Atal Pension Yojana Scheme

Atal Pension Yojana Scheme (APY) – Complete Details

Atal Pension Yojana Scheme (APY) its Details, Benefits, Eligibility & How to Apply I am going to explain you step by step in Hindi

Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement.

The Government of India announced the scheme called Atal Pension Yojana (APY) in 2015-16 budget. APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). This yojana is targeted for all those people who dont have pension plan.

Atal Pension Yojana Scheme

Features of Atal Pension Yojana Scheme

1. Under the Atal Pension Yojana (APY), there is guaranteed minimum monthly pension for the subscribers opting for this yojana ranging between Rs. 1000 and Rs. 5000 per month.

2. The benefit of minimum pension would be guaranteed by the GOI.(One can claim the benefits once he\she reaches 60 years of age)

3. OBSOLETE – GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer. GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.

4. All bank account holders may join APY(Auto debit process for contribution).

Atal Pension Yojana Scheme
Eligibility of Atal Pension Yojana Scheme

1. APY is applicable to all citizen of India aged between 18-40 years.
2. Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.

Points to Consider

1. Now the tax benefit is there in Atal pension yojana which will be same as per National Pension System
2. No Premature withdrawal(except death or special medical condition).
3. Now even pran number is getting allocated same way as we have in NPS (National Pension System)

Atal Pension Yojana Scheme

How to Apply

Best way to apply now a days is using NSDL site the same way we used to apply for NPS(National Pension System) account online using Aadhaar.

Atal Pension Yojana(APY) Complete Details

Contribution Calculator\Chart

Form Link

Frequently Asked Questions (FAQ)

Mentioned some of the banks and there apply procedure for APY

SBI Bank : You can apply by submitting form to Bank Manager

ICICI Bank : You can apply from your netbanking account

Union Bank of India : Apply by submitting the filled form in the branch

Axis Bank : Meet Bank Manager fill the form and submit

HDFC Bank : Meet Bank Manager fill the form and submit

Bank of Baroda : Meet Bank Manager fill the form and submit

Kotak Mahindra Bank : Apply online

Punjab National Bank : Apply by submitting the filled form in the branch

Please watch the complete video for proper understanding.

 

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