Atal Pension Yojana

Atal Pension Yojana-APY Scheme Eligibility, Apply & Benefits

Atal Pension Yojana?

Atal Pension Yojana

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:

  1. Must be a citizen of India.
  2. Must be between the age of 18-40
  3. Should make contributions for a minimum of 20 years.
  4. Must have a bank account linked with your Aadhaar
  5. 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

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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.

 

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