Atal Pension Yojana (APY) is a government pension scheme which is offered in India, primarily it is targeted for unorganized sector workers who do not have access to any stationary social security scheme or income tax payers. It was launched in 2015 as part of the Atal Innovation Mission (AIM) by Finance Minister Arun Jaitley.
The scheme aims to provide financial security and dignity to millions of unorganized sector workers in India by offering them a guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000/- or 5,000/- per month at the age of 60 years or earlier. In this article you are able to get more information about the Atal Pension Yojana and it’s eligibility criteria and as well as the benefits. Please follow the instructions if any given for your better performance. Our blogs main purpose is to give full information with factcheck.
What Is The Eligibility Criteria For Atal Pension Yojana
The eligibility criteria for joining APY are:
- The age of the subscriber should be between 18 – 40 years.
- He/She should have a savings bank account or post office savings bank account.
- The prospective applicant may provide Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on APY account. However, Aadhaar is not mandatory for enrollment¹.
These criteria are important for ensuring financial inclusion and security because:
- They ensure that only those who are willing to save for their retirement can join APY.
- They ensure that only those who have access to banking facilities can contribute to APY.
- They ensure that only those who have valid Aadhaar can receive benefits from APY.
What is the Contribution Structure For Apy
The contribution structure of APY is:
Main Features And Benefits Of Atal Pension Yojana
The main features and benefits of APY are:
- It is a voluntary savings scheme that does not require any contribution from the subscribers.
- It offers a co-contribution from the government for 5 years for eligible subscribers who join between June 1, 2015 and March 31, 2016.
- It provides tax benefits for contributions and investment returns under various sections of Income Tax Act, 1961.
- It allows subscribers to withdraw their accumulated corpus at any time without any penalty or loss of interest.
- It invests subscribers’ contributions in different schemes by the Pension Fund Regulatory and Development Authority (PFRDA) with a minimum guaranteed return of 8.5% per annum.
Procedure To Apply Online Atal Pension Yojana
To apply for APY, you need to follow these steps:
- Visit your nearest bank or post office that offers the APY scheme.
- Fill out the APY enrollment form, providing accurate personal and bank account details.
- Choose the pension amount and contribution frequency.
- Provide consent for auto-debit of the contribution amount from your bank account.
- Submit the form along with a copy of your Aadhaar card and other documents as required by the bank or post office.
Frequently Asked Questions
Q: What is Atal Pension Yojana?
A: A government-backed pension scheme for unorganized sector workers.
Q: Who can join APY?
A: Any citizen of India between 18-40 years with a savings bank account and Aadhaar.
Q: How much pension will I get at 60 years?
A: Rs. 1,000/- or 2,000/- or 3,000/- or 4,000/- or 5,000/- per month depending on contributions.
Q: How much does it cost to join APY?
A: Rs. 100/- for registration and Rs. 100/- for first contribution.
Q: How can I check my APY status?
A: You can visit the official website of APY or call the toll-free number 1800 889 1030..