Atal Pension Yojana - How to apply for Atal Pension Yojana? Eligibility, Features of Atal Pension Yojana

Q: 2. How to apply forAtal Pension Yojana?

To apply for theAtal Pension Yojana you need to visit the nearest bank oryou can also download theAtal Pension Yojana application form from a bank's official website and carry on with the steps provided below.Visit the bank where you have an accountFill the application formSubmit the application form along with two copies of your Aadhaar cardProvide your mobile number

Atal Pension Yojana - The Atal Pension Yojana pension scheme was introduced by the Indian government and the objective of the Atal Pension Yojana is to provide a pension for unorganized sector individuals. In this article we have provided Atal Pension Yojana Details such as Atal Pension Yojana Benefits, Atal Pension Yojana features, eligibility of Atal Pension Yojana, how to apply for Atal Pension Yojana.

by Mubarak Ali | Updated Jul 14, 2020

What is Atal Pension Yojana?

Atal Pension Yojana is a scheme introduced by the Indian government in 2015–16. This Atal Pension Yojana has been introduced with the objective of offering pension benefits for unorganized sector individuals. This Atal Pension Yojana is regulated and controlled by the Pension Funds Regulatory Authority of India. This is an extension of the National Pension Scheme accepted and replaces the previously institutionalised Swavalamban Pension Yojana which the general population received.

Who is eligible to apply for Atal Pension Yojana?

All Indian people aged between 18 and 40 years can avail of the Atal Pension Yojana. To have an APY account, a person must have a savings account either with a bank or post office.

What are the features of Atal Pension Yojana?

Automatic debit: One of Atal Pension Yojana 's primary conveniences is its automatic debit facility. A beneficiary's bank account is connected with his / her pension funds, and the monthly payments are debited directly. Accordingly, persons who have subscribed to this scheme shall ensure that their account has adequate finances to obtain such automatic debit, failing which shall add a penalty
Facility to increase contributions: The contributions shall calculate the pension amount which one is entitled to receive at the age of 60. Various contributions add up to different amounts of pensions.
Guaranteed pension: Scheme beneficiaries may elect to receive a daily pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000, depending on their monthly contributions.
Age restrictions: Individuals over the age of 18 and under the age of 40 may decide to invest in Atal Pension Yojana. Hence, college students can also invest in creating a corpus for their old age in this scheme. 40 years have been set as the maximum bar for entry into the programme, with contributions to this scheme being made for a minimum of 20 years.

What are the benefits of Atal Pension Yojana?

Individuals are provided with a steady source of income after reaching 60 years, thus financially enabling them to fulfill basic requirements such as medicines, which are fairly common in old age.
Atal Pension Yojana is backed by the Indian government, and is governed by the Pension Funds Regulatory Authority of India (PFRDA). Individuals also bear no risk of loss because their income is guaranteed by the Government.
The Atal Pension Yojana was launched primarily for the purpose of alleviating the financial concerns of individuals employed in the unorganised sector, thus enabling them to become financially independent in their later years.

How to apply for Atal Pension Yojana?

To apply for the Atal Pension Yojana you need to visit the nearest bank or you can also download the Atal Pension Yojana application form from a bank's official website and carry on with the steps provided below.

Visit the bank where you have an account
Fill the application form
Submit the application form along with two copies of your Aadhaar card
Provide your mobile number

Disclaimer: The above information is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

Atal Pension Yojana - FAQ

1. What is Atal Pension Yojana?

2. How to apply for Atal Pension Yojana?

Visit the bank where you have an account
Fill the application form
Submit the application form along with two copies of your Aadhaar card
Provide your mobile number

3. What are the age restrictions to apply for Atal Pension Yojana?

Individuals over the age of 18 and under the age of 40 may decide to invest in Atal Pension Yojana. Hence, college students can also invest in creating a corpus for their old age in this scheme. 40 years have been set as the maximum bar for entry into the programme, with contributions to this scheme being made for a minimum of 20 years.

4. How much is the Guaranteed pension in Atal Pension Yojana?

Scheme beneficiaries may elect to receive a daily pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000, depending on their monthly contributions.