From Downloading the APY Form to Opening An Account: Your Know-it-All Guide

Atal Pension Yojana Explained

Let us first understand what the Atal Pension Yojana scheme is –

1. The Atal Pension Yojana Scheme is one of the best retirement plans that provide financial security to the policyholder after retirement.
2. This ensures that the policyholder can enjoy their golden years with their loved ones without worrying about financial hassles.
3. Apart from financial security after retirement, Atal Pension Yojana Scheme provides financial security in case of the policyholder’s untimely demise, diagnosis of critical illness, etc.
4. The Atal Pension Yojana Scheme is backed by the Government of India. It mainly focuses on individuals who belong to the unorganised sector, such as delivery boys, gardeners, drivers, daily helpers, etc. 
5. By investing in this scheme, the policyholder can avail guaranteed pension depending on their financial requirements in the range of Rs. 1000 to Rs.5000.

The eligibility criteria for the Atal Pension Yojana Chart are as follows –

1. Individuals who are planning to invest in the Atal Pension Yojana Scheme have to be between the age of 18 to 40 years and can claim the pension after they retire or turn 60.
2. It is necessary for individuals to invest in this scheme for a minimum of 20 years.
3. As the payments you make for Atal Pension Yojana Scheme are auto-debited, it is necessary for the individual to have a bank account.

Key Takeaways

1. The Atal Pension Yojana Scheme offers regular pensions to the policyholder after they reach the age of 60.
2. Atal Pension Yojana Scheme offers fixed pensions. The policyholder can choose from the following amount – Rs. 1000, Rs. 2000, Rs. 3000 and Rs. 4000.

Features of APY Scheme

Let us now look at a few features of the Atal Pension Yojana Scheme –

1. This plan does not involve high risk, making it ideal for individuals who cannot afford to take much risk while investing in a retirement plan.
2. This plan is one of the easiest to invest in for individuals who are Indian residents and are either self-employed or salaried.
3. This plan comes with great liquidity and flexibility. Moreover, the policyholder can choose the subscriptions as per their convenience based on a monthly, quarterly or half-yearly basis.
4. With this plan, the policyholder can claim upto Rs. 1.5 lakhs of tax deduction benefits in one financial year under Section 80C of the Income Tax Act, 1961.

How to Download the APY Form?

Let us now look at a few ways you can download the APY form to open an account –

1. Banks 

Numerous banks offer the Atal Pension Yojana form. You can visit your bank’s nearest branch and avail the APY form pdf.

2. Download the APY form PDF Online

Another way an individual can avail of the APY application form pdf is by visiting the bank’s official website and downloading the form from there.

3. Visit the Official Website of the Pension Fund Regulatory and Development Authority (PFRDA).

The individual can also visit the official website of the Pension Fund Regulatory and Development Authority (PFRDA) and download the APY form PDF. 

Did You Know?

Only one Atal Pension Yojana Scheme account is eligible for one individual. Moreover, it is mandatory to have a savings account before you open an APY account.

Steps to Fill Atal Pension Yojana Application Form

Here are the steps to keep in mind while filling out the Atal Pension Yojana pdf form –

Step 1 – Avail the APY Form from Your Bank Branch

The individual must first get the APY form from the nearest bank branch.

Step 2 – Individuals Have to Fill in Their Personal Details

The second step is that the individuals have to fill in their personal details, such as name, age, bank account number, Aadhar card number, mobile number, etc.

Step 3 – Initial Amount Will be Deducted

After the individual fills out the details, the initial amount will automatically be deducted from the bank account to initiate the Atal Pension Yojana Scheme.

Step 4 – PRAN Number will be Issued

After the initial deduction of the amount, the individual will be allotted with a unique Permanent Retirement Account Number (PRAN) that will remain the same throughout the policy.

Step 5 – Auto-Debiting of Amount

After the individual is issued with a PRAN number, the amount they will have to pay for the Atal Pension Yojana Scheme will be auto-deducted from their account.

APY Scheme Corpus Calculation

1. After filling out the APY form, it is important for the policyholder to calculate the APY Scheme corpus amount.
2. The term corpus money in Atal Pension Yojana Chart means a lump sum amount the nominee or the policyholder’s family will recover in case the policyholder comes across an untimely and unfortunate demise.
3. If the policyholder is planning to calculate their corpus money for Atal Pension Yojana Chart, they can do it with the help of the Atal Pension Yojana calculator.
4. An Atal Pension Yojana Chart calculator will predict your corpus money based on when you want to retire or at the age of 60.

Below mentioned are the steps to keep in mind while calculating the Atal Yojana Pension Corpus.

Step 1 – Visit the Atal Pension Yojana Scheme Calculator online on the bank’s official website.

Step 2 – Fill in your current age.

Step 3 – Enter the pension amount that matches your financial requirements after retiring.

Step 4 – The Atal Pension Yojana Scheme calculator will calculate the number of years you will be contributing until the age of 60 based on your current age. Let us understand this with the help of an example.

• Suppose your current age is 30, and you will receive the pension amount at the age of 60.
• So, the total number of years you will be contributing towards the Atal Pension Yojana Scheme is 60-30, which is 30 years. 

Step 5 – The next step is to enter the amount you are expecting on the return of your investment.

Step 6 – After this, the Atal Pension Yojana Scheme calculator will calculate the total amount of pension returns you will receive. 

Step 7 – Last but not least, you will have toenter the annuity rate you are expecting. 

Step 8 – The Atal Pension Yojana Scheme calculator will calculate the total amount of the monthly pension you will receive. 

Word to Remember

APY Scheme Corpus Calculator –  The APY Scheme Corpus Calculator gives detailed information on the pension amount and expected annuity returns the policyholder will receive after retirement.

Conclusion

You now know everything about the APY form, benefits and features of the pension plan, and steps to keep in mind for the Atal Pension Yojana form online apply. So, if you are planning to fill in the APY form and open an account, you can get in touch with leading insurance providing companies. Their insurance experts will guide you on how to seamlessly fill the APY form in no time.

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