{₹60,000} Atal Pension Yojana (APY) 2023 Apply Online, Eligibility

Atal Pension Yojana All Details & Benefits | APY Scheme Premium Amount and Contribution Amount Chart | Atal Pension Yojana Inclusion Process

The Government of India has been very keen on 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 pensions 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 in the scheme.

Atal Pension Yojana (APY) 2023

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 of all the benefits of the 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 few 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 the government in power.
{₹60,000} Atal Pension Yojana (APY) 2019 - 20 Apply Online, Eligibility

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 The year 2015
Start Date to Apply Available Now
Last Date to Apply Not Yet Declared
Beneficiary Unrecognized Sector 
Status of Scheme Active
Benefits Pension Benefits
Objective To Provide Social security
Mode of Application Offline through Bank
Official Website https://www.npscra.nsdl.co.in/
Type of Scheme Central Government Scheme

The objective of the Atal Pension Yojana (APY)

The central government wants to empower citizens of the country and serve them a secure future in their old age. To fulfill this objective in the year 2015 central Government started Atal Pension Yojana. APY is 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.
  • The minimum age for joining APY is 18 years and the maximum age is 40 years.
  • The age of exit and start of pension would be 60 years.
  • No, 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 amounts 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/-
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

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 taken 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 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

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 for 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 the 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 banks.
  • Fill up the application form and submit it to your bank.
  • Provide a valid mobile number, if you haven’t already provided it 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 of the scheme.

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