Current Affairs · Banking and Government Schemes
Which statement correctly links the regulations governing the Atal Pension Yojana (APY) enrollment age and the minimum denomination rule for Certificates of Deposit (CDs) issued by commercial banks in India?
- 1The APY guarantees a minimum pension of 5,000 rupees per month across all slabs. A CD can only be purchased if its maturity tenor is less than 90 days.
- 2The maximum entry age for APY is 50 years. The minimum denomination for a single CD subscription is 1 lakh, with a maximum tenor of 3 years.
- 3The maximum entry age for APY is 40 years, ensuring a minimum contribution period of 20 years until the age of 60. Certificates of Deposit can be issued for a minimum of 5 lakh and in multiples of 5 lakh thereafter.✓
- 4The maximum entry age for APY is 40 years, and it guarantees a minimum monthly pension of 10,000 rupees. The minimum denomination for a CD subscription is 10 lakh.
Correct answer
The maximum entry age for APY is 40 years, ensuring a minimum contribution period of 20 years until the age of 60. Certificates of Deposit can be issued for a minimum of 5 lakh and in multiples of 5 lakh thereafter.
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