Atal Pension Yojna (APY)
About the Scheme:
- It is a pension scheme that has been launched by the Ministry of Finance to provide pensions to all citizens of the country with focus on the unorganized sector.
- Subscribers of this scheme would receive the fixed pension of Rs. 1K/2K/3K/4K/5K per month, at the age of 60 years, depending on their contributions.
- Eligibility: A person shall be in age group of 18-40 years (i.e. minimum period of contribution by subscriber has to be 20 years)
- Administering authority: Pension Fund Regulatory Development Authority (PFRDA)
Where will the Money be invested?
The collected money from this scheme will be invested in government securities, corporate bonds, equity etc.
Is Withdrawal possible in between?
Yes, withdrawal before age of 60 years is possible but only in case of death or terminal illness.