be payable on retirement to permanent employees who have put in minimum of 10 years of service (on superannuation).

2. Pension is to be paid on 50% of the average of the pay drawn by an employee during the last 10 months of his service in the bank.
Here Pay refers to the Basic pay + Special Pay + PQP + Increment component of FPP (Basic Pension)

3. He is allowed to commute up to a maximum of 1/3 of his Pension and take a lump sum payment on the commutation value.

4. Dearness Relief is payable on Basic Pension. DA will be revised every half year according to rise and fall of Consumer Price Index.

5. Dearness Relief is payable on the full pension including the commuted value.

6. Completed service of 33 years will qualify for full pension. If the service is less than 33 years, proportionate pension shall be paid.

7. In case of an employee voluntarily retiring on completion of 20 years of actual service, his qualifying service shall be increased by a period not exceeding 5 years, so however, that the total qualifying service of such employee shall not in any case exceed thirty three years and also shall not take him beyond the date of superannuation.

8. For those employees who are retiring on superannuation, the notional service of 5 years shall not be added.

9. The commutation factor ( varies as per age) for a retiring employee who has completed 60 years will be 9.81.

10 Formula for calculating Commutation Value=
      1/3 of Basic Pension X 12 X Commutation factor.

Example:
If an employee gets a Pension of Rs.15000, he may commute a maximum of Rs.5000 and the commutation value will be =Rs.5000 x 12x 9.81= Rs. 5,88,600

 

Family Pension:  Payable after the death of Employee while in service or after retirement.

 

Scale of Pay per month	Amount of Monthly Family Pension
Upto Rs. 11,100	30% of the ‘pay’ subject to Minimum of Rs.2,785 per month
Rs. 11,101 to Rs.22,200	20% of the ‘pay’ subject to Minimum of Rs.3,422 per month
Above Rs. 22,200	15% of the ‘pay’ subject to Minimum of Rs.4,448 per month and Maximum of Rs.9,284

 

Details of National Pension Scheme(NPS) (to those who have joined after 01/04/2010)

 

NPS (National Pension System) is a defined contribution based Pension Scheme launched by Government of India .

It is applicable to Bank Employees who joined Banking industry on or after 01.04.2010.

It is based on a unique Permanent Retirement Account Number (PRAN) which is allotted to each Subscriber upon joining NPS.

PFRDA has now launched a separate model to provide NPS to the employees of corporate entities, including PSUs (including Banks). This model is titled "NPS - Corporate Sector Model".

On successful registration, a PRAN (Permanent Retirement Account Number) will be allotted to the subscriber. A PRAN Kit containing PRAN card, Subscriber details (referred as Subscriber Master List) and an information booklet is sent to the subscriber's registered address. The T-Pin and I-Pin are sent separately to the registered address. In case of the Corporate Sector subscriber, the PRAN Kit alongwith T-PIN & I-PIN will either be sent to the subscriber's registered address or at the Corproate Head Office as per the option selected by the Corporate.

The PRAN Card is a document with PRAN, subscriber's name, father's name, photograph and signature/thumb impression.

NPS Account Information:

The NPS Scheme offers 2 types of account

1.             Tier I account – it is also known as Pension Account. Withdrawal from this account is restricted till the Subscriber attains the age 60 years. Minimum yearly contribution requirement in this account is Rs.6000.

2.             Tier II account – it is a normal investment account. Withdrawal from this account can be done as per the need of the Subscriber. Minimum yearly contribution requirement in this account is Rs.250 however on 31st March of each year total value of units in this account should be equal to or more than Rs.2000

An active Tier I account is mandatory for opening Tier II account. Tier II account can be opened along with Tier I account or at any time after Tier I account opening.

Fund options:

NPS gives Subscribers option to invest according to their choice and risk appetite among three funds. Three funds under NPS are

1.             Equity (Asset Class E)

2.             Corporate Bonds (Asset Class C)

3.             Government Securities (Asset Class G)

Subscriber can switch the asset allocation once in a financial year.

