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Who can open the APY account?
Any Citizen of India can join APY scheme. The following are the eligibility criteria:
NRI (Non Resident Indians):
Nomination:
It is mandatory to provide nominee details in APY account.
Procedure for opening APY account:
Retirement benefits:
The subscriber shall receive the following three benefits on attaining the age of 60:
(i) Guaranteed minimum pension amount:
(ii) Guaranteed minimum pension amount to the spouse:
(iii) Return of the pension wealth to the nominee of the subscriber:
Income tax benefits:
Govt Co-contribution:
However, some State Governments also make co-contribution to for APY subscribers in their respective states.
How much should subscriber contribute?:
Can subscriber Change Pension & Contribution frequency?
How much retirement wealth will subscriber Nominees get?
a) Rs.1,70,000/- (for monthly pension of Rs.1000/-)
b) Rs.3,40,000/- (for monthly pension of Rs.2000/-)
c) Rs.5,10,000/- (for monthly pension of Rs.3000/-)
d) Rs.6,80,000/- (for monthly pension of Rs.4000/-)
e) Rs.8,50,000/- (for monthly pension of Rs.5000/-)
Note: The retirement wealth is pre-defined when subscriber joins the scheme itself.
Delayed and discontinue contributions:
Who regulates APY?
APY is regulated by PFRDA (Pension Fund Regulatory and Development Authority) through NPS (National Pension System) architecture.
Where does Government invest subscriber contributions?
What one will get in case of death before 60 years of age?
Option 1:
Option 2:
Premature closures:
The subscribers may visit the following link for more details of APY scheme:
https://www.npscra.nsdl.co.in/scheme-details.php