By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Investment Simplified
  • Tax
    • Popular Searches
    • What is Form 16?
    • Trademark Registration Fees
    • TDS Full Form
    • Ad Valorem Tax
    • How to Save Tax?
  • Cryptocurrency
    • Popular Searches
    • Benefits of Using Blockchain Technology
    • What Is A Cryptocurrency Hardware Wallet?
    • What is Market Capitalization In Crypto?
    • What Is Staking In Crypto?
    • Investor’s Guide to Crypto Trading
  • Aadhaar
    • Popular Searches
    • How to Book Aadhaar Card Appointment?
    • E-Aadhaar And It’s Benefits
    • What is a Masked Aadhaar?
    • ESign Aadhaar: A Complete Guide
    • Aadhaar Card Address Change
  • Investment
    • Mutual Funds
      • Popular Searches
      • Tax Saving SIP
      • What is Arbitrage Fund?
      • What are Gold Mutual Funds?
      • What are Contra Funds?
      • Best SIP Plans to Invest
    • EPF
      • Popular Searches
      • EPFO Member Portal – Login, Registration
      • EPFO Establishment Search
      • Guide to Your EPFO Member Login
      • EPF Interest Rate
      • What Is UAN Activation?
  • Insurance
    • General Insurance
      • Popular Searches
      • Home Loan Insurance Calculator
      • What is Marine Insurance?
      • How Does a Marine Insurance Policy Work?
      • Types of Marine Insurance in India
      • Types of General Insurance in India
    • Car Insurance
      • Popular Searches
      • Commercial Vehicle Insurance Guide
      • What is Own Damage Insurance?
      • Car Insurance with Zero Depreciation
      • Engine Protect in Car Insurance
      • Return to Invoice Cover Meaning
    • Travel Insurance
      • Popular Searches
      • Domestic Travel Insurance
      • How to Buy Travel Insurance Online?
      • What is Overseas Travel Insurance?
      • International Travel Insurance
      • What is Travel Medical Insurance?
    • Pension & Retirement
      • Popular Searches
      • Commutation of Pension Calculator
      • EPF Pension calculator
      • Public Provident Fund
      • What is Individual Retirement Account?
      • Calculating PPF
  • Banking
    • Bank Timings
      • Popular Searches
      • Bank of Baroda Timings
      • IDBI Bank Timings
      • Union Bank Timings
      • Karnataka Bank Timings
      • Central Bank of India Timings
      • Canara Bank Timings
    • Mini Statement
      • Popular Searches
      • Axis Bank Mini Statement
      • HDFC Mini Statement
      • Bank of Baroda Mini Statement
      • Union Bank of India Mini Statement
      • SBI Mini Statement
    • Balance Enquiry
      • Popular Searches
      • Canara Bank Balance Enquiry by SMS, Missed Call, Netbanking
      • SBI Balance Enquiry
      • Union Bank of India Balance Enquiry Number
      • BOB Balance Enquiry
      • PNB Balance Check Number – Enquiry by SMS, Missed Call, Netbanking
    • NEFT
      • Popular Searches
      • HDFC NEFT
      • SBI NEFT
      • Axis Bank NEFT
      • ICICI Bank NEFT
      • Canara Bank NEFT
    • Net Banking
      • Popular Searches
      • HDFC Bank Net Banking
      • SBI Net Banking
      • ICICI Net Banking
      • Axis Bank Net Banking
      • IOB Net Banking
    • Customer Care
      • Popular Searches
      • Central Bank of India Customer Care Number
      • Bank of Baroda Customer Care – Missed Call and Toll Free Number
      • Bank of Maharashtra Customer Care
      • PNB Customer Care Number
      • IOB Customer Care Number
    • UPI
      • Popular Searches
      • BHIM
      • Google Pay
      • BHIM SBI Pay
      • Union Bank UPI
      • HDFC UPI
    • Debit Card
      • Popular Searches
      • SBI Debit Card
      • HDFC Debit Card
      • PNB Debit Card
      • Axis Bank Debit Card
      • Kotak Debit Card
    • RTGS
      • Popular Searches
      • RTGS Process
      • SBI RTGS
      • ICICI Bank RTGS Form
      • Axis Bank RTGS Form
      • HDFC RTGS Form
    • IMPS
      • Popular Searches
      • IMPS Limit
      • IMPS vs. NEFT
      • IMPS vs. NEFT vs. RTGS
      • MMID
    • Cheque
      • Popular Searches
      • Types of Cheques
      • Blank Cheque
      • Cancelled Cheque
      • Account Payee Cheque
      • Banker’s Cheque
    • Bank Holidays
      • Popular Searches
      • Bank Holidays in March 2023
      • Bank Holidays in April 2023
      • Bank Holidays in May 2023
      • Bank Holidays in June 2023
      • Bank Holidays in July 2023
    • Mobile Banking
      • Popular Searches
      • SBI Mobile Banking
      • HDFC Mobile Banking
      • Bank of Baroda Mobile Banking
      • Indian Bank Mobile Banking
      • Canara Bank Mobile Banking
    • Passbook
      • Popular Searches
      • SBI Passbook
      • Union Bank Passbook
      • BOB Passbook
      • HDFC Passbook
      • Axis Bank Passbook
    • Demand Draft
      • Popular Searches
  • PAN Card
    • Popular Searches
    • What is a PAN Card
    • NSDL PAN Card
    • UTI PAN
    • e-PAN Card
    • PAN Card Apply
  • About Us
  • Contact
Reading: Atal Pension Yojna Explained: Read This to Know Your Eligibility
Share