Investment Options:

Depending on the expertise on taking call on right asset mix, Subscribers have 2 investment options under NPS

1.             Active Choice – Under this option, subscriber can select the asset allocation among Equity, Corporate Bonds and Government Securities as per his / her choice.

2.             Auto Choice – Under this option, fraction of funds invested across three asset classes is determined by a pre – defined portfolio which will be based on the age of the Subscriber. This is also known as Life Cycle Fund option.

Tax Implication of NPS:

§  Employer's contribution to NPS on behalf of the employee is treated as perquisite in the hands of the employees, but is deductible u/s 80CCD (2) of the Income tax Act, 1961 to the extent of 10% of basic salary. This deduction is over and above the limit of Rs.1.5 lac u/s 80 CCD (1). This will lessen the tax burden of the employee to the extent of amount deductible u/s80CCD (2) of the Income tax Act, 1961.

§  Contribution by individual employee is eligible for a deduction from Income under Section 80CCD (1) of the Income Tax Act 1961 upto Rs 1.5 Lakhs. However, investments under Section 80C Section 80CCC and 80CCD(1) should not exceed Rs.1.5 lakhs per assessment year to claim for the deduction.

An additional exclusive tax benefit of Rs.50,000/- under section 80CCD (1B) per assessment year (applicable from F.Y 2015-16/A.Y 2016-17) for NPS investments.

 

Withdrawal from Tier I NPS account:

Amount from Tier I account can be withdrawn only on exit from NPS. Exit from NPS can be done at any point of time. The payout would be made to Subscriber as per below chart

Withdrawal before the age 60 years	Up to 25% of Employee’s contribution can be withdrawn in lump sum. Three times before 60 years of age (but after 10 years of contribution) for the purpose of 1. construction of House property, 2. marriage/education of children, 3. medical treatment. (G.O. issued dated 11.05.2015)
Withdrawal on attaining the age 60 years	1.      Up to 60% of Corpus can be withdrawn in lump sum (No Tax on this withdrawal ) 2.      Minimum 40% of the Corpus needs to be invested in Annuity

Subscriber can opt for any of the following options to receive pension by way of purchasing annuity

Annuity Schemes:

After retirement ,Depending on the need, Subscriber can select any of the below mentioned annuity plan (i.e. monthly payment of a fixed amount or PENSION as commonly called) offered by Annuity Service Providers registered with PFRDA

 Annuity payable for life at a uniform rate to the annuitant only

Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as you is alive

Annuity for life with return of purchase price on death of the annuitant (Policyholder)

Annuity payable for life increasing at a simple rate of 3% p.a

Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

Steps to be followed to check NPS Balance:

 First we have to visit   https://cra-nsdl.com/CRA/ website which is the official website of Central Record Keeping Agency and of National Securities Depository Limited.

You can get Balance, growth, statement of accounts etc., from the above website.

Every month you will be getting SMS about the amount credited to your NPS account.

However, if SOT (Statment of Transanction) is required in soft copy, the subscriber can give a request through CRA toll free number 1800-222-080 using TPIN.
SOT for last three financial years can be requested.
The SOT will be sent through email in the email id registered with CRA.
This is not a chargeable service.

Alternatively, by login to CRA system using IPIN, the subscriber can print his/her SOT (available for the last three years).

 

1.The Union Cabinet recently passed a Bill that seeks to ask pension fund managers to offer minimum assured return options to investors. This will come into force only after Parliament passes the PFRDA Bill.

2. Under the existing laws, up to 60 per cent corpus on maturity can be withdrawn while at least 40 per cent has to be used to buy annuity. At present, returns from annuity insurance plans are not tax-free like Old Pension.

 

For more information, please visit https://npscra.nsdl.co.in/citizens-scheme-informaion.php

 

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Revised Family pension With 30% Hike in PSBs - Updates

 

Union Finance Minister Nirmala Sitaraman had announced revisions in the pension scheme for public-sector bank pensioners. This new scheme will benefit thousands of families of public-sector bank employees.

With the enhanced family pension scheme, the families of deceased public-sector bank employees will be eligible for a pension equivalent to 30 per cent of the last salary drawn by the deceased employee. 

