With guaranteed returns post retirement, APY aims to help clients save money for their golden years, while they are still employed. The government will guarantee the benefit of minimum pension.
Pension available under APY
Under the APY scheme, the minimum guaranteed pension is Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month will start on reaching 60 years of age, depending on the subscriber’s contribution of their chosen pension amount.
How much should you invest to get a pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000?
Below is an indicative chart only, as it depends on the age of the subscriber and the monthly instalment.
Indicative Monthly Contribution Chart
Source: APY Brochure of PFRDA
Contribution can be made at monthly / quarterly / half yearly intervals from the customer’s savings bank account / post office savings bank account through autodebit facility. Monthly / Quarterly / Half yearly contribution depends on the desired / desired monthly pension and the age of the subscriber at the time of admission. Yes, the toll free helpline number for the APY scheme is 1800-110-069.
Contribution Deadline
Contribution to APY can be made through savings bank account or post office savings bank account on any date of the specified month in case of monthly contribution; In case of quarterly contribution, on any day of the first month of the quarter; and in the case of half yearly contribution, on any date of the first month of the half year.
How to increase or decrease monthly contribution for higher or lower pension amount?
a) A subscriber can, once in a financial year, choose to reduce or increase the pension amount while in the accumulation phase.
b) In case of upgrade, the subscribers will have to pay the difference in contribution at the rate of 8% per annum on a monthly compounding basis, whereas in case of downgrade, the additional contribution amount collected from the subscribers is refunded to them. with profits.
c) Customers will have to pay a fee of Rs. 50 for any upgrade or downgrade outside of error cases. This fee will be split equally between PoP-APYSP and CRA.