Atal Pension Yojana (APY)

What is Atal Pension Yojana?

The Atal Pension Yojana (APY), managed by the Pension Fund Regulatory and Development Authority (PFRDA), is a government-backed pension scheme in India. It guarantees pension payouts ranging from Rs. 1,000 to Rs. 5,000 per month, aiming to provide financial security, particularly to the underprivileged. Eligibility is straightforward, making it accessible to a broad spectrum of people, including those in the unorganized sector and even employees in the private sector without pension benefits. 

The scheme's primary objective is to ensure a stable income for all Indians at the age of 60, mitigating concerns about financial challenges in old age. APY serves as a safety net, offering assurance against unforeseen health issues and accidents. Formerly known as Swavalamban Yojana, it contributes to the universal security of Indian citizens by extending its reach and inclusivity. 

Objectives of Atal Pension Yojana

The main goal of the APY (APY full form is Atal Pension Yojana) can be summarized as follows:

1. It aims to protect and secure Indian citizens against various issues such as illnesses, accidents, and diseases.
2. The scheme focuses primarily on the unorganized sector in the country.
3. You will receive monthly payments from your accumulated funds under the APY. If the beneficiary passes away, their spouse will receive the pension payments. If both the beneficiary and their spouse pass away, a lump sum payment will be made to the nominee.
 

APY Scheme Features

Here are the APY Scheme details:

1. Every subscriber can avail of a guaranteed pension of Rs. 1,000 to Rs. 5,000 per month. 
2. 50% of the contribution that the subscriber will make will also be contributed by the Indian government. In case the subscriber is not covered by a Statutory Social Security Scheme, the government co-contribution will be made to them. 
3. Every potential subscriber will receive a contribution from the Indian government for at least five years. So, if a subscriber has joined this PM Atal Pension Yojana between June 1, 2015, to March 31, 2016, you can avail of this. However, the Atal Pension Yojana benefits will not exceed the five year period in any circumstance. 
 

Atal Pension Yojana Eligibility

If needed, you can use the Atal Pension Yojana calculator for an accurate estimation of your pension. However, you must first check if you are eligible for it.

1. According to the Atal Pension Yojana details, the scheme is available for all between the ages of 18 to 40 years. So, it is important to focus on the Atal Pension Yojana age limit. 
2. The Atal Pension Yojana form must be filled out after ensuring that a KYC-compliant bank account has been opened. 

Once you have checked the eligibility criteria, you can choose Atal Pension Yojana online apply. Also, do not forget to gather information on the Atal Pension Yojana maturity amount. 
 

Atal Pension Yojana Benefits

Atal Pension Yojana (APY) provides various benefits to its beneficiaries. Let's explore these benefits in detail:

1.    Financial Security in Old Age: The primary advantage of APY is the assurance of financial security during one's retirement years. By enrolling in the scheme, individuals can secure a regular income stream once they reach 60 years of age. This financial support helps in meeting day-to-day expenses and maintaining a decent standard of living.
2.    Wide Coverage: According to the Atal Pension Yojana scheme details, this scheme extends its coverage beyond the unorganized sector, making it accessible to individuals working in the private sector and other organizations that do not offer pension benefits. This inclusive approach ensures that a larger portion of the population can avail themselves of the scheme's advantages.
3.    Affordable Contributions: The scheme is designed to be affordable for individuals from different income groups. The contribution amount can be chosen based on the desired pension amount and the age of enrollment. APY offers flexible options, allowing individuals to select the most suitable contribution plan according to their financial capabilities.
4.    Government Co-Contribution: To incentivize participation, the government provides a co-contribution to eligible subscribers of APY. Individuals meeting specific criteria can receive a co-contribution of 50% of their total contribution or ₹1,000 per year (whichever is lower) for a period of 5 years. This co-contribution further enhances the savings and pension corpus of the beneficiaries.
5.    Transferability and Nomination: APY offers flexibility by allowing subscribers to transfer their pension accounts from one bank or post office to another across the country. Additionally, individuals can nominate their spouse to receive the pension in case of their unfortunate demise, ensuring continued financial stability for the family. 

Indicative APY Contribution Chart (Age Wise)

How to download Atal Pension Yojana (APY form download)?

To obtain the Atal Pension Yojana (APY) account opening form, there are multiple methods available for your convenience:

1.    Branch Office Collection: You can visit any nearby branch office of a participant bank and collect the APY account opening form directly. These participant banks are authorized to distribute the forms and assist you with the account opening process.

2.    Online Download and Print: If you prefer a digital approach, you have the option to download and print the APY account opening form from the official websites of the participant banks. Ensure that the bank's website offers this specific facility before proceeding with the download. You can download your forms for this scheme from https://npscra.nsdl.co.in/nsdl/forms/APY%20Subscriber%20Registration-Form.pdf

3.    Official Website of PFRDA: Another reliable source for obtaining the APY account opening form is the official website of the Pension Fund Regulatory and Development Authority (PFRDA). By visiting the PFRDA website, you can access and download the authorized form directly.
 

