Atal Pension Yojana-APY Scheme Eligibility, Apply & Benefits

Atal Pension Yojana?

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Atal Pension Yojana is an annuity focused for the most part focused on the unorganized sector sloppy area like house cleaners, daily workers, conveyance young men, works and so forth This plan supplanted the past Swavalamban Yojana which wasn’t acknowledged well by individuals.

The goal of the scheme is to ensure that no worry about any illness, accidents or diseases in old age, giving a sense of security. Private-sector employees or employees working with such an organization that does not provide them pension benefit can also apply for the scheme. There is an option of getting a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 on attaining an age of 60. As per the investment pattern laid down by the government of India, the collected amount under the scheme is to be managed by the Pension Funds Regulatory Authority of India (“PFRDA”).

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Eligibility for Atal Pension Yojana?

Atal Pension Yojana you must fulfil the below requirements:

Must be a citizen of India.
Must be between the age of 18-40
Should make contributions for a minimum of 20 years.
Must have a bank account linked with your Aadhaar
Must have a valid mobile number

Benefits of Monthly Contributions:-

Age of Entry	Years of Contribution	Monthly pension of Rs1000	Monthly pension of Rs 2000	Monthly pension of Rs 3000	Monthly pension of Rs 4000	Monthly pension of Rs 5000
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1,087
38	22	240	480	720	957	1,196
39	21	264	528	792	1,054	1,318
40	20	291	582	873	1,164	1,454

How to get the APY form

You can collect the form from any nearby branch of any bank.
Download the APY account opening form by official website of Pension Fund Regulatory and Development Authority (PFRDA).

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How to Apply for Atal Pension Yojana?

Follow these steps to avail the benefits of APY

Step 1: All nationalized banks provide APY scheme. You can visit any banks to start your APY account.

Step 2: Atal Pension Yojana forms are available on PFRDA official site and at the bank.

Forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.

Step 3: Fill up the application form.

Tick the box that is applicable whether you are “Shri”, “Smt” or “Kumari”.
Married applicants must enter their spouse’s name.
Enter your full name, date of birth, and age.
Mobile number, email address and Aadhaar number.
Nominate someone and state their relationship to you. A nominee will receive your contribution in case of your death.
Provide a valid mobile number.
Submit a photocopy of your Aadhaar card.

Step 4: Submit it to your bank.

Step 5: Sent a confirmation message when the application is approved.

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Withdrawal Procedure of Atal Pension Yojana

Although initially, this scheme did not permit exiting before you reach the age of 60.
If you have reached 60 years of age, then you can exit this scheme with a complete annualization of the pension amount. You will have to visit the bank and apply for your pension.
You can exit the scheme before turning 60 years old only under exceptional circumstances such as terminal illness or death. The pension would be paid to your nominee.

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Penalty Charges:-

contributions of up to Rs.100 per month penalty rupees 1/-
Contributions between Rs.101 and Rs.500 per month. Penalty rupees 2/-
Contribution between Rs.500 and Rs.1,000 per month. Penalty rupees 5/-
Contribution between Rs.1,001 per month. Penalty rupees 10/-
The fixed amount of interest/penalty will remain as part of the
pension corpus of the subscriber.