The Government of India has been very keen in providing adequate pensions for the people of old age prevailing in the country and to fulfill this dream, the Government of India has come out with many schemes which will provide pension to the people recently. Now Central Government has announced a new scheme i.e. Atal pension Yojana. Under the Atal Pension Yojana beneficiary can get up to 5000 rupees as a pension and it is very easy to enroll into the scheme.
Atal Pension Yojana (APY) 2019 – 2020
Under the Atal Pension Yojana, it is said that the citizen who has applied for the scheme will get a fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month according to their monthly contribution. The Atal Pension Yojana is a very easy way to gain money after attaining the age of 60 years. Anyone who has no or very little sources of income may easily avail all the benefits of Atal Pension Yojana.
Benefits Of Atal Pension Yojana
There are many benefits of the Atal Pension Yojana and some of them are listed below:-
- APY will help benefit the people of old age.
- The scheme will help in providing income to the people who have very little sources of income.
- This will provide a pension to people with very fewer premium amounts.
- The scheme will provide old-age benefits and thus can prove to be a help for even government in power.
Overview of Atal Pension Yojana
|Name Of Scheme||Atal Pension Yojana|
|Introduced by||PM Narendra Modi|
|Nodal Agency||Pension Fund Regulatory and Development Authority (PFRDA)|
|Introduction Date||Year 2015|
|Start Date to Apply||Available Now|
|Last Date to Apply||Not Yet Declared|
|Status of Scheme||Active|
|Objective||To Provide Social security|
|Mode of Application||Offline through Bank|
|Type of Scheme||Central Government Scheme|
Objective of Atal Pension Yojana (APY)
The central government wants to empower citizen of the country and serve them a secure future in their old age. To fulfill this objective in the year of 2015 central Government has started Atal Pension Yojana. APY are now providing definite pension benefits after the age of 60 years.
Eligibility for Atal Pension Yojana
To apply for the Atal pension scheme the applicant must follow these simple eligibility criteria as finalized by the concerned authorities:-
- The applicants must not be members of any statutory social security scheme
- The applicant must not be an income taxpayer.
- Minimum age of joining APY is 18 years and maximum age is 40 years.
- The age of exit and start of pension would be 60 years.
- No any other eligibility criteria have been finalized by the government and people from all over India can apply for this scheme freely and very easily.
Monthly Contributions Under The Scheme
Under the Atal Pension Yojana the beneficiaries are allowed to make a monthly contribution to the bank. The monthly contribution will be directly debited from the beneficiary’s bank account. The following table shows the monthly contribution liable on a different amount of pensions:-
|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/-|
Penalties In Atal Pension Yojana
Some penalties have been finalized under the Atal pension scheme. If the individual fails to pay the premium amount the following actions will be taking after certain months :-
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
Note – The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
Important Documents Required For Application
To apply for the Atal pension scheme, the beneficiaries shall produce these given documents at the time of filling out the application form:-
- Aadhar card – Aadhar card is treated as a proof of identity for the beneficiaries.
- Bank account details – The bank account details have to be shared while filling out the application form because funds will be directly credited to the beneficiary’s bank account.
- A valid mobile number is also needed to be produced while filling out the application form because the updates of the pension scheme will be directly messaged to the registered mobile number.
Withdrawal of APY Scheme 2020
The Monthly Pension will be given to subscriber after the attaining 60 years. In case of death of the subscriber, the pension would be given to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
How to Apply Atal Pension Yojana (APY)
To apply for the Atal pension scheme you need to follow the simple steps given below :-
- First you have to visit the official website.
- Then download the form of Atal pension scheme available there.
- Thus, visit your nearest bank.
- The Atal pension scheme will be provided by all the banks across India, you can visit any of the bank.
- Fill up the application form and submit it to your bank.
- Provide a valid mobile number, if you haven’t already provided to the bank.
- Submit a photocopy of your Aadhaar card.
- Thus, your form will be successfully submitted at the bank and you will avail the benefit for the scheme.