Atal Pension Yojana – APY Scheme Eligibility & Benefits

Last Updated at: February 13, 2020
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Atal Pension Yojana (APY scheme) - Eligibility & benefits

The Government of India launched the Atal Pension Yojna (APY) with an objective to provide pension benefits to those who work in the unorganized sector. In India, a major chunk of the population fall in this slab and lack of life security and future haunts them. But, with this pension scheme, the government has planned to provide them with pension benefits at the age of 60. This scheme has come as a replacement to the Swavalamban Yojana.  All operations of the Atal Pension Yojana Scheme are handled by the Pension Fund Regulatory and Development Authority (PFRDA). The Atal Pension Yojana benefits people for saving money for the future.

What is the process to apply for Atal Pension Yojana Scheme?

To avail the Atal Pension Yojana benefits, one has to follow the enumerated steps:

1. The APY scheme is available at all the national banks. Those who are willing to opt for this scheme can visit the bank.

2. You can also download the online Atal Pension Yojana form and apply for this scheme

3. The forms of Atal Pension Yojana in Hindi, Tamil, Telugu, Odia, Marathi, Gujarati, Bangla and Kannada

4. The form must be duly filled and submitted to the bank

5. You would also be required to submit the Aadhaar card photocopy

6. Once the application is approved, the applicant will receive a confirmation message

Atal Pension Yojana Scheme Eligibility

To apply for this scheme, you would be required to match the eligibility criteria specified by the bank:

1. The applicant must be the citizen of India

2. The contribution for this scheme must be made for 20 years

3. The applicant must have an active mobile number

4. The APY age limit must be between 18 years and 40 years

5. A valid bank account is a must

6. All the KYC must be duly submitted

7. If a person already has an APY account, then they cannot start a new scheme.

Benefits of Atal Pension Yojana

There are several benefits of availing this scheme; these are illustrated below:

1. There is a guarantee of a pension after the age of retirement.

2. Individuals, who work in the unorganized sectors, get this benefit who otherwise don’t have the security of their future.

3. As per Section 80 CCD, individuals are also eligible for Atal Pension Yojana tax benefits for the contributions made towards the scheme

4. The Government of India will also contribute a maximum of Rs. 1000 or 50% of the individual contribution to this scheme. This contribution is only for those who don’t fall in the income taxpayer category and are not covered by any Statutory Social Security Schemes

5. Any Indian citizen who has a bank account is eligible for the Atal Pension Yojna Scheme

6. The government contribution is for five years and for those who are joining between the period of 1 June 2015 and 31 December 2015

7. Any Indian citizen who is a private sector employee and doesn’t get pension benefits can also apply for this scheme

8. Beneficiaries will start receiving the pension when they reach the age of 60

9. The applicant has the option of receiving a fixed pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000

10. In case the primary applicant passes away during the duration of the APY, then the spouse can claim the contribution, or they can also complete the duration

Ask for Free Legal Advice

Atal Pension Yojana Contributions

The following is the Atal Pension Yojana chart below showcases the contribution that needs to be made under this scheme:

Age Years Monthly Pension of Rs. 1000. Monthly Pension of Rs. 2000 Monthly Pension of Rs. 3000. Monthly Pension of Rs. 4000 Monthly Pension of Rs. 5000.
18 42 42 84 126 168 210
19 41 46 92 138 183 228
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 28 138 276 453 551 689
33 27 151 302 414 602 752
34 26 165 330 453 659 824
35 25 181 362 495 722 902
36 24 198 396 543 792 990
37 23 218 436 594 870 1087
38 22 240 480 654 957 1196
39 21 264 528 792 1054 1318
40 20 291 582 873 1164 1454

 

APY Statement

If you have made contributions to this scheme, then you can also check the statement of the same, either by visiting the NSDL website or by downloading the application. The following steps will help you with the same:

  1. Visit the NSDL website or click on the link https://www.npscra.nsdl.co.in/scheme-details.php
  2. Choose the APY e-PRAN/Transaction Statement view. After choosing this, you will move to another page where you need to select With PRAN or Without PRAN. If you choose With PRAN, then you would need to enter PRAN number and account number. If you choose Without PRAN, then you need to fill the subscriber number, bank account number, and DOB.
  3. Enter the Captcha and submit it. You will get complete Atal Pension Yojana e-statement after this.

