Atal Pension Yojana MCQ — 99 Practice Questions with Answers

Q1. With reference to identity and account requirements under the Atal Pension Yojana, consider the following statements: 1. Aadhaar may be provided at the time of enrolment under APY. 2. A savings bank account or post-office savings bank account is mandatory for joining APY. 3. A mobile number may be provided to facilitate communications about the APY account. 4. Aadhaar is desirable but not mandatory at the time of enrolment. Which of the statements given above are correct?

Q2. With reference to pension benefits under the Atal Pension Yojana, consider the following statements: 1. The pension starts when the subscriber attains 58 years of age. 2. APY offers guaranteed monthly pension slabs of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 and Rs 5,000. 3. The maximum guaranteed monthly pension slab under APY is Rs 10,000. Which of the statements given above are correct?

Q3. With reference to implementation and investment management under APY, consider the following statements: 1. The scheme is implemented through categories of banks and the Department of Posts. 2. Contributions under APY are invested as per investment guidelines prescribed by PFRDA for APY. 3. APY subscribers individually choose equity, corporate bond and government-security allocation every financial year. 4. The APY funds are managed by SBI Pension Fund Pvt. Ltd, LIC Pension Fund Ltd and UTI Retirement Solution Ltd. Which of the statements given above are correct?

Q4. With reference to return and corpus provisions under the Atal Pension Yojana, consider the following statements: 1. Each APY subscriber is entitled to a Central Government guaranteed minimum pension after the age of 60 years until death. 2. If the returns on contributions are lower than the assumed returns, the shortfall is funded by the Government of India. 3. If investment returns are lower than assumed, the shortfall is compulsorily recovered from the nominee. 4. On death of both subscriber and spouse, the nominee receives the pension corpus. Which of the statements given above are correct?

Q5. With reference to the death of an APY subscriber before 60 years of age, consider the following statements: 1. The spouse may continue contributions for the remaining vesting period until the original subscriber would have attained 60 years. 2. If the spouse continues the account, the spouse becomes entitled to lifelong pension from that account. 3. The entire accumulated corpus till date may alternatively be returned to the spouse or nominee. 4. In case of an unmarried subscriber, the entire corpus is returned to the nominee. Which of the statements given above are correct?