Investment Simplified
Search
  • Tax
    • Popular Searches
    • What is Form 16?
    • Trademark Registration Fees
    • TDS Full Form
    • Ad Valorem Tax
    • How to Save Tax?
  • Cryptocurrency
    • Popular Searches
    • Benefits of Using Blockchain Technology
    • What Is A Cryptocurrency Hardware Wallet?
    • What is Market Capitalization In Crypto?
    • What Is Staking In Crypto?
    • Investor’s Guide to Crypto Trading
  • Aadhaar
    • Popular Searches
    • How to Book Aadhaar Card Appointment?
    • E-Aadhaar And It’s Benefits
    • What is a Masked Aadhaar?
    • ESign Aadhaar: A Complete Guide
    • Aadhaar Card Address Change
  • Investment
    • Mutual Funds
      • Popular Searches
      • Tax Saving SIP
      • What is Arbitrage Fund?
      • What are Gold Mutual Funds?
      • What are Contra Funds?
      • Best SIP Plans to Invest
    • EPF
      • Popular Searches
      • EPFO Member Portal – Login, Registration
      • EPFO Establishment Search
      • Guide to Your EPFO Member Login
      • EPF Interest Rate
      • What Is UAN Activation?
  • Insurance
    • General Insurance
      • Popular Searches
      • Home Loan Insurance Calculator
      • What is Marine Insurance?
      • How Does a Marine Insurance Policy Work?
      • Types of Marine Insurance in India
      • Types of General Insurance in India
    • Car Insurance
      • Popular Searches
      • Commercial Vehicle Insurance Guide
      • What is Own Damage Insurance?
      • Car Insurance with Zero Depreciation
      • Engine Protect in Car Insurance
      • Return to Invoice Cover Meaning
    • Travel Insurance
      • Popular Searches
      • Domestic Travel Insurance
      • How to Buy Travel Insurance Online?
      • What is Overseas Travel Insurance?
      • International Travel Insurance
      • What is Travel Medical Insurance?
    • Pension & Retirement
      • Popular Searches
      • Commutation of Pension Calculator
      • EPF Pension calculator
      • Public Provident Fund
      • What is Individual Retirement Account?
      • Calculating PPF
  • Banking
    • Bank Timings
      • Popular Searches
      • Bank of Baroda Timings
      • IDBI Bank Timings
      • Union Bank Timings
      • Karnataka Bank Timings
      • Central Bank of India Timings
      • Canara Bank Timings
    • Mini Statement
      • Popular Searches
      • Axis Bank Mini Statement
      • HDFC Mini Statement
      • Bank of Baroda Mini Statement
      • Union Bank of India Mini Statement
      • SBI Mini Statement
    • Balance Enquiry
      • Popular Searches
      • Canara Bank Balance Enquiry by SMS, Missed Call, Netbanking
      • SBI Balance Enquiry
      • Union Bank of India Balance Enquiry Number
      • BOB Balance Enquiry
      • PNB Balance Check Number – Enquiry by SMS, Missed Call, Netbanking
    • NEFT
      • Popular Searches
      • HDFC NEFT
      • SBI NEFT
      • Axis Bank NEFT
      • ICICI Bank NEFT
      • Canara Bank NEFT
    • Net Banking
      • Popular Searches
      • HDFC Bank Net Banking
      • SBI Net Banking
      • ICICI Net Banking
      • Axis Bank Net Banking
      • IOB Net Banking
    • Customer Care
      • Popular Searches
      • Central Bank of India Customer Care Number
      • Bank of Baroda Customer Care – Missed Call and Toll Free Number
      • Bank of Maharashtra Customer Care
      • PNB Customer Care Number
      • IOB Customer Care Number
    • UPI
      • Popular Searches
      • BHIM
      • Google Pay
      • BHIM SBI Pay
      • Union Bank UPI
      • HDFC UPI
    • Debit Card
      • Popular Searches
      • SBI Debit Card
      • HDFC Debit Card
      • PNB Debit Card
      • Axis Bank Debit Card
      • Kotak Debit Card
    • RTGS
      • Popular Searches
      • RTGS Process
      • SBI RTGS
      • ICICI Bank RTGS Form
      • Axis Bank RTGS Form
      • HDFC RTGS Form
    • IMPS
      • Popular Searches
      • IMPS Limit
      • IMPS vs. NEFT
      • IMPS vs. NEFT vs. RTGS
      • MMID
    • Cheque
      • Popular Searches
      • Types of Cheques
      • Blank Cheque
      • Cancelled Cheque
      • Account Payee Cheque
      • Banker’s Cheque
    • Bank Holidays
      • Popular Searches
      • Bank Holidays in March 2023
      • Bank Holidays in April 2023
      • Bank Holidays in May 2023
      • Bank Holidays in June 2023
      • Bank Holidays in July 2023
    • Mobile Banking
      • Popular Searches
      • SBI Mobile Banking
      • HDFC Mobile Banking
      • Bank of Baroda Mobile Banking
      • Indian Bank Mobile Banking
      • Canara Bank Mobile Banking
    • Passbook
      • Popular Searches
      • SBI Passbook
      • Union Bank Passbook
      • BOB Passbook
      • HDFC Passbook
      • Axis Bank Passbook
    • Demand Draft
      • Popular Searches
  • PAN Card
    • Popular Searches
    • What is a PAN Card
    • NSDL PAN Card
    • UTI PAN
    • e-PAN Card
    • PAN Card Apply
  • About Us
  • Contact
Investment Simplified > Pension & Retirement > Atal Pension Yojna Explained: Read This to Know Your Eligibility
Pension & Retirement

