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Atal Pension Yojana

What is Atal Pension Yojana?

The Government of India has announced a new scheme called Atal Pension Yojana (APY). APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

Mehsana Urban Co-Op. Bank is registered with PFRDA to provide APY related services.

Eligibility of APY-Any Citizen of India resident, subject to the following conditions.

  • Applicant should be between 18 - 40 years of age
  • Applicant should comply with the "KNOW YOUR CLIENT" (KYC) norms.
  • Applicant should not have pre-existing APY account.
  • Our staff members, their family members can also open accounts under the scheme.

What is the mode of contribution to the account?

The contributions can be made at monthly / quarterly / half yearly intervals through auto-debit facility from savings bank account of the subscriber.

How will I know the status of my contribution?

The status of contributions will be intimated to the registered mobile number of the subscriber by way of periodical SMS alerts. The Subscriber can also generate the statement online on :-

Is it required to furnish nomination while joining the scheme?

Yes. It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable.

Penalty for default (charges)

Under APY, the individual subscribers shall have an option to make the contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/- per month as shown below:
  • Rs. 1 per month for contribution upto Rs. 100 per month.
  • Rs. 2 per month for contribution upto Rs. 101 to 500/- per month.
  • Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.
  • Rs. 10 per month for contribution beyond Rs 1001/- per month.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Discontinuation of payments of contribution amount shall lead to following:

  • After 6 months account will be frozen.
  • After 12 months account will be deactivated.
  • After 24 months account will be closed.

Benefit of Atal Pension Yojana

  • Guaranteed monthly pension between Rs. 1000 to Rs. 5000 to the subscriber after 60 years of age, which may be continued to spouse after death of the subscriber.
  • Return of corpus to the nominees after death of both.
  • Government benefit/contribution however may be available only to those subscribers, who are not covered under any social scurity scheme like PF, Gratuity etc.
  • The scheme would support the bank for long term retention of customer.
  • The tax benefits include the additional deduction of upto Rs 50,000 under section 80CCD(1)

How to join ?

  • Approach your Bank Branch.
  • Click here to download Atal Pension Yojana application form
  • Submit the simple APY Registration Form.
  • AutoPay (Auto Debit) monthly/quarterly/half-yearly contribution through your registered savings bank account.

Contribution chart for APY Click Here

APY Form