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APY - How to Apply For Atal Pension Yojana Online

APY - How to Apply For Atal Pension Yojana Online

APY - How to Apply For Atal Pension Yojana Online

APY - How to Apply For Atal Pension Yojana Online

  1. How to Apply Atal Pension Yojana
  2. Contributions towards Atal Pension Yojana
  3. Atal Pension Yojana Withdrawal Procedure
  4. Atal Pension Yojana Penalty Charges
  5. Atal Pension Yojana Eligibility
  6. Features & Benefits of Atal Pension Yojana

The Atal Pension Yojana (APY) scheme was announced by the govt of India within the 2015-2016 budget with the most aim of helping individuals who are working within the unorganised sector. 

  • A pension of up to Rs.5,000 is paid per month 
  • Tax benefits are provided 
  • The Indian Government co-contributes towards the scheme 
  • Risk-free scheme 
The scheme was launched with the aim of helping poor people that add the unorganised sector receive a daily income after retirement. The scheme encourages poor people to save lots of for his or her retirement. All operations of the scheme are handled by the Pension Fund Regulatory and Development Authority (PFRDA). The APY scheme may be a voluntary scheme that poor workers within the unorganised sector can choose so as to save lots of for his or her retirement. 

1. How to use Atal Pension Yojana The below-mentioned steps must be followed so as to avail the advantages of the scheme: 

  • All nationalised banks offer the APY scheme. Individuals can visit these banks to open an APY account. 
  • The account opening forms are available online on the bank websites also. Individuals can download the appliance form online. 
  • The application form is out there in English, Telugu, Tamil, Odia, Marathi, Kannada, Gujarati, and Bangla. 
  • The application form must be filled up and submitted at the bank. 
  • In case a legitimate mobile number isn't provided at the bank, individuals must provide the amount. 
  • The Aadhaar card photocopy must be submitted by the individual also.
 In case the appliance sort of the individual has been approved, he/she will receive a confirmation message. 

How to fill Atal Pension Yojana Form 

Once you've got procured the shape for the Atal Pension Yojana Scheme, filling it up is straightforward.

Step 1: Address 

You have to deal with the shape to the Branch Manager. you'll determine the name of your Branch Manager by calling or visiting the bank. Enter your bank name and branch. 

Step 2: Bank details 

You can start filling the shape in BLOCK letters. First, you're required to supply your bank details. Enter your checking account number, bank name and bank branch. Filling up this field is compulsory. 

Step 3: Personal details 


  • Tick the box that's applicable that indicates whether you're “Shri”, “Smt” or “Kumari”. Tick “Shri” if you're a male applicant. Tick “Smt” if you're a married female applicant. Tick “Kumari” if you're one female applicant.
  •  Enter your full name, date of birth, and age. 
  • Provide your mobile number, email address and aadhaar card number. 
  • Tick the right box to point if you're married or single. If you're married, you want to provide your spouse’s name. 
  • You can then nominate someone and state their relationship to you. A nominee will receive your contribution just in case of your death. 
  • If the nominee may be a minor, you would like to supply their date of birth and guardian's name. 
  • You must also state if the nominee has the other statutory Social Security schemes and if they're income taxpayers. 

Step 4: Pension details 

You can prefer to contribute towards a pension of Rs. 1000 up to Rs. 5000. the shape gives you the choice of ticking 1000, 2000, 3000, 4000 or 5000. The box below that's to be filled in by the bank titled “Contribution Amount (Monthly)”. Leave that space blank. The bank will calculate the quantity you've got to pay monthly to receive the pension of your choice. This calculation is completed on the idea of your entry age. for instance, for a pension of Rs. 2000, if your entry age is 25 years, you'll need to pay Rs. 151 per month. 

Step 5: Declaration and Authorization 

You need to fill within the date and place. you'll either sign the document or put a thumb impression. By signing the document, you declare that you simply meet the Atal Pension Yojana eligibility criteria, which you've got read and understood the terms and conditions of the Atal Pension Yojana Scheme. You declare that each one the knowledge you've got written is correct as far as you recognize. If any changes need to be made to the knowledge provided, you'll contact the bank immediately. you furthermore may declare that you simply don't have any account under NPS ( National Pension System). you'll be held responsible for any false and proper information knowingly provided, including the Aadhaar card. 

