What is Atal Pension Yojana?
This is a new scheme called APY(Atal Pension Yojana) is introduced by the Government of India in the 2015-16 budget. This scheme is replaced the previous swavalamban Yojana.
The focus of this scheme is on citizens in the unorganized sectors. This scheme will give a guaranteed pension after the age of 60.
Atal Pension Yojana under which Ministry:
This scheme is managed by the PFRDA(Pension Fund Regularity and Development Authority).
The beneficiary will get a guaranteed pension between 1000 Rs. to 5000 Rs.
Who can apply for Atal Pension Yojana?
Any bank account holder is eligible to open an APY account between 18 to 40 years age. APY accounts can be opened in Post-Offices also. Aadhar card is a necessary document for KYC purposes.
The person must be a citizen of India between 18 to 40 age. He/She should make a contribution for a minimum of 20 years. Must have a valid mobile number and bank account linked with aadhar.
Spouse name and Nominee information are mandatory to fill in the APY application form. Contribution towards APY is auto-debit from your bank account on a monthly, quarterly, and half-yearly basis.
How to open Atal Pension Yojana?
You can open an Atal Pension Yojana account at any nationalized bank. You can download the APY Form online or you can visit the nearest nationalized bank to get the Form. The Form is available in almost all the languages in India.
Fill the application form and submit it to the bank. You get a confirmation message when your account is approved to your registered mobile number.
How to open Atal Pension Yojana Online?
Right now there is no such provision to open Atal Pension Yojana Online. You need to go to the nationalized bank and submit the form to open APY account.
How to get atal pension yojana Statements:
The physical transaction statement is sent every year to APY subscribers to their registered address.
How to make Correction in Atal Pension Yojana:
For making changes in any information, subscribers need a written request which is submitted to the APY-SP branch. A switching facility is also available in the month of April every year where you can switch the pension amount.
How to change Nominee in Atal Pension Yojana:
A subscriber can request for change/correction in Nomination Details to the banks. Subscribers can also change/correct their personal details, bank details, photo, and signature.
What is the maximum monthly pension for the subscribers under Atal pension yojana:
In this scheme, For getting a pension of 1000 Rs. to 5000 Rs. different contribution amount is credited towards APY.
Who are not eligible for Atal Pension Yojana:
Anyone who is below 18 years and above 40 years is not eligible for Atal Pension Yojana.
Atal Pension Yojana Monthly Contribution Chart:
If you delay the payment, you have to pay the additional amount to the bank as a late payment.
The amount is between Rs.1 to Rs. 10.
The structure of late payment is as follows:
| Contribution | Late Payment Fee |
| 100 Rs. Per Month | Rs.1 Per Month |
| 101 Rs. to 500 Rs. Per Month | Rs. 2 Per Month |
| 501 RS. to 1000 Rs. Per Month | Rs. 5 Per Month |
| 1001 Rs and Above Per Month | Rs. 10 Per Month |
The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
If you are not able to make a payment towards APY then-
1. Account will be frozen after 6 months.
2. Account will be deactivated after 12 months.
3. Account will be closed after 24 months.
How to Exit/Cancel/Close/Withdraw Atal Pension Yojana Account:
1. You can exit APY at the age of 60, pension will be credited to the account every month.
2. In case of death the pension is credited to the spouse if both die then the corpus amount is credited to the nominee.
3. Before the age of 60, the exit from APY is not possible. It is possible only in the case of death and terminal disease.
You can Exit Atal Pension Yojana at Different Conditions below-
1)If Subscriber attains the age of 60 Years:
Once a subscriber attains the age of 60 years, they can submit a request to the bank to close their account, and pension is credited to the subscriber every month. If a subscriber passes away, the pension will be credited to the spouse and if a spouse passes away then the pension will be credited to the nominee.
2)If Subscriber wants to Exit Atal Pension Yojana before age of 60 Years:
It is possible to exit from atal pension yojana before age of 60 years. In such a case, the amount paid by the subscriber and interest is credited to the account of the subscriber.
In case the subscriber passes away before the age of 60 years, then there is an option for a spouse to continue the scheme or close the scheme. If she continues the scheme, then at the age of 60, she gets a pension. If the spouse wants to close the account then the entire amount is paid to the spouse or nominee.
How to Close Atal Pension Yojana Online:
Right now there is no such provision to close Atal Pension Yojana Online. You must visit the bank where atal pension yojana account is held. Submit the closure form to the bank, and once account closing procedures completed, you will get an amount to your bank account. You will get a confirmation message also from the bank.
How to Check Atal Pension Yojana Account Balance:
Android mobile application is available for APY subscribers in the play store where they can view their recent transactions easily.
How to get PRAN Card for Atal Pension Yojana:
Subscribers can download PRAN(Permanent Retirement Account Number) card any time using the online facility.
Also Read-
Atal Pension Yojana Toll Free Number:
Atal Pension Yojana Help Line Number(Toll-Free): 1800 110 069
Atal Pension Yojana Official Websites:
PFRDA website: www.pfrda.org.in
NSDL website: www.npscra.nsdl.co.in
NPS Trust website: www.npstrust.org.in
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