Atal Pension Yojana Eligibility, How to Apply , Features & Benefits

Atal Pension Yojana – How to Apply, Eligibility & APY Scheme Benefits: The Indian Government introduced the Atal Pension Yojana in June 2015 to help the unorganized section. The Atal Pension Yojana is administrated by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS). This scheme was introduced to encourage individuals from weaker sections to opt for a pension that benefits them at the time of their old age.
Atal Pension Yojana

Atal Pension Yojana

After the age of 60, the subscriber will receive a fixed pension, depending on his contribution amount and tenure. This scheme guarantees a minimum pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, and Rs 5000 to workers who are Indian citizens employed in the unorganized sector.

The pension amount under this scheme varies from 1k to 5k, depending on the subscriber’s amount. You can close the APY account at any time. PFRDA has opened 5 million accounts to date.

Eligibility For the Atal Pension Yojana

  1. The applicant should be an Indian
  2. The minimum age is 18 years, and must not exceed 40 years while applying
  3. The applicant must have the savings bank account in his/her name or else open a new account before applying for the scheme
  4. The minimum contribution period is 20 years
  5. The individuals who are enjoying the benefits of the below mentioned statutory social scheme are not eligible.
  • The members who resisted the EPF scheme
  • The applicants of the Assam Tea Plantation PF scheme
  • J&K PF scheme
  • The persons who registered with coal mines PF security cover Seamen’s PF act

Benefits of the Atal Pension Yojana (APY):

  1. There will be fixed pensions for subscribers from Rs. 1000 to Rs. 5000
  2. Candidates can contribute from the age of 18 – 40 years
  3. Subscribers can choose any monthly pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, Rs. 5000

Contribution Amount of the Endorser for Atal Pension Yojana

The subscriber can contribute to the scheme at 18, and the monthly amount will be Rs. 42 per month for the pension of Rs.1000. The monthly contribution amount will differ as per the payment’s tenure and banking when the person joins Atal Pension Yojana. Subscribers can contribute monthly through the auto-debit service existing on the bank account in the country.

Penalty under Atal Pension Yojana:

As per APY, the account holders who enrolled for the scheme must maintain a sufficient monthly balance. Failure to do so will attract a monthly fine.

Banks are required to collect the additional amount for delay of payments, and the amount will differ from Rs. 1/- to Rs. 10/- per month, as shown mention below

  • Rs 1 for a monthly contribution up to Rs 100
  • Rs 2 for monthly contributions between Rs 101 to Rs 500
  • Rs 5 for monthly contributions between Rs 501 to Rs 1000
  • Rs 10 for monthly contributions of more than Rs 1001

Discontinuous Towards the Scheme Will Leads To Following

  • The account will be frozen after 6 months
  • The account will be deactivated after 12 months
  • The account will be closed after 24 months

How to Apply for Atal Pension Yojana:

  1. Contact the bank where you have the savings account
  2. Collect the Atal Pension Yojana (APY) Registration Application Form
  3. Fill out the form carefully and provide the details of your Aadhar card
  4. Fill in your mobile number and contact details mentioned in the form
  5. The main point to remember is to maintain the required minimum balance in your savings account
  6. Your contribution amount will be deducted from your account every month

Note: Bank Account is very important to subscribe to Atal Pension Yojana Scheme, if the individual doesn’t have a bank account then the individual needs to open a bank account initially by submitting KYC documents and Aadhar Card.

Exiting from the APY Scheme?

In the ordinary situation, the subscriber enrolled in Atal Pension Yojana cannot exit the scheme before 60. Exiting the scheme is only possible in a special situation, such as the beneficiary’s death.

This is about the Atal Pension Yojana, a scheme that provides a guaranteed monthly pension for people from weaker sections in old age. We hope this article is useful to you. Please share your suggestions and experiences with us.

Atal Pension Yojana Eligibility, How to Apply, Features & Benefits