Step 6: To be filled in by the bank 

The last section of the Atal Pension Scheme form is to be filled in by the bank titled “Acknowledgement - Subscriber Registration for Atal Pension Yojana (APY)”. you ought to leave this box blank. it's an acknowledgment of the bank that they're going to subscribe the Atal Pension Yojana Scheme for you. After you submit the shape, the bank agent will fill it out. 

Contributions towards Atal Pension Yojana 

The monthly pension that a private wants to receive and therefore the age of the individual when he/she starts the scheme are the most factors that affect the monthly contribution towards Atal Pension Yojana. The below mentioned table shows the monthly contribution that a private must make and therefore the number of years the contribution must be made to receive a pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000: 

Atal Pension Yojana Withdrawal Procedure 

Although initially this scheme didn't permit exiting before the subscriber reached the age of 60, the Atal Pension Yojana withdrawal procedure are slightly modified.
  • If the subscriber has attained the age of 60 then he/she can exit this scheme with an entire annuitization of the pension amount. The subscriber will need to visit the director during this regard and apply for an equivalent.
  • Exit before the subscriber attains the age of 60 is permitted only in exceptional circumstances like terminal illness or death. just in case the subscriber expires before the age of 60 then the pension amount are going to be provided to the spouse. just in case both the subscriber and spouse have expired then the quantity would be returned to the nominee. 

Atal Pension Yojana Penalty Charges 

In case of delayed payments, the below-mentioned (APY) penalty charges are going to be levied on a monthly basis: 
  • Rs.1 are going to be the penalty which will be levied just in case of contributions of up to Rs.100 per month. 
  • Rs.2 are going to be the penalty that's charged just in case of contributions between Rs.101 and Rs.500 per month. 
  • Rs.5 are going to be the penalty charges that are levied for contribution between Rs.500 and Rs.1,000 per month. 
  • Rs.10 are going to be the penalty that's charged just in case of payments above Rs.1,001 per month. 
Depending on the pension amount, the APY penalty charges are going to be a hard and fast amount. 

In case there's an interruption in payments, the below-mentioned points apply:
  • If there are not any payments made for a duration of 6 months, the account are going to be frozen. 
  • The account are going to be deactivated if there are not any payments made for a duration of 12 months. 
  • The APY account are going to be closed if payments aren't made for a duration of 24 months.

 Atal Pension Yojana Eligibility 

The eligibility of Atal Pension Yojana are mentioned below: 
  • The individual must be an Indian citizen. 
  • Contributions must be made for a span of 20 years. 
  • Individuals must have a lively mobile number. 
  • The APY regulation for people to take a position within the scheme is between the ages of 18 years and 40 years. 
  • Individuals must have a legitimate checking account number and it must be linked with the Aadhaar number. 
  • All ‘Know Your Customer’ details must be submitted by the individual. 
  • In case a private wants to use for the scheme, he/she cannot have an already existing APY account. 

Features & Benefits of Atal Pension Yojana 

The main features of the APY scheme are mentioned below: 
  • The Indian Government guarantees the minimum pension which will be paid to the individual after retirement. 
  • Under Section 80CCD, individuals are eligible for Atal Pension Yojana tax benefits for the contributions made towards the scheme. 
  • The Government of India co-contributes a maximum of Rs.1,000 or 50% of the individual’s contribution, whichever is lower, towards the scheme. The contribution made by the govt is merely for people who aren't income taxpayers and aren't covered by any Statutory Social Security Schemes. 
  • All Bank account holders are eligible to hitch the APY scheme. 
  • The co-contribution made by the govt is for a period of 5 years and are for people who join between 1 June 2015 and 31 December 2015. 
  • Individuals will start receiving a pension once they reach the age of 60 years old. 
  • Private sector employees who aren't provided any pension benefits also are allowed to use for Atal Pension Yojana scheme. 
  • Individuals have an option of receiving a hard and fast pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000 once they attain the age of 60 years old. 
  • In case the main account holder passes away during the duration of the scheme, the spouse can either claim the contributions or complete the duration of the scheme. 

