Atal Pension Yojana was created in the year 2015 to provide proper opportunities for development to the senior citizens of India who do not have adequate resources so that they can continue their lives without depending upon anyone. You can fill out the application form available at your nearest bank branch in order to get the benefit of the Atal Pension Yojana. The applicants will get to decide the contribution that they need to do for the implementation of this scheme and given below we are sharing the details of the benefits and registration for the scheme.
About Atal Pension Yojana- APY
If you are working in the private sector in India and you are not liable to get any type of pension then you can apply for the Atal Pension Yojana which is a private pension scheme presented by the Indian government especially available for the people who are working in an unorganized sector. You can apply for the Atal Pension Yojana by visiting the official Bank branch which is working in collaboration with the Indian government to provide the benefit of the scheme for Indian residents. You can be a part of this Yojana by just filling out the application form with your important specifications also you need to decide the amount of contribution that you will be making monthly in order to get benefit while you attain the age of 60 years.
Benefits Of Atal Pension Yojana
There are a lot of benefits that will be available through the development of the Atal Pension Yojana and you can check the details given below:-
- A pension of Rupees 5000 will be provided to all of the beneficiaries through the development of the Atal Pension Yojana which was announced by the Government of India in the years 2015 and 2016.
- The applicant will also be provided various tax benefits so that they can be free from any taxes and enjoy the pension without any deductions.
- The Indian government will directly contribute to the development of the Atal Pension Yojana and it makes it a very risk-free scheme.
- The Pension Yojana will also provide a provision of security and protection of citizens against any illness, accidents, and diseases.
- Applicants who is mainly working in the unorganized sectors will be eligible to apply for this pension scheme so that they can get a healthy livelihood even after they have retired from their employment.
Withdrawal Details
The candidates can withdraw themselves from the atal pension Yojana if they fill in the following details given below:-
- Withdrawal can easily happen after you have attained the age of 60 years. In this method, you will be provided with the amount directly by the authorities to your bank account.
- If there is a death of the beneficiary then the amount will be provided to the spouse of the subscriber and if the spouse is not present then the amount will be provided to the nominee.
- If you withdraw before attaining the age of 60 years then you will have to gain special permission from the department, otherwise, it is not possible to withdraw.
Also Check: Post Office Saving Scheme
Pension Amount Details
You can pay various premiums in order to get various amounts of pension in your old age. Some of the premium plans are given below:-
- If you are 20 years old and you want to get a pension of ₹ 2000 then you have to pay a premium of ₹ 100 per month and if you want to get a pension of ₹ 5000 then you have to pay a premium of ₹ 248 per month.
- If you are 35 years old and you want to get a pension of ₹2000 then you have to pay a premium of ₹362 and to get a pension of ₹5000 you have to pay a premium of ₹902.
- Along with your investment, 50% of the amount under this scheme will also be paid by the government.
- If the account holder dies before the age of 60 years, then the benefit of this scheme will be provided to the family of the account holder.
Non-Payment Clause
If you are not able to do your payment under the scheme then you will have to go through the following non-payment rules and regulations:-
- If the applicant does not make the contribution under Atal Pension Yojana, then his account will be frozen after 6 months and after 12 months his account will be deactivated and after 24 months his account will be closed.
- If the applicant fails to make the payment on time, he will have to pay a penalty. This penalty ranges from ₹1 to ₹10 per month.
Penalty Charges
The applicant will be liable for the following penalties if they breach the contract of the Atal Pension Yojana:-
- The penalty of Re.1 will be levied in case of contributions of up to Rs.100 per month.
- A penalty of Rs.2 will be charged in case of contributions between Rs.101 and Rs.500 per month.
- A penalty of Rs.5 will be levied for contributions between Rs.500 and Rs.1,000 per month.
- A penalty of Rs.10 will be charged in case of payments above Rs.1,001 per month.
- Depending on the pension amount, the APY penalty charges will be a fixed amount.
- In case there is a stoppage in payments, the below-mentioned points apply:
- If there are no payments made for a duration of 6 months, the account will be frozen.
- The account will be deactivated if there are no payments made for a duration of 12 months.
- The APY account will be closed if payments are not made for a duration of 24 months.
Non-Eligibility Criteria
The following people or not eligible to get the benefits of the Atal Pension Yojana 2024:-
- The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948.
- Simmons Provident Fund Act, 1966
- Assam Tea Garden Provident Fund and Miscellaneous Provisions, 1955.
- Jammu and Kashmir Employees Provident Fund and Miscellaneous Provisions Act, 1961.
- Any other statutory social security scheme.
Eligibility Criteria
The applicant must follow the following eligibility criteria to apply for the scheme:-
- The applicants must be Indian citizens.
- The candidate’s age should be 18 to 40 years.
- The applicants should have a bank account and a bank account should be linked with an Aadhar card.
- The applicant must have an active mobile number.
