The Government of India has introduced a pension scheme called the APY, with effect from.....pursuant to the announcement in the budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Government of India has introduced a pension scheme called the APY, with effect from____pursuant to the announcement in the budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.

A	01st June 2016
B	01st June 2015
C	01st June 2013
D	01st June 2017

Explanation:

Detailed explanation-1: -Fresh registration under Swavalamban Scheme has been discontinued w.e.f April 1, 2015. The subscribers of Swavalamban/ NPS Lite who are in the age group of 18-40 years have been given option to migrate to new Atal Pension Yojana launched by the Govt.

Detailed explanation-2: -How much pension will be received under APY? Minimum guaranteed monthly pension of Rs 1, 000/-or 2, 000/-or 3, 000/-or 4, 000 or 5, 000/-per month will be given from the age of 60 years onwards depending on the contributions by the subscribers. 7.

Detailed explanation-3: - APY is open to all 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. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years.

Detailed explanation-4: -Benefits of Indira Gandhi National Old Age Pension Scheme The beneficiaries aged between 60-79 years are entitled to get a monthly pension of Rs. 200, and beneficiaries aged over 80 years get a pension of Rs. 500. The pension amount is directly credited to the beneficiary’s bank account or post office account.

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