The additional burden of the scheme will be borne by the banks. The scheme is in continuation to the 11th bipartite settlement signed by the banks and unions, addressing wage revision.

Further, employees who have been working with the banks before 2004 will be eligible for a defined pension scheme, wherein the monthly pension will be calculated on the basis of a pre-set formula based on their last-drawn salaries.

Those who have joined after 2004 will be a part of the NPS wherein the employees and the banks contribute towards a retirement corpus.

Earlier, the family pension scheme had slabs of 15-20 and 30 per cent of the pay that the pensioner drew at that point of time and it was capped at a maximum of Rs 9,284.

“That was a very paltry sum and the FM was very concerned… she wanted it to be revised so that they get a decent amount to survive and sustain,” Panda said, adding that with this, the pension can go to as high as Rs 30-35,000 per family. 

The immediate financial implication of this on banks is approx Rs 10 to 12 Crore for a bank like Punjab National Bank. It will bemuch higher in case of State Bank of India.

C H Venkatachalam, general secretary of All India Bank Employee Association, said the schemes were agreed upon already and the bank employees were awaiting the announcement. 

A defined contributory pension fund governs employees who joined banks after April 2010. This scheme will benefit 60 per cent of public sector employees, Venkatachalam said. 

On account of increase in pension contributions by banks under the new pension scheme, Punjab National Bank would incur Rs 10-12 crore per month, a bank official said. 

For the increase in family pensions of deceased bank employees, the im­p­act would be marginal for PNB as such pensioners are less, he added.

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Family pension increased for Bank Pensioners

 The government has announced changes to the pension scheme of public sector banks. For family members of employees, the ceiling on family pension has been lifted and, for current employees, the banks’ contribution to the scheme has been increased by 4 percentage points to 14% from earlier 10%.

“Earlier, the scheme had slabs of 15%, 20% and 30% of the pay that a pensioner drew at that point of time. It was capped subject to a maximum of Rs 9,284. That was a very paltry sum and finance minister Nirmala Sitharaman was concerned and wanted that to be revised so that family members of bank employees get a decent amount to survive and sustain,” said Debashish Panda, secretary in the department of financial services, at a press conference held by Sitharaman.

The second change is that the employer contribution to the New Pension Scheme (NPS) corpus has been enhanced to 14% of the pay from 10% earlier.

The changes are in continuation of the 11th bipartite settlement signed by banks with unions on wage revision last year. In addition to the wage revision, there was a proposal for enhancement in family pension and also the employer’s contribution under the NPS.

A statement issued by the government said that thousands of families of public sector banks will be benefited by the enhanced family pension scheme, while increase in employer contribution will provide increased financial security to the bank employees under the NPS.

Those employees who have been with banks before 2004 are eligible to a defined benefit pension scheme where the monthly payout is determined by a formula based on their last drawn wage. These employees will benefit from the increase in pension limits.

Employees who have joined after 2004 are part of the NPS where the employees and the banks contribute toward a retirement corpus. After retirement, the corpus must be used to buy an annuity from an insurance company that will provide monthly income. The extent of monthly income depends upon the size of the corpus and cost of annuity.

With the fall in interest rate, the returns through annuity schemes have been shrinking, resulting in a call for higher contribution. The insurance regulator is also working with the industry to develop an inflation-linked annuity scheme.

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Improvement in family Pension for Bank Pensioners

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APY Penalties: 10 facts you must know before investing

For someone looking for a fixed pension during their retirement, the guaranteed pension scheme of the Government of India — Atal Pension Yojana (APY) — can be worth a look. The APY pension scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) and is available to only those who are between 18 and 40 years of age. The other criteria to invest in APY is that one needs to have a savings account in a bank or a post office. APY pension scheme is a deferred pension scheme, i.e. one needs to keep contributing regularly till age 60 and, thereafter, a fixed amount of monthly pension will begin.

