Atal Pension Yojana was launched by the Prime Minister of India, Narendra Modi on 1 June 2015. People of 18 to 40 years of age have been included in this scheme, who can invest during the job, after which on completion of 60 years, monthly pension ranging from 1 thousand to 5 thousand will be given by the government. If you invest 210 rupees every month in this scheme (Atal Pension Yojana), then after retirement you will get a pension of 5 thousand rupees every month. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS framework.
In today’s era of inflation, it is very important to have a source of income after retirement. So that they can easily meet their daily expenses in their old age. Therefore, through this scheme, common citizens can enjoy their old age very easily by depositing little money in their youth. This is especially for the unorganized sector like house help, gardener, delivery boy etc.
In today’s article, we are sharing with you all the information related to Atal Pension Yojana, how to apply for it, what is the eligibility and what documents are required etc. That’s why definitely read this article till the end.
Atal Pension Yojana (APY)
|Yojana Name||Atal Pension Yojana (APY)|
|Started By||Central Government Scheme|
|Scheme entry age||18 to 40 years.|
|When will get pension||After 60 years.|
Atal Pension Yojana
The Atal Pension Yojana is still going on, under which a certain amount has to be deposited every month after which pension will be received every month. All people in the age group of 18 to 40 years can apply this scheme. Under the APY scheme, even after the death of the beneficiary, the family members of the beneficiary continue to get the benefit of the APY scheme. Under this scheme, a member will get a minimum guaranteed pension of Rs 1,000 to Rs 5,000 from the age of 60 years.
Let us tell you that the sooner a person invests in this scheme, the sooner he will start getting the benefits of this scheme. You can understand it in this way that if you invest in this scheme at the age of 18, then you will have to deposit Rs. 210 per month and after the scheme ends, you will get a monthly pension of Rs. 5 thousand after the age of 60 years. On the other hand, if you want to get a monthly pension of Rs 1000, then you will have to deposit Rs 42 monthly.
One can opt to exit the scheme even before the age of 60 years. In this case they will get the contribution made by them as well as the interest earned. However, if the subscriber dies before the age of 60 years. So the life partner and family members of the applicant will be entitled to this pension amount.
All citizens of India, especially people from the unorganized sector can take advantage of the APY scheme. Through this scheme, everyone can ensure regular income in old age, and can get tax benefits under section 80CCD of the Income Tax Act.
Eligibility for Atal Pension Yojana
The eligibility criteria for Atal Pension Yojana (APY) registration in 2023 will remain the same. Which was at the time of the launch of the scheme in 2015. All the people of India can apply in this scheme. For this one has to fulfill the following criteria.
- Age – The age of the customer should be between 18 to 40 years.
- Bank account – The customer should have an active savings bank account with the bank.
- Aadhar card – The customer must have a valid Aadhaar card.
- Not having a formal pension scheme – The subscriber should not be covered under any other statutory social security scheme such as National Pension System (NPS), Employees’ Provident Fund (EPF), or any government pension scheme.
After fulfilling all these eligibility criteria visit the bank branch and fill the registration form along with your Aadhaar card, bank account details and all other required documents. The bank will then verify the details and enroll the customer in the scheme. Along with this, online will also be able to apply for it, for which eNPS Portal or APY Mobile App will have to be installed.
Documents required for Atal Pension Yojana
To get the benefit of APY Scheme, it is very important to have some important documents. Do keep them with you while registering.
- The applicant should have a bank account and the bank account should be linked with Aadhaar card.
- Aadhar card
- identity card
- Mobile number and passport size photo
- age certificate
- Address proof
Key Points of Atal Pension Yojana
Before applying for Atal Pension Yojana, it is very important to know about some of its rules and regulations. We are sharing with you some key points of APY which are as follows.
Pension amount – Rs 1000 to 5000 per month will be given as pension amount under the scheme.
Contribution period – Subscriber has to deposit money for at least 20 years to become eligible for pension. After which the pension will start after completion of 60 years.
Government co-contribution – In this scheme, the total contribution of the government on the amount given by the applicant will be given up to 50% or a co-contribution of Rs.
Withdrawal – The subscriber can exit the scheme even before the age of 60 years. In this case he will get the contribution made by him as well as the interest earned on the contribution.
Tax benefits – Members can avail tax benefits under section 80CCD of the Income Tax Act.
APY is an important social security scheme, which provides financial assistance to all the citizens of India in their old age. This scheme was started especially for the people working in the unorganized sector. Pension is already available in government jobs, whereas this does not happen with people in the unorganized sector and they have to face problems in old age.
Premium amount of Atal Pension Yojana
The premium amount for Atal Pension Yojana depends on the age of the subscriber and the amount of pension they want to receive after the age of 60 years. The more money you deposit every month, the more pension you will get. The premium amount for different age groups and pension amount is given below.
- 1000 for a monthly pension of Rs., the premium amount ranges from Rs. 42 to Rs. 210, depending on the age of the customer.
- 2000, for a monthly pension of Rs. 2000, the premium amount ranges from Rs. 84 to Rs. 420, depending on the age of the customer.
