Pension Yojana

Atal Pension Yojana is a pension scheme introduced to provide pensions to the unorganized sector such as maids, gardeners, delivery boys, etc. 

The objective of the Yojana

This scheme aims to make sure that no Indian citizen has to worry about any illness, accidents or diseases in old age, it provides security. Private sector employees or employees working in such an organization that does not provide them pension benefits can also apply for the scheme.

According to the scheme, people will get an option of getting a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 on attaining an age of 60. The contributor’s spouse will be allowed to claim the pension in the case of the contributor’s death and in n case of the death of both the contributor, the nominee will be given the pension. 

According to the rules made by the government of India, the collected amount in the scheme is to be managed by the Pension Funds Regulatory Authority of India (“PFRDA”).

Eligibility for Atal Pension Yojana

To be eligible for the scheme and its benefits person must fulfil the below requirements:

  1. Must be a citizen of India.
  2. Must be between the age of 18-40.
  3. The person should make contributions for a minimum of 20 years.
  4. Must have a bank account linked with your Aadhar.
  5. Must have a valid mobile number.
  6. Those who are availing of the benefits of Swavalamban Yojana will be automatically transferred to Atal Pension Yojana.

How to Apply for Atal Pension Yojana

Follow the below steps to apply for the APY Scheme.

  1. A person can visit any of the nationalized banks to start the APY account.
  2. APY scheme forms are available on the official website and also at the bank. The person can download the form from the official website and submit it to the bank after filling it.
  3. The forms are available in some of the languages such as English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.
  4. Fill up the application form and submit it to the bank.
  5. Provide a valid mobile number to receive the confirmation and further information.
  6. Submit a photocopy of your Aadhaar card.
  7. The person will receive a confirmation message when the application is approved.

FAQs on Atal Pension Yojana

Can I apply for APY online?

No, currently there is not this facility available to apply for APY online. 

What are the documents required to apply for the APY Scheme?

To apply for the APY scheme, a person needs to fill out the form and submit a photocopy of the Aadhar Card. No other documents are required.

How will I know that the APY scheme is activated?

You will receive an SMS on the registered mobile number, which contain the information about the pension scheme being activated.

What is the last date to submit the Atal Pension Yojana form?

The Atal Pension Yojana Scheme does not have any last date. This scheme is renewed on June 1st every year. So to be eligible for the coming year you have to apply before the 1st of June.