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    • APY

    Atal Pension Yojana

    The Ministry of Finance, Government of India, New Delhi, have come out with a Social Security Scheme, viz., “Atal Pension Yojana” Scheme for unorganized sector workers. The Scheme is launched on 1st June 2015.

    The main Objective of this scheme is to provide social security to the unorganized sector workers.
    Operational Framework is done by Government of India Scheme administered by PFRDA (Pension Fund Regulatory and Development Authority) & NSDL (National Security Depository Ltd) would act as CRA (Central Record keeping Agency).
    Institutional framework of NPS (National Pension Scheme) is utilized for enrolling the subscribers.

    Eligible*

    The APY Scheme is open to all bank account holders, who are not members of any statutory social security scheme. APY Scheme is mainly targeted at unorganized sector workers, traders, self-employed, agriculturists. The existing subscribers of Swavalamban Scheme would be automatically migrated to Atal Pension Yojana, unless they opt out.

    * In case you have enrolled the APY scheme on or after 1st October 2022, and it is later found out that you have been an income tax payer on or before the date of application, then your APY account will be closed. You will receive all the wealth accumulated in your account until the date of closure.

    Age Criteria

    Minimum age while joining is 18 years; Maximum is 40 years.

    Period of Contribution

    Pension payment commences at the age of 60 years. Therefore minimum period of contribution is 20 years or more.

    Benefit / Fixed Pension Payable

    • Fixed pension per month for the subscribers ranges between Rs.1,000 and Rs.5,000 at the age of 60 years.
    • It depends on the subscriber‟s contribution & the age of joining the APY.
    • The benefit of fixed pension is guaranteed by the Government.
    • The contribution towards APY subscription is exempted from Income Tax under section 80CCD of Income Tax Act 1961(43 of 1961).

    Bank customers who have enrolled under Atal Pension Yojana (APY) scheme, if you have any queries related to APY scheme you may please contact your Base Branch for clarification of scheme details. If your unhappy with Branch Manager/Staff response you may take up the matter with APY Grievance Redressal Officer (GRO) stationed at Head Office.

    Details of APY GRO:
    Chief Manager,
    Financial Inclusion Wing,
    Karnataka Grameena Bank,
    Head Office, Ballari-583103.
    email: [email protected]
    Ph No: 08392-236428.