- 3000 for a monthly pension of Rs., the premium amount ranges from Rs. 126 to Rs. 630, depending on the age of the subscriber.
- 4000 for a monthly pension of Rs., the premium amount ranges from Rs. 168 to Rs. 840, depending on the age of the subscriber.
- 5000 for a monthly pension of Rs. 5000, the premium amount ranges from Rs. 210 to Rs. 1050, depending on the age of the subscriber.
The premium amount for the APY plan is very low and is designed to ensure this. That all citizens take advantage of this scheme and get formal pension in their old age.
Atal Pension Yojana Benefit
By the way, there are many benefits of this scheme. It is very beneficial especially for the unorganized people. After registering in this, you will get pension after the age of 60. Atal pension yojana chart along with this, there are many other benefits as well, about which we are telling below.
- The amount of pension will be provided on the basis of investment and age made by the beneficiaries.
- Like the PF account, the government will also give its own contribution in this pension scheme.
- Very little amount has to be deposited every month, but in return you will get a lot of money every month.
- Under Atal pension yojana, a premium of Rs 41 to Rs 210 will have to be deposited every month.
- Income Tax will not have to be paid on the amount received under the scheme.
Atal Pension Yojana Chart
Here is the official Atal Pension Yojana (APY) premium chart in PDF format provided by the Pension Fund Regulatory and Development Authority (PFRDA).
|Age to join pension scheme||Years of contribution||Monthly pension amount 1000/-||Monthly pension amount 2000/-||Monthly pension amount 3000/-||Monthly pension amount 4000/-||Monthly pension amount 5000/-|
|कुल जमा राशि||1,70,000/-||3,40,000/-||5,10,000/-||6,80,000/-||8,50,000/-|
This premium chart provides details of contribution amount for different age groups and pension amounts under the APY scheme. This chart is subject to change according to time and scheme. The chart is regularly updated by PFRDA to reflect any changes in the premium amount or government co-contribution rates.
How to Upgrade and Downgrade Atal Pension Yojana Premium Amount
The Atal Pension Yojana was launched by the central government with an aim to provide a social security to the citizens of India, especially those working in the unorganized sector. Through which the applicant will deposit some money every month, after which he will get a pension of 1000 to 5000 after the completion of 60 years. APY allows subscribers to contribute a fixed amount on a regular basis.
Upgradation of APY premium amount
- To increase your APY premium amount, you need to visit the bank or post office where you have opened your APY account.
- Fill a form to upgrade your APY premium amount.
- Submit the form along with the required documents like identity proof, address proof etc.
- After verification of documents, your premium amount will be upgraded as per your request.
Downgrading APY Premium Amount
- To reduce your APY premium amount, you need to visit the bank or post office where you have opened your APY account.
- Fill a form to reduce your APY premium amount.
- Submit the form along with the required documents like identity proof, address proof etc.
- After verification of documents, your premium amount will be reduced as per your request.
It is important to note that the APY premium amount can be upgraded or downgraded only once during the month of April. Apart from this, the minimum and maximum contribution amount will remain fixed in all the remaining months.
How to close Atal Pension Yojana
Those who want to stop investing in this scheme due to lack of money or for any other reasons, they can also stop it. If you also want to close Atal Pension Yojana (APY) account, then you have to follow these steps.
- Visit the bank or post office where you have opened your APY account.
- Fill the APY account closure form, which you can get from the bank or post office.
- Submit the filled form along with your original identity proof and address proof.
- The bank or post office will verify your documents and process your request for account closure.
- Your APY account will be closed, and any balance in the account will be transferred to your savings account linked to the APY account.
This is important to note. That if you close your APY account before the age of 60 years. Then you will not be eligible to get any pension benefit. Also, if you have received any government co-contribution, it will be forfeited, and you will get only the amount you deposited along with the accrued interest.
Atal Pension Yojana Claim-2023
To claim the benefits of Atal Pension Yojana (APY) in 2023, the subscriber needs to follow the steps given below.
- Fill the APY claim form, which is available at the bank or post office. The form requires details such as the name of the subscriber, APY account number and other personal information.
- Submit the claim form along with relevant documents such as identity proof, address proof, bank account details, and other documents requested by the bank or post office.
- The bank or post office will process the claim and verify the documents submitted.
- Once the verification is completed, the pension amount will be credited to the subscriber’s bank account on a monthly basis.
Most importantly, it is necessary to contribute to the APY scheme for at least 20 years to get the benefits of this scheme. If the subscriber dies before the age of 60 years, his wife can also continue it further.
FAQs – Atal Pension Yojana
Through Atal Pension Yojana, all people can get pension in old age by depositing a fixed amount from the age of 40 to 60 years.
Yes, you can withdraw the money of this scheme ahead of time, for this you have to fill a form. After which money will be sent to your account.
In today’s article, we told you in detail about Atal Pension Yojana. All the people of the country can apply in it and take advantage of it. After 18 years everyone can apply and have to deposit premium for at least 20 years from work. Hope this will make it easier for you to register in it.
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