Here are a few lesser-known APY pension scheme details to know before you invest:

1. Frequency of contribution

In the initial years, the only option to pay APY contributions was on a monthly basis. However, the individual subscribers also have an option to make the contribution on a quarterly or half-yearly basis in addition to a monthly basis to get APY pension from age 60.

2. Guaranteed pension

The pension amount is a fixed amount that the subscriber is assured to receive from age of 60. However, the actual returns generated by the government may vary. As per the rules, if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the actual returns during the accumulation phase are higher than the assumed returns for minimum guaranteed pension, such excess will be passed on to the subscriber.

3. Tax benefit in APY

The amount of investment into APY qualifies for deduction under section 80CCD (1) of the Income-tax Act, 1961 as APY has been notified a pension scheme by the government. The pension that one gets, however, forms a part of one’s total income and is taxed as per one’s tax rate.

4. APY chart – Contributions and corpus

In APY, there is a minimum guaranteed pension of Rs.1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month. As per the APY chart, these are the APY scheme benefits:

As per the APY calculator, for a minimum guaranteed pension of Rs. 1000 per month, the monthly contribution will be range between Rs 42 and Rs 264 for entry age of 18 to 39. The return of corpus to the nominees will be Rs 1.7 lakh, irrespective of the entry age.

Simiarly, the APY calculator shows that for a minimum guaranteed pension of Rs. 2000 per month, the monthly contribution will be range between Rs 84 and Rs 528 for entry age of 18 to 39. The return of corpus to the nominees will be Rs 3.4 lakh, irrespective of the entry age.

For a minimum guaranteed pension of Rs. 3000 per month, the monthly contribution will be range between Rs 126 and Rs 792 for entry age of 18 to 39. The return of corpus to the nominees will be Rs 5.1 lakh, irrespective of the entry age.

For a minimum guaranteed pension of Rs. 4000 per month, the monthly contribution will be range between Rs 168 and Rs 1054 for entry age of 18 to 39. The return of corpus to the nominees will be Rs 6.8 lakh, irrespective of the entry age.

For a minimum guaranteed pension of Rs. 5000 per month, the monthly contribution will be range between Rs 210 and Rs 1318 for entry age of 18 to 39. The return of corpus to the nominees will be Rs 8.5 lakh, irrespective of the entry age.

The NPS Trust website has the APY calculator to help one calculate the tentative pension and lump Sum amount to expect on maturity or 60 years of age based on regular contributions.

5. Discontinuation

In case one stops making a contribution towards APY, the discontinuation of payment of contribution will not deactivate the APY account immediately. As per the rules, the account will not be deactivated and closed till the account balance with self-contributions minus the Government co-contributions, if there is any, becomes zero due to deduction of account maintenance charges and fees.

6. Penalty

If one makes a delayed payment towards APY, there is a penalty levied for it. The penalty on delayed payment is Rs. 1 per month for the contribution of Rs 100, or part thereof, for each delayed monthly payment instead of different slabs in the past.

7. Renew APY account

In case of default in payment of contribution, one needs to regularise the APY account by paying the overdue amount along with the penalty amount. Once the account is regularised, the pension becomes guaranteed under the scheme.

8. Premature exit

Earlier, any premature exit from the APY scheme before the age of 60 was not allowed except in the event of the death of the subscriber or terminal disease. Subsequently, the rules were changed and one can exit APY voluntarily, subject to the following conditions:

• The contributions made by the subscriber to APY, along with the net actual interest earned on the contributions will be made after deducting the account maintenance charges, and
• If there is any co-contribution made by the government, it will not be returned along with interts earned on the contributions.

9. Government’s co-contribution

All those who had joined the APY before 31st March 2016 and are not members of any statutory social security scheme and who are not income taxpayers get a co-contribution from government into their APY account. The central government co-contributes 50 per cent of the total contribution made by the subscriber or Rs. 1000 per annum, whichever is lower for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20,

10. Premature death

In case of premature death of APY subscriber i.e. death before 60 years of age, the spouse of the subscriber has the option to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age 60 years. In case of death of both subscriber and spouse, the entire pension corpus would be returned to the nominee.

