Modi Govt Scheme: Atal Pension Yojana (APY) was launched by the Narendra Modi government in 2015 and is a government-run scheme. This is basically a pension scheme meant for social security. Under this scheme, a person can begin investing between the age of 18-40 years. They will earn a fixed minimum monthly return ranging from Rs 1000 to Rs 5000. The return depends on the contribution and the age when the investment was started by the depositor. Under this government-run pension scheme, a contributor has three payment modes of contributions which are monthly, quarterly and half-yearly. If a person chooses to do a monthly investment of Rs 126, s\/he will get a minimum guaranteed return of Rs 3000 per month after the age of 60. When the return is added up, it adds up to Rs 36,000 yearly pension after investing for 42 years. All they need to do is open a savings account either with a bank or a post office. For quarterly and half-yearly the deposition amount will vary. How do you apply for Atal Pension Yojana online? The APY subscriber form is available online on all bank websites. Interested people need to download the form, fill in the required details and submit it to their banks. Other necessary documents also have to be submitted and applicants can then easily open an Atal Pension Yojana account. Charges for default: Banks are required to collect an additional amount for delayed payments. Such amount will vary from minimum Re 1 per month to Rs 10 per month. \u2022 Re. 1 per month for a contribution up to Rs. 100 per month. \u2022 Re. 2 per month for a contribution up to Rs. 101 to 500\/- per month. \u2022 Re 5 per month for contribution between Rs 501\/- to 1000\/- per month. \u2022 Rs 10 per month for contribution beyond Rs 1001\/- per month. Note: The fixed amount of interest\/penalty will remain as part of the pension corpus of the subscriber. If a person fails to do the payment of contribution amount for six months, his\/her account will be frozen. After 12 months the account will be deactivated and after 24 months the account will be closed. Withdrawal: - On attaining the age of 60 years: The exit from APY is permitted at the age with 100 per cent annuitisation of pension wealth. On exit, the pension would be available to the subscriber. - In case of death of the Subscriber due to any cause: In case of death of subscriber, pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee. - Exit before the age of 60 years: Exit before 60 years of age is not permitted. However, it is permitted only in exceptional circumstances, i.e., in the event of the death of the beneficiary or terminal disease. Eligibility: - APY is applicable to all citizen of India aged between 18-40 years. - Aadhaar will be the primary KYC. Aadhaar and mobile number are recommended to be obtained from the subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhaar details may also be submitted later.