Start learning 50% faster. Sign in now
APY was launched on 9th May, 2015 by the Prime Minister. APY is open to all saving bank/post office saving bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen. Subscribers would receive the guaranteed minimum monthly pension of Rs. 1,000 or Rs. 2,000 or Rs. 3,000 or Rs. 4,000 or Rs. 5,000 at the age of 60 years. Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber. The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits. In the event of pre-mature death of the subscriber, Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber. As on 31st July, 2021, a total of 321.02 lakh subscribers have been enrolled under APY.
What is the primary aim of the National Curriculum Framework for School Education (NCF-SE)?
Goal 13 (Climate Action) records highest increase in score from ___ in 2020-21 to 67 in 2023-24.
What is the primary objective of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?
RBI came out with four-tiered regulatory framework for_________________ for ease of regulation.
Forecasting Agriculture output using space, agrometeorological and land-based observation (FASAL), which organisation will generate multiple forecasts o...
What is the role of the Food Corporation of India (FCI) in the implementation of the NFSA?
Which of the following is NOT a component of the AMRUT Scheme?
Consider the following statements about Pradhan Mantri Awas Yojana-Urban (PMAY-U):
I. PMAY-U is a demand-driven scheme, where beneficiaries apply...
Which of the following articles is related to the Right to Education under the Directive principle of state policy?
Where is the headquarter of National Dairy Development Board?