The Atal Pension Yojana (APY) is a government pension scheme open to all citizens of India, focusing primarily on the unorganized sector. APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension Scheme (NPS).
Under this scheme, the beneficiary is guaranteed a minimum monthly pension between Rs 1000 to Rs 5000. Subscribers can opt for a monthly pension which can be Rs 1,000, 2,000, 3,000, 4,000 or 5,000 rupees, which will start after reaching the age of 60 years. The amount of pension one receives is directly related to the age at which the individual entered APY and the monthly amount they contribute.
The goal of the scheme
– Unorganized sector like domestic help, gardeners, delivery men etc.
– To ensure a sense of security and protect citizens from accidents, diseases, illnesses
Eligibility criteria
All Indian citizens between the ages of 18 and 40 years can apply for pension after attaining the age of 60 years under APY.
– The person applying for the benefits of the system must contribute for at least 20 years
– An individual enrolled in the Swavalamban Yojana will be automatically migrated to the Atal Pension Scheme
Atal Pension Yojana Details
Below are some of the key features of Atal Pension Yojana:
-Available for subscription to all Indians in the age group of 18 to 40 years.
– The pension starts after the participant turns 60.
– Pension amount can be withdrawn as monthly Rs. 1000, Rs 2000, Rs 3000, Rs 4000 and Rs. 5000. The amount of contributions will be calculated accordingly.
– A bank account is mandatory for the scheme and the deposit amount is regularly automatically deducted from the account.
– Contributions to Atal Pension Yojana are eligible for tax deduction under Section 80CCD.
How to open an Atal Pension Yojana account?
– Complete and submit the APY registration form at your local bank branch
– Provide your bank account number, Aadhar number and mobile number
– Your first contribution amount will be deducted from your linked bank account at the time of account opening.
-Your bank will issue you a confirmation number/PRAN number.
– Subsequent contributions will be automatically deducted from your bank account.
How to download APY form
Account opening form for Atal Pension Yojana can be easily obtained offline from your nearby participating bank branch. However, the APY application form can also be downloaded for free from various websites such as the official website of the Pension Fund Regulatory and Development Authority (PFRDA). Alternatively, the Atal Pension Yojana subscription form is also available online on various banking websites which include most of the major banks (private and public) operating in India.