- The applicant must submit the KYC details also.
- The applicant must not have an existing APY account.
Documents Required
The following documents must be submitted by the candidates-
- Applicant’s Aadhar Card
- Mobile Number
- Identity Card
- Proof Of Permanent Address
- Passport Size Photo
Atal Pension Yojana (APY) 2024 Application Procedure
The applicant must follow the following application procedure to be eligible for the Atal Pension Yojana:-
- The applicant can collect the form from any nearby branch office of any participant bank.
- You have to download the form and print it out from the official Atal Pension website of the bank.
- The application form is also available in a lot of languages including English, Telugu, Tamil, Odia, Marathi, Kannada, Gujarati, and Bangla.
- The application form must be filled out and submitted at the bank.
- A valid mobile number should be provided.
- You have to address the form to the branch manager.
- You have to fill in all of the bank details in the application form including your bank name and bank branch and your account number.
- Tick the box that is applicable that indicates whether you are ‘Shri’, ‘Smt’ or ‘Kumari’. Tick ‘Shri’ if you are a male applicant. Tick ‘Smt’ if you are a married female applicant. Tick ‘Kumari’ if you are a single female applicant.
- Married applicants must enter their spouse’s name.
- Enter your full name, date of birth, and age.
- Provide your mobile number, email address, and Aadhaar number.
- You can then nominate someone and state their relationship to you. A nominee will receive your contribution in case of your death.
- If the nominee is a minor, you need to provide their date of birth and guardian’s name.
- You must also state if the nominee has any other statutory social security schemes and if they are income taxpayers.
- Fill out the application form and sign the document.
- You can finally submit your document and it will be acknowledged by the bank manager after he has signed it.
Investment Details
The following investments are available by the organizations for the Atal Pension Yojana:-
| Type of Investment | Quantum of Investment |
| Government Securities | 45% to 50% |
| Term deposits of banks and debt securities | 35% to 45% |
| Equity and equity-related instruments | 5% to 15% |
| Asset-Backed Securities and so on | Up to 5% |
| Money Market Instruments | Up to 5% |
APY Scheme Contribution Chart
The applicant must follow the following contribution chart to get their desired amount of pension at their old age:-
| Age of entry | Years of contribution | First Monthly pension of Rs.1000/- | Second Monthly pension of Rs.2000/- | Third Monthly pension of Rs.3000/- | Fourth Monthly pension of Rs.4000/- | Fifth Monthly pension of Rs.5000/- |
| 18 | 42 | 42 | 84 | 126 | 168 | 210 |
| 19 | 41 | 46 | 92 | 138 | 183 | 224 |
| 20 | 40 | 50 | 100 | 150 | 198 | 248 |
| 21 | 39 | 54 | 108 | 162 | 215 | 269 |
| 22 | 38 | 59 | 117 | 177 | 234 | 292 |
| 23 | 37 | 64 | 127 | 192 | 254 | 318 |
| 24 | 36 | 70 | 139 | 208 | 277 | 346 |
| 25 | 35 | 76 | 151 | 226 | 301 | 376 |
| 26 | 34 | 82 | 164 | 246 | 327 | 409 |
| 27 | 33 | 90 | 178 | 268 | 356 | 446 |
| 28 | 32 | 97 | 194 | 292 | 388 | 485 |
| 29 | 31 | 106 | 212 | 318 | 423 | 529 |
| 30 | 30 | 116 | 231 | 347 | 462 | 577 |
| 31 | 29 | 126 | 252 | 379 | 504 | 630 |
| 32 | 28 | 138 | 276 | 414 | 551 | 689 |
| 33 | 27 | 151 | 302 | 453 | 602 | 752 |
| 34 | 26 | 165 | 330 | 495 | 659 | 824 |
| 35 | 25 | 181 | 362 | 543 | 722 | 902 |
| 36 | 24 | 198 | 396 | 594 | 792 | 990 |
| 37 | 23 | 218 | 436 | 654 | 870 | 1087 |
| 38 | 22 | 240 | 480 | 720 | 957 | 1196 |
| 39 | 21 | 264 | 528 | 792 | 1054 | 1318 |
| 40 | 20 | 291 | 582 | 873 | 1164 | 1454 |
Important Forms
If you want to download the forms related to the Atal Pension Yojana then you will have to click on the direct link provided below:-
| APY Subscriber Registration Form |
| APY Subscriber Registration Form – Swavalamban Yojana Subscribers |
| Subscriber details Modification and Change of APY-SP Form |
| APY Death & Spouse Continuation Form |
| Voluntary Exit APY Withdrawal Form |
| APY Application for Banks to be registered under Atal Pension Yojana |
| APY – Service Provider Registration Form |
| Subscriber Grievance Registration(G1) Form for APY Subscriber |
| APY Common Grievance |
Brochure Downloads
If you want to download the brochure for the scheme then you will have to follow the simple procedure given below:-