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Complaints with bank ombudsman increased in FY18

The number of complaints registered at banking ombudsman offices have seen a 25% increase in the fiscal year 2018, with majority of these complaints coming from urban centres owing to increased awareness and poor internal redressal mechanisms of banks. 

"The banking ombudsman offices in tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad accounted for more than 57% of the total complaints received by all BO offices," the RBI Report on Trend and Progress of Banking in India has stated. 

"The higher proportion of complaints from urban areas in recent years is largely due to increasing awareness about grievance redressal mechanism among bank customers and also the efficacy of internal grievance redressal mechanism in banks, not being up to the desired level." 

Of all the complaints received at the ombudsman's offices, 97% of them were resolved in 2017-18, up from 92% a year earlier. 

Currently, there are 21 functional banking ombudsman offices in the country. These offices were established under Banking Ombudsman Scheme, 2006, and are the first points of contact for consumers seeking grievance redressals and resolutions against consumer frauds and discrepancies in the banking system. 

Most complaints received at these offices were related to non-observance of the fair practices code followed by those related to ATM, credit and debit cards, and for failure to meet commitments and mobile banking. 

In bank-wise distribution, most complaints received against public sector banks were pension-related while most complaints received against private banks were for credit cards discrepancies. 

The RBI plans to set up a compliance and tracking system portal to tackle the problem of cyber-fraud under the ombudsman scheme taking in light the growing impetus of banks and financial institutions on digital transactions and the Centre's push to a less cash economy. 

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Regional Rural Banks' 30k retirees set to get pension

The government has directed the National Bank for Agriculture & Rural Development (Nabard) to implement the long-awaited pension scheme for 30,000-odd regional rural bank retirees, who have won a protracted legal battle demanding parity in pension with nationalised bank employees in April this year. 

The government has sent a communication to all regional rural bank chairmen and chief executives of their sponsor banks to execute the decision. “Nabard has been requested to comply with the orders of the Supreme Court,” said the communication dated August 16. 

Retired RRB employees will get pension at par with their counterparts in nationalised banks with effect from April this year. The Department of Financial Services has decided that employees, who were in service as on September 1, 1987, will be eligible for the pension, while those who joined RRBs before April 1, 2018, will come under this scheme. The Supreme Court has directed the government to implement the pension scheme within three months, while the government is yet to issue a final notification. 

“It is already late and obviously beyond the time limit fixed by the court, and we still expect the issuance of final order or notification from the government or Nabard,” said S Venkateswar Reddy, secretary general at All India Regional Rural Bank Employees’ Association. The decision on arrears prior to April this year is yet to be taken, sources in the know said. 

“We will examine the total impact of the scheme once it is notified. If there are any deviations, we will take up the issue for necessary remedial measures,” said Abdul Sayeed Khan, general secretary of National Federation of Regional Rural Bank Officers. 

It has been decided that the pension burden will be borne by the respective RRBs from their working expenses till structured pension funds are created as per the provision of the pension regulations. 

Source- Economic Times

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Atal Pension Yojana (APY) for Social Security in India

Financial inclusion, social security, and low-cost benefits for the masses have been high on the NDA government’s agenda. Ever since the NaMo government’s ascent to the centre, PM Modi, FM Jaitley, and the Cabinet have worked relentlessly towards promulgation of new schemes that make financial security for the common man. The first step towards achievement of social security was the rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY). With Phase I being declared a major success and 1.8 crore accounts having been opened across the country, the government has flagged off three new schemes on 9 May 2015 – two insurance schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana, and Pradhan Mantri Suraksha Bima Yojana), and a pension scheme (Atal Pension Yojana). This is called Phase II of the PMJDY, since it was important to get people into mainstream banking before any benefits can be extended to them.

Atal Pension Yojana

“As our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age”, said Finance Minister Jaitley in his February 2015 Budget speech. In keeping with this ideal, a National Pension Scheme, the Atal Pension Yojana will be effective from 1 June 2015. The scheme intends to bring pension benefits to allow people of the unorganised sector to enjoy social security with minimum contribution per month.