Atal Pension Yojna Explained: Read This to Know Your Eligibility

Lakshey Bahl
Lakshey Bahl July 22, 2022 9 Min Read
Updated 2022/08/19 at 1:53 PM
Share
SHARE

The government started the Atal pension yojana to ensure that the poor people in the unorganized sector can rely on a regular pension after retirement. This program addresses the unorganized sector’s worries about longevity and encourages workers to save for retirement on their terms.

Contents
What is Atal Pension Yojna?Eligibility for Atal Pension YojnaSteps to Apply for APYAtal Pension Yojna ContributionsAPY Contribution ChartBenefits of APY SchemeFAQs

Key Takeaways

  • Atal pension scheme was started to encourage the workers in the unorganized sector to save for their retirement voluntarily.
  • In the APY scheme, people can get their monthly pension starting from 1000 and reaching up to 5000 per month.
  • The government of India also contributes 50% of the contribution amount or Rs 1000 to the APY scheme.
  • The Atal Pension Yojana’s major goal is to serve as a source of security and protection for citizens from uncertain income, poverty, accidents, and diseases, among other things.

What is Atal Pension Yojna?

People employed in the unorganized sector don’t get the perks that people in the organized sector get. There is no stability in their income, they don’t get job security, and there is no fixed pension. To combat this and provide people in the unorganized sector with a way of getting a fixed income after retirement, the Atal pension yojana was launched by the government of India in the 2015-2016 budget. The Pradhan Mantri pension yojana is the last name of the Atal Pension Yojana. Under this scheme, people who enrol in the Atal pension yojana are eligible to receive minimum monthly pensions of Rs 1000 to 5000 per month, depending on the contributions made by the subscribers. There is a security of minimum pension in this scheme. All citizens between the ages of 18 and 40 can enrol in the Atal Pension Yojana, and they will get a pension once they reach the age of 60. The Pension Fund Regulatory and Development Authority (PFRDA) backs the system, and banks around the country are offering subscriptions.

