Atal Pension Yojana Scheme: This is an effort to help the unorganized section of the Indian Society. It was introduced by the Government of India in June 2015. The Atal Pension Yojana Scheme is administrated by the PFRDA ( Pension Fund Regulatory and Development Authority). It is maintained by the National Pension System (NPS). The scheme was launched to encourage individuals from the weaker section to opt for pension. It would immensely benefit them during their old age.
The Atal Pension Yojana scheme can also be taken by individuals working in private-sector organizations or by anyone who is self-employed. This plan helps the weaker section to save up for their old age and get a monthly pension amount. Under this scheme, the subscriber will receive a fixed pension after the age of 60, depending on his contribution amount and tenure.
Eligibility Details of Atal Pension Yojana Scheme
Anyone who is the citizen of India is eligible for this scheme. However, one should need to meet the following eligibility criteria set by the Government of India.
- The minimum age to be eligible is 18 years.
- The age should not exceed 40 years while applying for this scheme.
- The person must have a Savings Bank Account in his/her name.
- You can also open a new bank account before applying for the scheme.
- The eligible applicant must possess a mobile number which must be registered with the bank with full details.
The Government Co-contribution is available to the subscribers who apply from 1st June 2015 to 31st December 2015. The Government is willing to support the workers who do not have any social security cover and not fall under the taxable income.
Benefits Under Atal Pension Yojana Scheme
Through Atal Pension Yojana scheme, there are many advantages to the people. Let’s have a look at the benefits under this plan.
- Subscribers of APY will get a monthly pension after they reach the age of 60 years. If someone joins at the age of 18 years then contributes Rs.42 till he reaches 60 years.
- The monthly pension received would be Rs. 1,000 from the Atal Pension Yojana Scheme.
- Pension amount will range from Rs.1,000 – Rs. 5,000.
- An auto-debit facility will also be provided. They will debit the monthly contribution from the subscriber’s account.
- In case of death of the pensioner (father), they will pay the monthly pension to the wife. And to the child (if both father and mother die).
Features of APY:
- If a person under unorganized sector feels insecure towards the post retirement income, then APY will bring a big relief for them and their family.
- Few of the unorganized sector in India are forest workers, fisherman, contract and labors of small scale industry and much more.
- By enrolling in this scheme, subscribers will get the monthly pension after he/she reaches the age of 60 years.
How to Apply for Atal Pension Yojana Account
Steps to Apply:
Step 1: First, contact the bank where you have a savings account.
Step 2: Then ask for the Atal Pension Yojana Scheme form.
In Step 3: Now, fill the form carefully and provide the details of your Aadhaar Card.
Step 4: Mention your mobile number and contact details mentioned in the Atal Pension Yojana Scheme form.
Step 5: Make sure that you maintain the required minimum balance in your savings account.
In Step 6: Then they will deduct the contribution amount from your account on a monthly basis.
What is the withdrawal procedure from APY
On attaining the age of 60 years:
- The subscribers will submit the request to the associated bank for drawing the guaranteed minimum monthly pension or higher monthly pension.
- The same amount of monthly pension is payable to the spouse upon the death of subscriber.
- The nominee will be eligible for the return of pension wealth till age 60 of the customer upon the death of both the subscriber and spouse.
In case of death of the subscriber due to any cause after the age of 60 years:
- In this c the se, the pension would be available to the spouse and on the death of both of them.
- The pension wealth which is there until age 60 of the subscriber will return to to the nominee.