People who work in the private sector or employed in occupations that do not give them the benefit of pension can apply for the scheme. They can opt for a fixed pension of INR 1,000 or 2,000 or 3,000 or 4,000 or 5,000 on attaining the age of 60. The amount of contribution and the individual’s age will determine the pension. Upon the contributor’s death, the spouse of the contributor can claim the pension and after the spouse’s death the nominee will be returned the corpus accrued.

The amount collected under the scheme is to be managed by Pension Funds as per the investment pattern specified by the Government. Individual applicants will have no choice of pension funds or investment allocation.

Benefits of Atal Pension Yojana

The Atal Pension Scheme will bring security to ageing Indians while at the same time promote a culture of savings and investment among the lower and lower middle class sections of society. One of the greatest benefits of the scheme may be enjoyed by the poorer sections of society. The government of India has decided to contribute 50 percent of the user’s contribution or INR 1,000 a year (whichever is lower) for a period of five years. This contribution will, however, be enjoyed only by those who are not income tax payers and those who join the scheme before 31 December 2015.

Who is Eligible?

The Atal Pension Yojana (APY)  is open to all Indians between the age of 18 and 40. This allows an individual to contribute for at least 20 years before reaping the benefits of the scheme. Any bank account holder who is not a member of any statutory social security scheme can avail of the scheme.

All existing members of the government’s ‘Swavalamban Yojana NPS Lite’ will automatically be migrated to the Atal Pension Yojana. It will now replace the Swavalamban scheme, which did not gain much popularity across the country.

How to Enroll?

To sign up for the Atal Pension Yojana, an account holder must fill in an authorisation form and submit it to his/her bank. The form will require complete details including account number, spouse and nominee details, and authorisation for auto debit of contribution amount. Account holders signing up for the scheme need to ensure that sufficient balance is maintained in the account every month, failing to do so will attract a monthly fine of –

• INR 1 for monthly contribution up to INR 100
• INR 2 for monthly contribution between INR 101 and INR 500
• INR 5 for monthly contribution between INR 501 and INR 1,000
• INR 10 for monthly contribution beyond INR 1,001

If no payment is made towards the scheme

• for six months, the holder’s account will be frozen
• for 12 months, the holder’s account will be deactivated
• for 24 months, the holder’s account will be closed

For those who does not have a bank account: A person needs to open a bank account first by submitting the KYC document and Aadhar card. He/she is also required to submit the APY proposal form.

Exiting the scheme: Under ordinary circumstances, an account holder who has enrolled for the Atal Pension Yojana will not be able to exit the scheme before the age of 60. Exiting the scheme is only possible in special circumstance such as in the event of the death of the beneficiary.

Application Form

The application form can be downloaded from http://www.jansuraksha.gov.in/FORMS-APY.aspx. The forms are available in different languages – English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil.

Indicative Contribution for Various Pension Options (in INR)

Entry Age	Years of Contribution	Monthly Pension INR 1000	Monthly Pension INR 2000	Monthly Pension INR 3000	Monthly Pension INR 4000	Monthly Pension INR 5000
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1,087
38	22	240	480	720	957	1,196
39	21	264	528	792	1,054	1,318
40	20	291	582	873	1,164	1,454

*Data from Atal Pension Yojna brochure

Launch Across the Country

The Atal Pension Scheme and the other insurance schemes were launched on 9 May, simultaneously by Union and Chief Ministers. Indian Prime Minister Narendra Modi launched the scheme from Kolkata. Launch functions were held at about 116 locations across the country including state capitals and a number of district headquarters. Post its launch, 7,35,857 people have already registered for the scheme as on 2 September 2015.

Recent Developments

Government will extend the benefit of the APY via Post Offices all over the country so as to bring more people under its ambit. The implementation of the scheme through post offices is expected to be more helpful for the people in rural areas.

Scheme

FAQs

Subscriber Registration Form

Subscriber Registration Form– Hindi

Click here to view Atal Pension Yojana(APY) in Hindi – अटल पेंशन योजना (एपीवाई)

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