Atal Pension Yojna (APY) Scheme Eligibility, Benefits and more details

The Atal Pension Yojana (APY) is a new programme that the Indian government has introduced. The Atal Pension Yojana (APY) is a guaranteed pension programme created to give unorganised sector workers financial security after retirement. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of the APY programme. The Government of India launched the scheme in the fiscal year 2015–2016 with the intention of helping people who are currently employed in the unorganised sector. The APY plan currently has more than Rs 28,434 crores in assets under management (AUM), and investments made since the program's inception have returned an average of 8.92%. Atal Pension Yojana (APY) has more than 5.25 crore users registered.

🔸Eligibility for Atal Pension Yojana Scheme

Individuals must meet the following criteria in order to invest in the Atal Pension Yojana Scheme and earn a pension from it –

1. Must be an Indian citizen.

2. Should possess an active mobile number.

3. Must contribute to the scheme for a minimum of 20 years.

4. Should be within the age bracket of 18 years and 40 years.

5. Must hold a bank account linked with his/her Aadhaar.

6. Shall not be a beneficiary of any other social welfare scheme.

In addition, those who have received benefits under the Swavalamban Scheme are automatically eligible and have migrated to this scheme. 🔸Atal Pension Yojana: Benefits

This yojana is not an ordinary scheme of government due to its following benefits:

1. Retirement advantages

The retirement payout is one of the most significant features of the APY Scheme. Depending on the deposits made, the monthly pension payment's amount fluctuates. There are five different pension amounts, each worth 1,000, 2,000, 3,000, 4,000 and 5,000 rupees. For each of these pensions, different amounts of contributions are needed. The pension will be granted to the surviving spouse if the subscriber passes away.

2. Tax Advantage

Tax advantages are available for contributions made to the Atal Pension Yojana, which the government is offering to entice people to invest money in the plan. Individuals who take part in the Atal Pension Yojana are also qualified to get tax benefits under Section 80CCD (1B) in the amount of Rs. 50,000 in addition to the Rs. 1.5 lakhs. This will result in a decrease in the amount of income that is taxable for the subscriber.

3. Death advantages

The Atal Pension Yojana benefits may be obtained by the contributor's surviving spouse. Since the spouse is the pension's default nominee, the pension is automatically transferred to them upon the death of the contributor. The contributor's nominee will be entitled to the predetermined amount of the corpus that corresponds to the specified pension slab if both the contributor and their spouse pass away at the same time. If the contributor dies before turning 60, the spouse has the option of either keeping the APY account open and continuing to profit from it or closing the account and receiving all of the contributions and gains that have been made.

4. Enabling the unorganized sector

The scheme was launched primarily with the motive to reduce the financial problem of individuals who are employed in the unorganised sector, thus helping them to be financially independent in their later years.

🔸Atal Pension Yojana 2023: How to register?

All banks in India are empowered to initiate the opening of a pension account under the Atal Pension Yojana. The steps to apply for APY are –

1. Visit the nearest branch of the bank where you have an account.

2. Duly fill out the application form with the required details.

3. Submit it along with two photocopies of your Aadhaar card.

4. Provide your active mobile number.

The Atal Pension Yojana Scheme does not have a last date to join. Submit your application before June 1st to join the scheme for the coming year. The scheme is renewed on June 1st every year.

🔸How to Download APY Form? Atal Pension Yojana (APY) account opening form can be obtained by using any of the methods listed below:

1. You can obtain the form from any participating bank’s nearest branch office.

2. You can download and print the form from the official websites of the participating banks if they offer such a service.

3. The APY account opening form can be downloaded from the Pension Fund Regulatory and Development Authority’s official website (PFRDA).

🔸APY Scheme Summary Details:

Pension amount	Up to Rs 5,000
Age limit	18 years – 40 years
Contribution Period	Minimum 20 years
Exit Age	60 Years

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