The Atal Pension Yojana (APY) is one of the important planners of the Prime Minister Narendra Modi-led central government, and its primary aim is to set up a holistic system of social security for the entire population of the country, especially for the poor, disadvantaged classes and unorganised sector workers.
The scheme was inaugurated on May 9, 2015, and is executed by the Pension Fund Regulatory and Development Authority (PFRDA) within the framework of the National Pension System (NPS).
Since the completion of ten years, this scheme has expanded further and is able to cover more of the weaker sections of society under pension coverage.
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ATAL PENSION YOJANA: BENEFITS
After reaching the age of 60, members of this scheme respectively receive a guaranteed basic monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, or Rs 5,000 based on their contribution.
For an 18-year-old wanting a retirement pension of Rs 1,000, the scheme requires a monthly contribution of Rs 42, while a 40-year old looking to receive a pension of Rs 5,000 would need to pay Rs 1,454 per month.
ELIGIBILITY
The Atal Pension Scheme is available for every Indian citizen within the age range of 18 to 40 years who is an account holder and doesn’t pay income tax. The scheme contribution will vary according to how much pension the user opts for.
HOW TO APPLY?
Offline Mode
If you prefer to use offline mode, all you need to do is go to any bank where you have a savings account. Most public and private banks in the country have the facility of enroling for APY.
Contact the bank in person or access the bank’s website to obtain the registration form. Complete the form and select the amount you wish to receive as pension. Along with the form, you will have to submit an UID card and additional documents.
Upon successful registration, an SMS confirmation will be sent to your registered mobile number containing your APY account number.
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Online Mode
- Go to the bank’s website or the mobile banking app and look for the option to register for APY.
- Enter your login ID and password.
- Look for the ‘Social Security Schemes’ option or simply type ‘Atal Pension Yojana’ on the search bar of the app.
- Fill out the application form and include all the relevant particulars.
- You will have to consent to auto-debit the monthly payment from your bank account.
- After you check the details of the form, then you can proceed to submit it.
