Atal Pension Yojana

APY Atal Pension Yojana Pradhan Mantri Pension Yojana
APY Atal Pension Yojana Pradhan Mantri Pension Yojana

Atal Pension Yojana (or APY, earlier known as Swavalamban Yojana) is a Pradhan Mantri Pension Yojana in India, essentially targeted at the unorganized sector. It was introduced in the 2015 Budget speech by the then Finance Minister Arun Jaitley. It was started by Prime Minister Narendra Modi on 9 May in Kolkata

Table Of Content

  • Atal Pension Yojana
  • Pradhan Mantri Pension Yojana
  • Atal Pension Yojana Eligibility
  • APY: Atal Pension Scheme
  • Atal Pension Yojana Benefits
  • Atal Pension Yojana Chart
  • APY Contribution
  • Atal Pension Yojana Form

Atal Pension Yojana

APY Details – To incentivize people to enroll in this Atal Pension Scheme and increase its reach, the government stated that it would co-contribute 50% of the total contribution or ₹1,000 (US$14) per annum, whichever is more economical, to each eligible patron account, for 5 years. Only subscribers who had joined in the APY Scheme between June 1, 2015, and March 31, 2016, and were not recipients of any social security schemes, besides not holding any taxable income were qualified for this co-contribution.

Pradhan Mantri Pension Yojana

The minimum eligible age for a person entering APY is 18 years and the peak is 40 years. An enlisted person would start receiving a pension on achieving the age of 60 years. Therefore, the least period of co-operation by the subscriber under APY would be 20 years or more.

The national Aadhaar ID number is the primary “Know Your Customer” document for the description of beneficiaries, spouses, and nominees to circumvent entitlement-related disputes in the long-term. For proof of address, an individual may present a copy of their ration card or bank passbook.

Subscribers are asked to opt for a monthly pension from ₹1,000 (US$14) to ₹5,000 (US$70) and secure payment of the specified grant regularly (monthly, quarterly, or half-yearly basis).

Subscribers can opt to reduce or increase pension costs during the growth phase, as per the available monthly pension amounts. Yet, the option to switch is only given once a year during April.

This plan will be linked to the bank accounts began under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be subtracted automatically

Atal Pension Yojana Eligibility

To avail advantages from the Atal Pension Yojana, you need to fulfill the following requirements:

  1. Must be a citizen of India.
  2. Must be within the age of 18-40
  3. Should be able to make contributions for a minimum of 20 years.
  4. Must have a government bank account linked with your Aadhar
  5. Need to have a valid mobile number

Those who are availing advantages of Swavalamban Yojana will be automatically transferred to Atal Pension Yojana.

APY: Atal Pension Scheme features

  • Assured monthly pension for subscribers, varying from Rs. 1,000 to Rs. 5,000 per month.
  • The government of India (GoI) will further co-contribute 50% of the subscriber’s participation or Rs. 1,000 per annum, whichever is lower. The Modi Government co-contribution is desirable for those who are not correlated by any Statutory Social Security Schemes and is not an Income Taxpayer
  • GoI will co-contribute to each qualified subscriber, for a period of 5 years who enters the scheme in the period June 1 to December 31, 2015. The benefit of 5 years of Modi Government co-contribution following APY would not pass 5 years for all subscribers including migrated Swavalamban beneficiaries.

Atal Pension Yojana Benefits

  • Atal Pension Yojana is a Social Security Scheme launched by Govt. of India, directed at giving a steady stream of income after the age of 60 to all citizens of India. It is based on the National Pension Scheme (NPS) structure. Permanent Retirement Account Number (PRAN) will be given to the subscriber immediately by the Branch.
  • Under APY the subscribers have a decision to get a Fixed monthly Pension amount from Rs. 1000/-, Rs.2000/-, Rs. 3000/-, Rs. 4000/- and Rs. 5000/- by giving a monthly subscription as per the table given below:

Atal Pension Yojana Chart

APY CONTRIBUTION

AgeContribution YearsMonthly pension of Rs1000Monthly pension of Rs 2000Monthly pension of Rs 3000Monthly pension of Rs 4000Monthly pension of Rs 5000
18424284126168210
19414692138183228
204050100150198248
213954108162215269
223859117177234292
233764127192254318
243670139208277346
253576151226301376
263482164246327409
273390178268356446
283297194292388485
2931106212318423529
3030116231347462577
3129126252379504630
3228138276414551689
3327151302453602752
3426165330495659824
3525181362543722902
3624198396594792990
37232184366548701,087
38222404807209571,196
39212645287921,0541,318
40202915828731,1641,454
  • Central Government will co-contribute 50% of the entire yearly contribution or ₹ 1000 /- per annum, whichever is more economical, for approx 5 Years in the account of subscribers who link the APY scheme before 31st December 2015 and who are not a part of any Statutory Social Scheme and not an Income taxpayer.
  • Subscribers following the APY scheme at an early stage of age would be expected to pay lesser monthly subscription amounts as related to the subscriber joining at a later age as shown in the above table.

Atal Pension Yojana Form

To fill in the APY Form. Follow the below steps:

  1. Click here to generate form- https://www.npscra.nsdl.co.in/nsdl-forms.php
  2. To Download the Atal Pension Yojana Form- https://npscra.nsdl.co.in/nsdl/forms/APY_Subscriber_Registration_Form.pdf
  3.  Fill in your Bank account number, personal details such as name, date of birth, email id, Aadhaar card number, etc mentioned in the form.
  4. Fill in your pension details on how you are going to contribute your amount monthly, quarterly, or yearly.
  5. Tick in the pension amount you are going to contribute i.e. 1000, 2000, 3000, 4000, or 5000