Atal Pension Yojana (APY)


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The Prime Minister introduced the APY on May 9, 2015. Anyone between 18 and 40 years with a savings account, either in a bank or post office, can join. The amount they pay depends on the pension they choose. At 60, they get a fixed monthly pension ranging from Rs. 1,000 to Rs. 5,000. If the account holder passes away, their spouse gets the pension. If both die, the money saved till the subscriber turned 60 goes to their chosen person. If the money in the account is less than needed for the promised pension, the Government will pay the difference. But if the money grows more than expected, the subscriber gets a bigger pension.

If the subscriber dies early, their spouse can continue paying till the subscriber would’ve turned 60. The spouse will then receive the same pension as the subscriber. After both their deaths, the chosen person gets the money saved. By March 31, 2019, over 149 lakh people joined APY, saving a total of Rs. 6,860.30 crore.


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