 

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Atal Pension Yojana – APY Scheme Eligibility & Benefits

483

The Government of India launched the Atal Pension Yojna (APY) with an objective to provide pension benefits to those who work in the unorganized sector. In India, a major chunk of the population fall in this slab and lack of life security and future haunts them. But, with this pension scheme, the government has planned to provide them with pension benefits at the age of 60. This scheme has come as a replacement to the Swavalamban Yojana.  All operations of the Atal Pension Yojana Scheme are handled by the Pension Fund Regulatory and Development Authority (PFRDA). The Atal Pension Yojana benefits people for saving money for the future.

What is the process to apply for Atal Pension Yojana Scheme?

To avail the Atal Pension Yojana benefits, one has to follow the enumerated steps:

1. The APY scheme is available at all the national banks. Those who are willing to opt for this scheme can visit the bank.

2. You can also download the online Atal Pension Yojana form and apply for this scheme

3. The forms of Atal Pension Yojana in Hindi, Tamil, Telugu, Odia, Marathi, Gujarati, Bangla and Kannada

4. The form must be duly filled and submitted to the bank

5. You would also be required to submit the Aadhaar card photocopy

6. Once the application is approved, the applicant will receive a confirmation message

Atal Pension Yojana Scheme Eligibility

To apply for this scheme, you would be required to match the eligibility criteria specified by the bank:

1. The applicant must be the citizen of India

2. The contribution for this scheme must be made for 20 years

3. The applicant must have an active mobile number

4. The APY age limit must be between 18 years and 40 years

5. A valid bank account is a must

6. All the KYC must be duly submitted

7. If a person already has an APY account, then they cannot start a new scheme.

Benefits of Atal Pension Yojana

There are several benefits of availing this scheme; these are illustrated below:

1. There is a guarantee of a pension after the age of retirement.

2. Individuals, who work in the unorganized sectors, get this benefit who otherwise don’t have the security of their future.

3. As per Section 80 CCD, individuals are also eligible for Atal Pension Yojana tax benefits for the contributions made towards the scheme

4. The Government of India will also contribute a maximum of Rs. 1000 or 50% of the individual contribution to this scheme. This contribution is only for those who don’t fall in the income taxpayer category and are not covered by any Statutory Social Security Schemes

5. Any Indian citizen who has a bank account is eligible for the Atal Pension Yojna Scheme

6. The government contribution is for five years and for those who are joining between the period of 1 June 2015 and 31 December 2015

7. Any Indian citizen who is a private sector employee and doesn’t get pension benefits can also apply for this scheme

8. Beneficiaries will start receiving the pension when they reach the age of 60

9. The applicant has the option of receiving a fixed pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000

10. In case the primary applicant passes away during the duration of the APY, then the spouse can claim the contribution, or they can also complete the duration

Ask for Free Legal Advice

Atal Pension Yojana Contributions

The following is the Atal Pension Yojana chart below showcases the contribution that needs to be made under this scheme:

Age Years Monthly Pension of Rs. 1000. Monthly Pension of Rs. 2000 Monthly Pension of Rs. 3000. Monthly Pension of Rs. 4000 Monthly Pension of Rs. 5000.
18 42 42 84 126 168 210
19 41 46 92 138 183 228
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 28 138 276 453 551 689
33 27 151 302 414 602 752
34 26 165 330 453 659 824
35 25 181 362 495 722 902
36 24 198 396 543 792 990
37 23 218 436 594 870 1087
38 22 240 480 654 957 1196
39 21 264 528 792 1054 1318
40 20 291 582 873 1164 1454

 

APY Statement

If you have made contributions to this scheme, then you can also check the statement of the same, either by visiting the NSDL website or by downloading the application. The following steps will help you with the same:

  1. Visit the NSDL website or click on the link https://www.npscra.nsdl.co.in/scheme-details.php
  2. Choose the APY e-PRAN/Transaction Statement view. After choosing this, you will move to another page where you need to select With PRAN or Without PRAN. If you choose With PRAN, then you would need to enter PRAN number and account number. If you choose Without PRAN, then you need to fill the subscriber number, bank account number, and DOB.
  3. Enter the Captcha and submit it. You will get complete Atal Pension Yojana e-statement after this.

 

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