Atal Pension Yojana- Atal Pension Yojana Scheme

The Atal Pension Yojana (APY) was launched by Government of India to create a universal social security system for all Indians, with the purpose of helping individuals specially focuses on the poor that they have a steady income after retirement.

APY is administered by Pension Fund Regulatory and Development Authority (PFRDA) and it is a guaranteed pension scheme for individuals who are working in the unorganized sector.

Atal Pension Yojana Scheme

In this Atal pension scheme subscribers would receive the guaranteed Atal Pension Yojana Maturity Amount i.e minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years.

In this APY Scheme, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

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.

The main objective of the Atal Pension Yojana is:

• This scheme is mainly aimed at the poor and the unorganized sector.
• This Scheme has also provision of security and protection of citizens against illness, accidents, diseases, and so on.

Atal Pension Yojana Eligibility

The eligibility of Atal Pension Yojana is mentioned below:

• Atal Pension Yojana age limit is between 18 – 40 years.
• APY scheme is applicable to all citizens of India.
• KYC compliant Bank account is mandatory for this product
• You must possess an active mobile number.
• Bank account number linked to your Aadhaar number.
• No existing APY account.

Atal Pension Yojana Information- Atal Pension Yojana Details

Atal Pension Yojana Details

Benefits of the Atal Pension Yojana

What is the benefit of Atal Pension Yojana?

APY Features

• This scheme has guaranteed monthly pension for subscribers, ranging from Rs. 1,000 to Rs. 5,000 per month.
• Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower.
• Government of India will co-contribute to each eligible subscriber for a period of 5 years, who joined the scheme during the period Jun 1, 2015 to Mar 31, 2016. The benefit of five years of Government co-contribution under APY would not exceed 5 years.
• Tax benefits are provided
• The Indian Government co-contributes towards the scheme
• Risk-free scheme

Other features of the APY scheme are:

• The Indian Government guarantees the minimum pension that will be paid to the individual after retirement.
• Individuals are eligible for Atal Pension Yojana tax benefits under Section 80CCD, for the contributions made towards the scheme.
• All bank account holders are eligible to join the APY scheme.
• Individuals will start receiving pension once they reach the age of 60.
• Employees of private sector who are not provided any pension benefits are also allowed to apply for Atal Pension Yojana scheme.

How to Download the APY Form

Atal Pension Yojana (APY) account opening form can be availed by using following methods:

• Download the APY account opening form from the official website of Atal Pension Yojana Login or website of Pension Fund Regulatory and Development Authority (PFRDA).
• Collect the form from any nearby participant bank branch office.
• Visit the official websites of the participant banks, can download and get a print of the form.

Process to Apply for the Atal Pension Yojana

The Subscribers must follow the below-mentioned steps to avail the benefits of the scheme:

• Mobile number must be provided.
• A photocopy of Aadhaar card.
• APY Scheme offer by all nationalised banks. Subscribers, who want to enroll in the scheme, can visit these banks to open an APY account.
• Individuals can download the account opening application form online on the bank websites as well.
• Subscriber can also apply for Atal Pension Yojana Online registration by visiting official website.
• For online registration for APY scheme click here.

What Is the Investment Plan for the Atal Pension Yojana (APY)?

This Atal Pension scheme has guaranteed monthly pension for subscribers. The government of India decided the different strands under which your money is invested. These are as follows:

Investment Plan of APY

Contributions towards the Atal Pension Yojana

The main factors that affect the monthly contribution towards Atal Pension Yojana are monthly pension that subscriber want to receive and age when subscriber start the scheme.

This table shows the monthly contribution by an individual and the number of years the contribution must be made to receive a pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000

Atal Pension Yojana Chart.

Atal Pension Yojana Chart

Atal Pension Yojana Calculator– You can also check calculation from here

Atal Pension Yojana Withdrawal Procedure

Initially this scheme did not permit exiting before you reach the age of 60, however now the Atal Pension Yojana withdrawal procedure has been slightly modified.

• Now if subscriber reached 60 years of age, can exit this APY scheme. For more details subscriber will have to visit the bank and apply for his pension.
• Under exceptional circumstances such as critical illness or death, subscriber can exit the scheme before turning 60 years old. In case of death before reaching the age of 60, spouse will receive pension. In the case that both subscriber and spouse have expired, the pension would be paid to nominee.

FAQs on the Atal Pension Yojana

1. How many Atal Pension Yojana accounts can be opened by a subscriber?

Only one Atal Pension Yojana account is allowed to open by a single subscriber which will remain unique to them.

• Is Aadhar number mandatory for Atal Pension Yojana scheme?

Aadhaar number is not required to open the Atal Pension Yojana account, but Aadhaar details would be needed for KYC to enroll beneficiaries, spouses, and identifying nominees.

• What is the procedure to open an Atal Pension Yojana account?

Fill the Atal Pension Yojana application form by providing Aadhaar number and a valid mobile number. Submit this APY form to the bank and set auto-debits from your bank account. Ensure you have a sufficient balance in your account to make regular contributions.

• Is it mandatory to have saving account to open an Atal Pension Yojana account?

Yes, it is mandatory for the applicants to have a savings bank account to apply for this scheme.

• What happens if subscribers don’t have sufficient balance in account to make monthly contribution?

A penalty will be imposed if insufficient balance in account for making monthly contribution.

• Is it mandatory for subscribers to provide nomination details when they join the Atal Pension Yojana scheme?

Yes, inthis APY Scheme, nominations are mandatory. While applying for the Atal Pension Yojana scheme, the nominee details have to be provided along with spouse’s details.

• Can I change my monthly contribution amounts in Atal Pension Yojana?

Yes, once in a year, during April, monthly contributions amounts can be decreased or increased, depending on requirements.

• How can I check my account balance in APY Yojana?

There is a provision that subscriber will receive periodic statements about the status of accounts and the balance available. SMS alert on the registered mobile number is also available to receive instant information of the account.

Other welfare Scheme for upliftment of SC/BC and Women Entrepreneurs:

Stand Up India Loan Scheme

Stand up India scheme also known as Standup Mitra scheme has been launched by Government of India for upliftment and by financing of SC/ST and/or Women Entrepreneurs.

The main objective of the stand up India scheme is to facilitate bank loans between Rs.10 lakh and Rs. 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. The enterprise may be from manufacturing, trading sector, services, or the agri-allied activities. For non-individual enterprises the limit of shareholding is at least 51% and controlling stake should be held by either an SC/ST or woman entrepreneur.