How to Apply for Atal Pension Yojna
The Atal Pension Yojana is initiated by the government to boost pension schemes in urban and rural India. It is basically started for the economically weaker section. The pension scheme was introduced in the year 2015 by the finance minister Arun Jaitley. As obvious, the scheme is named after our ex-prime minister Atal Bihari Vajpayee. The scheme was officially launched by Prime Minister Narendra Modi in May 2015. The APY scheme aims to increase the number of people from unorganized sectors to join the pension scheme. All those who hail from the unorganized sector and not a member of any other such scheme can join APY. The scheme brings an opportunity for people working in private sector to earn a pension after retirement age. Under Atal pension yojana, a person can get a fixed amount as a pension of Rs. 1000 to Rs. 5000 per month. The amount of pension depends on the contribution made to the scheme. This post brings all information about the Atal pension yojna. If you are looking to join NPS, do check the benefits and highlights of this scheme.
The APY scheme is launched to protect social, and financial security of old age people from working class. Millions of people working for private sectors as employees or labour force can benefit under APY scheme. As per the survey of 2011-12, 88% of the total labour force do not have any kind of formal pension provision. Therefore, Atal pension yojna will pay the guaranteed minimum pension of Rs. 1000 to Rs. 5000 per month after 60 years to the subscribers. The contribution to the scheme depends on the age of subscribers. Subscribers should be above 18 years and below 40 years to join the Atal pension yojana.
Atal Pension Scheme – Highlights and Benefits
If you are working for a private sector, see the benefits that the APY scheme carries. Remember that you should be a member of any such financial security retirement scheme.
- First and first, the scheme is governmental. Guaranteed payment of pension will be done to the subscriber after 6 years between Rs. 1000 to Rs. 5000 as applicable.
- The central government would contribute 50% of the total contribution per year (or contribution Rs. 1000/-, whichever is lower).
- All the tax benefits of National Pension Scheme will be applied to this scheme too.
- The scheme is open for all the bank a/c. holders.
- Aadhar card is the basic KYC document for identification of the subscribers, nominees, and the spouse.
- The subscriber can increase or decrease the pension amount during the scheme period. But the switching of the option will be allowed only once in a year, in the month of April.
- Atal Pension Yojana is linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana. The contributions to PMJDY will be deducted automatically.
- The exit age and the age of start of pension are 60 years. An exit before 60 years is permissible only under some certain circumstances like death of beneficiary or terminal disease.
- To get a pension of Rs. 1000 to Rs. 5000, an 18 years old has to contribute from Rs. 42 to Rs. 210. To get the same level of pension, a 40 years old will have to contribute amount ranging from Rs. 291 to Rs. 1454.
- An existing subscriber of the Swavlamban Scheme will automatically get migrated to the Atal pension yojna. The subscribers can shift their Swavlamban bank account to APY account with the same PRAN number and PRAN details.
How to Join Atal Pension Yojana: Download APY Form
The Atal pension yojana is to check that the poor working class of India gets sufficient financial security after the age of 60. Download the APY form from the below link of nsdl portal:
Click the option of Atal Pension Yojana Subscriber Registration Form. You will see the form on the screen in pdf format. Download it take a printout.
Fill up the form and submit it to your bank for opening an APY account.
APY Monthly Contribution Chart
The pension amount depends on the option the subscriber chooses. Find here an indicative Atal Pension Yojana monthly contribution chart. The chart is just for an easy understanding of the Atal pension yojana scheme:
|Age of joining||Monthly contribution to be made for a fixed pension of Rs. 1000||Monthly contribution to be made for a fixed pension of Rs. 2000||Monthly contribution to be made for a fixed pension of Rs. 3000||Monthly contribution to be made for a fixed pension of Rs. 4000||Monthly contribution to be made for a fixed pension of Rs. 5000|
To get more details on Atal pension yojana, you can refer to above given link of the nsdl portal. You will find the APY brochure, presentation, and official governmental notification. For any query or confusion, do use the comment box. If the payment of contributions is stopped, the APY account may get frozen or closed. If you are a member of EPFO, stay here to know your PF balance and PF withdrawal procedure.