Atal pension scheme is a safe scheme for people, and there is no risk of losing investment. Another beneficial feature of this scheme is that Each NPS account registered in 2010-11, 2011-12, 2012-13, and 2013-14 would get a yearly contribution of Rs 1000 from the government. This benefit is offered to persons who contribute a minimum of Rs. 1,000 and a maximum of Rs. 12,000 every year. The money in the plan at the moment of withdrawal is tax-free.

Did You Know?

The amount put into the Atal Pension Yojana Account might be as little as 42 rupees or 1,454 rupees.

Eligibility for Atal Pension Yojna

To understand the eligibility of the Atal pension yojana, one must understand the definition of the unorganized sector. This is because people who are employed in the unorganized sector are the one who is eligible for this scheme. An unorganized sector is production or service-oriented enterprise owned by self-employed employees. Due to the informal and seasonal nature of work and the dispersed placement of businesses, wage-paid labour is typically non-unionized. This industry is characterized by low wages, insecure and irregular work, and a lack of protection from legislation or trade unions. Essentially, these are the eligibility criteria for enrolling into the Atal pension yojana:

  • According to the Atal Pension Yojana guidelines, this plan is only available to people above 18. Because a 20-year minimum contribution term is required, the maximum age at which users can begin contributing to the pension system is 40.
  • Enrollers must have an active mobile number.
  • A legitimate bank account number must be linked to your Aadhaar card.
  • You must submit relevant ‘Know Your Customer’ information.
  • Enrollers must not already have an APY account.

Steps to Apply for APY

There are two ways to apply for the APY pension scheme, you can either visit your bank branch and fill out the required forms there, or you can avail the online banking facilities of your banks and fill out the Atal pension yojana details online. We will talk about both of these ways in this section. Follow these steps for offline application of the APY scheme:

  • The plan is available at all nationalized banks. You may open an APY account with any of these nationalized banks.
  • Forms for the Atal Pension Yojana are accessible online and at the bank. The form can be downloaded form the official Atal pension Yojana website.
  • English, Hindi, Bangla, Gujarati, Marathi, Odia, Tamil, and Telugu are some of the languages accessible.
  • Fill out the form and submit it to your registered bank.
  • You are also required to supply a valid  registered mobile phone number.
  • Next step is to get a photocopy of your Aadhaar card and send it in with your application.

To avail of the online method of applying online, you can go to the online platform of your registered bank and submit your apy login credentials. Many banks provide this facility of Atal pension yojana online login.

Atal Pension Yojna Contributions

The main factor determining your monthly contribution towards the Atal pension yojana scheme is the monthly pension you want to receive after retirement. Regardless of whether the pension scheme account was formed in a bank branch or online, the contribution for the APY pension scheme will be auto-charged from your bank account.

APY Contribution Chart

Users can change the amount they give every month; however, this option is only accessible once a year, in April. Customers will receive SMS alerts on their registered mobile phones with information about the status of their contributions. Aside from that, customers will obtain a statement of account. These are the contributions chart for your monthly APY contributions. They are divided into Rs 1000, 2000,3000, 4000,5000 monthly contributions.

Age of registrationMonthly pension of Rs 1000Monthly pension of Rs2000Monthly pension of Rs3000Monthly pension of Rs4000Monthly pension of Rs5000.
184284126168210
2050100150198248
2576151226301376
30116231347462577
35181326543722902
4029158287311641454

Source: https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Brochure.pdf

Benefits of APY Scheme

The government of India is very concerned for its citizens employed in the unorganized sector. They want to ensure that every citizen can benefit from a fixed pension under the Atal pension scheme. This scheme has many benefits; some of these benefits are :

  • Subscribers in this scheme can avail of tax benefits. Individuals who make regular contributions to the Atal Pension Yojana are entitled to tax incentives u/s 80CCD.
  • After reaching the age of 60, you can avail a fixed pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000 depending upon your contributions.
  • The APY system is open to any of the nationalized banks.
  • As soon as the subscribers reach the age of 60, they will begin receiving monthly pension.
  • Employees in the private sector who do not get pension benefits are also eligible to register for the Atal Pension Yojana plan.
  • In case of the untimely demise of an active policyholder, that person’s spouse has the option of claiming the contributions or continuing the scheme.
  • There are no potential risks in this investment option.

