Complete Details of Atal Pension Yojana | How to Apply | Benefits Calculator | Atal Pension Yojana Statement | Answers to Frequently asked questions Related to Atal Pension Yojana (APY) | Application Form/ Death Form/ Claim Form | Check Atal Pension Yojana Statement Online | Apply Online for Atal Pension Yojana Account, APY
As long as our health is good, we all work. We work hard to earn money for good living. Some of us serve government while other work for private companies. Time passes by our Physical state changes. Once the serving period completes, we all have to retire. Government employees are given different types of benefits while the scenario is totally different in case of private companies. An old person, who has just retired from any private company or any other kind of private work, usually face problems due to a shortage of money. Most of such people don’t have any pension plans. So, in simple words, they rely on others during this stage. These others can be family members, relatives or other known people. Unfortunately, if none of these “others” is there to help the situation becomes miserable.
Pradhan Mantri Atal Pension Yojana – APY Scheme Complete Details
Our government is concerned about the Old Age income security of working poor. They understand the situation. That’s why During the Budget 2015-16 a Scheme was launched. The name of this scheme was “Atal Pension Yojana” or “APY”. This Scheme was launched to provide special attention towards all citizens in the unorganized sector.PFRDA i.e. Pension Fund Regulatory and Development Authority administers this scheme
Eligibility Criteria – Who is Eligible to Apply for Atal Pension Scheme
- All Citizens of India who are aged between 18 to 40 years are eligible to Apply
- All Bank Account Holders are Eligible to Apply (Having a savings Bank account is mandatory)
- Aadhaar Card is the most important required document to apply. If aadhaar Card is not available at the time of registration, it can be submitted at the later stages
Atal Pension Yojana (APY) Key Points
- Under APY (Atal Pension Yojana), it is guaranteed that minimum monthly pension of Rs. 1000 to Rs. 5000 will be given per month to the subscribers
- The Benefits of this Scheme are Guaranteed by Government of India
- Indian Government will contribute in this scheme by co-contributing 50% amount of the Subscriber or Rs. 1000 per year, whichever is lower
Note – The contribution of government will be given to only those who are not covered under similar social security schemes and are not taxpayers
Here is the Indicative Monthly Contribution Chart
Age of Entry Monthly Pension of Rs. 1000 Monthly Pension of Rs. 2000 Monthly Pension of Rs. 3000 Monthly Pension of Rs. 4000 Monthly Pension of Rs. 5000 18 42 84 126 168 210 20 50 100 150 198 248 25 76 151 226 301 376 30 116 231 347 462 577 35 181 362 543 722 902 40 291 582 873 1164 1454
Additional Charges for Delayed Payment
Those who will not make timely payments under this scheme will need to pay additional amount. Here are the details :
- Re. 1 per month for contribution upto Rs. 100 per month
- Rs. 2 per month for contribution upto Rs. 101 to 1500/- per month
- Rs. 5 per month for contribution upto Rs. 501 to 1000/- per month
- Rs. 10 per month for contribution beyond Rs. 1001/- per month
However, if the payment is not being made for longer period of time, following cases might occur –
- After 6 months of Non Payment, Account will be frozen
- After 12th Months of Non Payment, Account will be deactivated
- After 24th Months of Non Payment, Account will be closed permanently
Atal Pension Yojana Exit Cases Explained
Once the applicant reaches Age of 60 years, the exit is permitted. On Exit, the pension will become available to the applicant
In case the subscriber dies, the pension amount will be given to a spouse. In the event of death of Both (Subscriber + Spouse) Pension corpus will be returned to the Nominee
Applicants need to understand the Exit before Attaining the age of 60 years is not permitted. However, in exceptional circumstances it is permitted
ATAL Pension Yojana Forms
- Application Form in Hindi | English
- Death/ Claim Form
- Voluntary Exit Withdrawal Form
- Form to Upgrade/Downgrade Pension Amount
How to Open Atal Pension Yojana Account | APY Account Opening Procedure
- Visit your Bank Branch
- There you need to fill in the APY Registration Form
- Applicant/Subscriber need to Aadhaar card and Mobile Number
- Subscriber Needs to make sure that required balance is kept in the bank account for automatic debit
How to Apply Online for Atal Pension Yojana Scheme Account?
Now, one can also apply online for this scheme, here are the steps
- First of All Visit this Page
- Enter the Required Details
- Make sure all details are correct and submit the form
Check Atal Pension Yojana Statements/ Transaction History Online
Now, one can easily check the Atal pension Scheme statements that too via online mode. Here are the steps :
- Visit this Page
- Make Appropriate Selection
- Enter the Captcha
- Hit the Submit Button
Atal Pension Yojana FAQ’s – Answers to Frequently Asked Questions
Beneficiaries of which schemes will not receive Government’s contribution in Atal Pension Yojana?
Members of Following scheme will not get govt’s contribution –
- Employees’ Provident Fund & Miscellaneous Provision Act, 1952
- The Coal Mines Provident Fund and Miscellaneous Provision Act,1948
- Assam Tea PlantationProvident Fund and Miscellaneous Provision, 1955
- Seamens’ Provident Fund Act, 1966
- Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961
- Any other statutory social security scheme
How Much will Monthly Pension Applicant/Subscriber Get under this scheme?
- Guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years . The amount of pension depends on the monthly contribution made
Is it Possible to Open APY Account without Bank Account?
- No, that’s not possible. Savings bank account is mandatory
What is the Due Date of Atal pension Yojana Amount Debit?
- It depends on the initial date of deposit of your contribution
How Much Money Applicant needs to Pay per Month to Get Guaranteed pension of Rs. 1000 per month
Kindly take a look at the table :
|Age of Joining||Years of Contribution||Indicative Monthly contribution|
Is nomination is mandatory?
- Yes Nomination is required
How Many can Atal Pension Yojana Accounts an individual open?
- Only one account per applicant is allowed
Is it possible to increase or decrease the Atal pension Scheme monthly contribution Amount
- Yes, it’s possible?
How to Check Status of Atal Pension Yojana Contribution?
- The status will be provided via SMS alerts
How to See APY Transaction Statement?
- Periodic Statement will be provided to the Subscribers of this scheme