FAQ's 

1. Is the Atal Pension Yojana Government of India co-contribution available to beneficiaries of all other Social Security schemes? 
No, beneficiaries who fall into statutory Social Security schemes cannot receive the Government’s co-contribution. 
Beneficiaries of Social Security schemes under the below listed enactments aren't eligible to receive the govt co-contribution. 
  • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961. 
  • Seamens’ Provident Fund Act, 1966. 
  • Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
  • The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
  • Employees’ Provident Fund & Miscellaneous Provision Act, 1952. 
  • Other applicable statutory Social Security schemes. 
2.If a subscriber wants to open an Atal Pension Yojana account, what's the procedure to be followed? 
  • Customers need to fill-in the Atal Pension Yojana subscription form. 
  • The Aadhaar number and a legitimate mobile number need to be provided.
  • The submitted APY form has got to be submitted to the concerned bank and auto-debits need to be set within the customer’s checking account. it's mandatory that the subscriber maintains the specified balance in his bank account for creating regular contributions. 
3. Does the subscriber compulsorily need to submit the Aadhaar number while registering for the Atal Pension Yojana scheme? 
It is not mandatory for the applicant to supply the Aadhaar number while subscribing but, the Aadhaar card are going to be the first KYC document required by banks to spot beneficiaries, nominees and therefore the subscriber’s spouse. 

4.Can the Atal Pension Yojana account be opened without the subscriber holding a savings account?
No, while joining the Atal Pension Yojana scheme, it's mandatory for applicants to carry a savings checking account. 

5. How is that the maturity for the monthly contribution decided?
The maturity for an Atal Pension Yojana account is set supported the primary deposit date. 

6. Is it mandatory for subscribers to offer a nomination once they join the Atal Pension Yojana scheme?
 Yes, nominations are mandatory. The nominee details need to be provided along side spouse’s details while applying for the Atal Pension Yojana scheme. The Aadhaar details even have to be provided for the spouse and therefore the nominee.
 
7. How many Atal Pension Yojana accounts can a subscriber open? 
A single subscriber is allowed to open just one Atal Pension Yojana account, which can remain unique to him. 

8. Can an applicant join the Atal Pension Yojana scheme without holding an Aadhaar number? 
When opening the Atal Pension Yojana account an Aadhaar number isn't required, but Aadhaar details would be needed for enrolling beneficiaries, spouse and while identifying nominees. 

9. Can members of the workers Provident Fund (EPF) enroll for the Atal Pension Yojana scheme? 
Yes, Employees Provident Fund (EPF) subscribers also are eligible to enroll for the Atal Pension Yojana scheme. 

10. Can Atal Pension Yojana account holders enjoy any tax benefits from the scheme? 
No, subscribers cannot get any tax deductions on the monthly contribution amount done under the Atal Pension Yojana scheme. 

11. Are Atal Pension Yojana subscribers eligible to vary their monthly contribution amounts? 
Yes, monthly contributions amounts are often decreased or increased, counting on the subscriber’s requirements, once a year, during April. 

12. How can a subscriber check his Atal Pension Yojana account balance? 
Atal Pension Yojana subscribers will receive periodic statements regarding the status of their accounts and therefore the balance available. Instant information are often got through an SMS alert on the registered mobile number. 

13. If a subscriber changes his city of residence, can he still make monthly contributions to his Atal Pension Yojana account? 
Yes, he can still make monthly contributions to his Atal Pension Yojana account with none interruptions, because the amount is paid only through preset auto-debits. 

14. What happens if an Atal Pension Yojana account doesn't hold the specified amount of funds for creating the monthly contribution? 
If the specified amount of funds aren't available within the subscriber’s account, then the bank will impose a penalty amount for every delayed contribution. 

15. What happens to an Atal Pension Yojana account if the subscriber becomes an NRI? 
Only Indian citizens are eligible to open an Atal Pension Yojana account. If an Atal Pension Yojana subscriber becomes an NRI, then the account are going to be closed. The accrued contribution amount are going to be given to the subscriber and this may be treated sort of a voluntary exit done before the age of 60.

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