Word to Remember

The pension fund regulatory and development authority of India falls under the jurisdiction of the Ministry of Finance. Pension Fund Regulatory and Development Authority is a regulatory agency in India that oversees and regulates pension funds.

Conclusion

Atal pension scheme is a pension scheme started by the government of India to provide a fixed source of pension for people working in the unorganized sector. It’s a great scheme to help people save for retirement. People can also avail tax benefits on their earnings u/s 80 CCD of the income tax act.

FAQs

Who is eligible to join APY?

The APY plan is open to all Indian citizens, preferably employed in the unorganized sector. These are the eligibility criterias:
A person should be between the age bracket of 18 to 40.
They should hold a savings bank account or a savings bank account at a post office.

How much will you get as a pension under APY?

From the age of 60, a minimum guaranteed monthly pension of Rs 1,000/-, Rs 2,000/-, Rs 3,000/-, Rs 4,000/-, and Rs 5,000/- would be paid, based on the contributors’ payments.

Is it possible to adjust the amount of my monthly contribution?

Yes, you can reduce or raise your monthly payments once a year, in April, depending on your needs.

Is submitting Aadhaar card number compulsory for enrolling in the scheme?

Providing an Aadhaar number for opening an APY account is not mandatory. However, it is desirable to provide an Aadhaar Number to identify the subscriber properly.

Is it obligatory for Atal Pension Yojana subscribers to make a nomination when they join the scheme?

Nominations are required. When applying for the Atal Pension Yojana plan, the nominee’s data must be supplied along with the spouse’s details. The spouse’s and nominee’s Aadhaar numbers must also be given.

Share this Article
Facebook Twitter Whatsapp Whatsapp Email Print
Previous Article ppf Know all About the Rules of Public Provident Fund
Next Article demand deposit A Comprehensive Guide to Understand How Demand Deposit Works
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Searches
  • What Is PPF
  • PPF Investment
  • EPF Pension Calculator
  • What Is IRA
  • Pension Planner
  • What Is Annuity
  • Post Office PPF
  • Best Retirement Plans
  • Guaranteed Annuity Rate
  • What Is Pension Plan
  • Retirement Planning
  • Reitrement Calculator
  • What Is VRS
  • How To Check Pension Online
  • Early Retirement
  • Ppf Account Benefits
  • How To Calculate PPF
  • What Is VRS
  • What Is Immediate Annuity
  • What Is Pension Payment Order

Social Media

Social Media
Facebook
YouTube
Instagram
Twitter
Linkedin

Recent Post

UPI Charges
NPCI introduces UPI charges: Let’s clear the confusion around it
Banking
Bank of India Passbook
Bank of India Passbook
Banking
ICICI Bank Passbook
ICICI Bank Passbook
Banking
IDBI Bank Passbook
IDBI Bank Passbook
Banking

You Might also Like

ICICI NEFT Timings

ICICI NEFT Timings

To transfer funds online or at the bank using the ICICI NEFT…

Read More
Atal Pension Yojna

Atal Pension Yojna Explained: Read This to Know Your Eligibility

The government started the Atal pension yojana to ensure that the poor…

Read More
BHIM SBHI Pay

BHIM SBI Pay- Send & Receive Payments

With the government introducing BHIM App for the Indian citizens, several banks…

Read More
investment

Where to Invest Money: Best Investment Options in India

Do you wish to see your money work for you while you…

Read More
IS logo 250px

We are here to make your investment journey simple by delivering content on financial topics in plain English.

Categories

  • Tax
  • Cryptocurrency
  • Aadhaar
  • Mutual Funds
  • Banking
  • General Insurance
  • Pension & Retirement
  • Car Insurance
  • Travel Insurance

Quick Link

  • About Us
  • Contact
  • Terms & Conditions
  • Privacy Policy
Social Media
Facebook
YouTube
Instagram
Twitter
Linkedin

We are here to make your investment journey simple by delivering content on financial topics in plain English.

Categories

  • Tax
  • Cryptocurrency
  • Aadhar
  • Mutual Funds
  • General Insurance
  • Pension & Retirement
  • Car Insurance
  • Travel Insurance

Quick Link

  • About Us
  • Contact
  • Terms & Conditions
  • Privacy Policy

Social Media

Copyright © 2023 Investment Simplified. All rights reserved.

Welcome Back!

Sign in to your account

Lost your password?