How to fill the Atal Pension Yojana form

Step by step process to fill Atal Pension Yojana Form

Filling out the Yojana form is a straightforward process. To fill out the form correctly, you must know the Atal Pension Yojana details which are required for a successful application. Here is a step-by-step guide to help you complete the form accurately:

Step 1: Addressing the Form
Address the form to the Branch Manager of your respective bank. You can obtain the Branch Manager's name by contacting or visiting the bank. Fill in your bank name and branch details.

Step 2: Bank Details
Complete the form in BLOCK letters. Start by providing your bank details. Enter your bank account number, bank name, and bank branch. This section is mandatory.

Step 3: Personal Details
Indicate the appropriate salutation by ticking the box that corresponds to 'Shri' for males, 'Smt' for married females, or 'Kumari' for unmarried females. If married, enter your spouse's name. Provide your full name, date of birth, and age. Enter your mobile number, email address, and Aadhaar number. Nominate a person and state their relationship to you. In the event of your demise, this nominee will receive your contributions. If the nominee is a minor, provide their date of birth and guardian's name. Mention if the nominee is enrolled in any other statutory social security schemes or is an income taxpayer.

Step 4: Pension Details
Choose the desired pension contribution amount, ranging from ₹1,000 to ₹5,000, using the options provided (e.g., ₹1,000, ₹2,000, etc.). Leave the box titled 'Contribution Amount (Monthly)' blank as the bank will calculate the monthly payment amount based on your entry age. For instance, if your entry age is 25 years and you opt for a monthly pension of ₹2,000, the bank will determine that you need to pay ₹151 per month.

Step 5: Declaration and Authorization
Fill in the date and place on the form. Sign the document or provide a thumb impression. By doing so, you affirm that you meet the eligibility criteria and acknowledge that you have read and understood the scheme's terms and conditions. Confirm the accuracy of the provided information to the best of your knowledge. If any changes are required, you will promptly inform the bank. Declare that you do not have an account under the National Pension System (NPS). Understand that providing false or incorrect information intentionally will hold you accountable.

Step 6: To be Filled in by the Bank
The last section of the form, labeled 'Acknowledgement - Subscriber Registration for this scheme (APY scheme) ,' will be completed by the bank. It serves as confirmation from the bank that they will enroll you in the this scheme. Once you submit the form, a bank representative will fill out this section.
If you want to close your APY Account, you have to fill out the APY close form.
 

Investment Plan

Your investments in this scheme are guaranteed to provide returns. If you want to know about the Atal Pension Yojana details, especially the investment pla, here you go. The money you contribute in the APY scheme is invested in various strands, which are listed below:

Penalty Charges

The APY scheme encompasses penalty charges for delayed payments, which are outlined below. The APY penalty charges are fixed amounts based on the pension amount. These charges are levied on a monthly basis:

1.    Contributions up to ₹100 per month: A penalty of ₹1 will be imposed for delayed payments falling within this contribution range.
2.    Contributions between ₹101 and ₹500 per month: A penalty of ₹2 will be charged for delayed payments falling within this contribution range.
3.    Contributions between ₹500 and ₹1,000 per month: A penalty of ₹5 will be levied for delayed payments within this contribution range.
4.    Contributions above ₹1,001 per month: A penalty of ₹10 will be imposed for delayed payments exceeding this threshold.

In the event of payment stoppage, the following points are applicable:

1.    No payments for 6 months: If no payments are made for a period of 6 months, the APY account will be frozen.
2.    No payments for 12 months: If no payments are made for a duration of 12 months, the APY account will be deactivated.
3.    No payments for 24 months: If payments are not made for a period of 24 months, the APY account will be closed.

These measures are implemented to ensure regular contributions and adherence to the terms of the Atal Pension Yojana scheme.
 

Withdrawal Procedure

The withdrawal procedure for the scheme is as follows:

1.    Exit at 60 years of age: Once you reach the age of 60, you can choose to exit the APY scheme and receive your pension. To initiate the withdrawal process, visit the bank where you hold your APY account and submit an application for pension withdrawal.
    
2.    Early exit under exceptional circumstances: Under exceptional circumstances like terminal illness or death, you may be eligible for an early exit from the scheme before reaching 60 years of age. In such cases, the process may differ, and it is advisable to contact the bank and provide the necessary documentation to support your request. If the account holder passes away before turning 60, the pension amount will be paid to their spouse. In the unfortunate event that both the account holder and their spouse have passed away, the pension will be disbursed to the nominee specified by the account holder.