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Atal Pension Yojana (APY) Modified to Increase the Acceptability of the Scheme Amongst Informal Sector Workers and Make the Scheme More Viable; Subscribers Would Now Have an Option to Make the Contribution on a Monthly, Quarterly, Half Yearly Basis Instead of on a Monthly Basis Earlier; Discontinuation of Payment of Contribution Provision Substantially Modified in Favour of the Subscriber; Penalty on Delayed Payment has Been Simplified

Dated:- 20-8-2015 - The Atal Pension Yojana (APY) was launched by the Prime Minister Shri Narendra Modi at Kolkata on 9th May, 2015. APY provides a minimum guaranteed pension of ₹ 1000 per month or ₹ 2000 per month or ₹ 3000 per month or ₹ 4000 per month or ₹ 5000 per month, at the age group of 18-40 years. Certain suggestions have been received, including from the State Governments, regarding providing certain relaxations for informal sector workers, having intermi .....

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, quarterly, half yearly basis instead of on a monthly basis earlier Discontinuation of payment of contribution provision has been substantially modified in favour of the subscriber. The account will not be deactivated and closed till the account balance with self-contributions minus the Government co-contributions becomes zero due to deduction of account maintenance charges and fees Also the penalty on delayed payment has been simplified to Rs. One (1) per month for contribution of ₹ 100, .....

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