Atal Pension Yojana: Atal Pension Yojana, will get pension from 1000 to 5000 rupees.
Atal Pension Yojana – APY – Atal Pension Yojana: Formerly known as Swavalamban Yojana (SY : Swavalamban Yojana), is a government-sponsored pension scheme in India, mainly targeting the unorganized sector. It was mentioned in the 2015 budget speech by Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi in Kolkata on 9 May 2015.
Under the Atal Pension Scheme, after the age of 60 years of the beneficiaries, an amount ranging from Rs 1000 to Rs 5000 will be given as pension. Under Atal Pension Yojana, the pension amount will be determined based on the age and investment of the beneficiaries. In Atal Pension Yojana 2024, you can be entitled to get more pension every month by depositing less amount, but you can also get the benefit for your family in case of untimely death. Read this article carefully till the end to get information about Atal Pension Yojana like amount chart, application process, eligibility, required documents etc.
Atal Pension Yojana
| યોજનાનું નામ | અટલ પેન્શન યોજના |
| ક્યારે શરૂ કરવામાં આવી | વર્ષ 2015 |
| સરકાર | કેન્દ્ર સરકાર |
| લાભાર્થી | અસંગઠિત ક્ષેત્રના લોકો |
| હેતુ | પેન્શન આપવાનો હેતુ |
The applicant applying under this scheme has to deposit the premium every month. After that, financial assistance will be provided in the form of monthly pension in old age. To apply in Atal Pension Yojana, the age of the beneficiaries should be between 18 to 40 years, only then they can avail the benefit of this scheme. If a beneficiary wants to join the scheme at the age of 18, he will have to pay a premium of Rs 210 per month and those who are 40 will have to pay a premium of Rs 297 to Rs 1,454.
So far more than 65 lakh citizens have subscribed under Atal Pension Yojana. Due to which the number of customers has increased to 3.68 crore. This information has been given by the Ministry of Finance. Due to which the assets under management have increased to 20000 crore rupees. 56% of the total customers are male and 44% are female. Every citizen of India in the age group of 18 to 40 years can take the membership of this scheme. The scheme provides a minimum guaranteed pension of ₹ 1000 to ₹ 5000 on reaching the age of 60 years. Apart from this, in case of death of the subscriber, the spouse is also guaranteed lifetime pension.
After the death of both husband and wife, the pension fund is paid to the nominee. The scheme was launched by Prime Minister Narendra Modi on 9 May 2015 to benefit the citizens of the unorganized sector. It has been informed by the Chairman of PFRDA that a target of achieving one crore nominations has been set during this financial year.
Required Documents and Eligibility for Atal Pension Scheme
Applicant must be an Indian citizen.
Candidate’s age should be between 18 to 40 years.
The applicant should have a bank account and the bank account should be linked to the Aadhaar card.
Aadhaar Card of the applicant
mobile no
Credentials
Proof of permanent address
Passport size photograph
Benefits under Atal Pension Scheme
Atal Pension Yojana can be availed only by people of India.
Under the Atal Pension Yojana, a monthly pension ranging from Rs 1000 to Rs 5000 will be provided by the central government only after completing the age of 60 years. (Pension scheme after 60 years)
Under the Atal Pension Yojana, the pension amount will be paid based on the age and investment made by the beneficiaries.
Like the PF account, the government will also contribute from its own side to this pension scheme.
If you want a pension of Rs 1000 per month and your age is 18 years, you have to deposit a premium of Rs 210 per month for 42 years.
At the same time, 40-year-olds will have to pay a premium of Rs 297 to Rs 1,454. Only then he can avail APY 2024.
Atal Pension Yojana was launched to provide pension to unorganized sector employees. Through Atal Pension Yojana, a pension of Rs.1000 to Rs.5000 per month is provided according to the applicant’s investment on completion of 60 years of age. Tax benefits will also be provided to customers under this scheme. This information has been given by the Pension Fund Regulatory and Development Authority by tweeting. The tweet stated that all income tax payers falling within the age group of 18 to 40 years can avail this scheme and also all those income tax payers under section 80CCD (1b) of Income Tax can avail this scheme. Contributions can also be received.
To avail the benefits of this scheme, it is mandatory for the customer to have a Savings Bank Account or Post Office Savings Account. Atal Pension Scheme has also been included in Section 7 of the Aadhaar Act. All citizens who wish to apply under this scheme will have to submit proof of their Aadhaar number or register under Aadhaar authentication.
What if Atal exits pension scheme before 60 years?
As you all know that Atal Pension Yojana is a type of pension which is given after retirement. Account holder can avail this scheme after the age of 60 years. For this the account holder has to pay the contribution amount till the age of 60 years. Under the Atal Pension Scheme, the account holder cannot exit the scheme before the age of 60 years. But in certain circumstances like in case of illness or death, one can opt out of the irrevocable pension scheme.
Withdrawal of Atal Pension Scheme (Pension scheme after 60 years)
On completion of 60 years of age: After the age of 60 years, the applicant can withdraw from the Atal Pension Scheme. In this case, pension will be given to the applicant after withdrawal of pension.
In case of death of the applicant: If the applicant dies, the pension amount will be paid to the spouse of the applicant. And if both of them die then the pension will revert to their nominee.
Withdrawal before the age of 60: Withdrawal before the age of 60 is not allowed from Atal Pension Yojana. But in some exceptional circumstances it is allowed by the department. For example, if the beneficiary dies or in the event of terminal stoppage.
National Pension System Trust
An ombudsman has been appointed by the Pension Fund Regulatory and Development Authority earlier in the year to redress the grievances of applicants of the National Pension System and Atal Pension Yojana. Any customer whose grievance is not resolved within 30 days from the date of registration or is not satisfied with the resolution provided may file a grievance with NPS Trust. NPS Trust will respond to the customer within 30 days from the date of receipt of the complaint and the complaint will be redressed at the earliest.
Tax benefits under Atal Pension Yojana
Like the National Pension Yojana, if you invest in an Irrevocable Pension Yojana, you will be given tax benefits. These tax benefits will be provided under Section 80 CCD (1B) of the Income Tax Act. An income tax deduction of ₹50000 will be provided to the investor under section 80 CCD (1B).
Investment to be made in the scheme
Under Atal Pension Yojana, if a person saves 7 rupees per day and invests 210 rupees for a month, he can get a pension of up to 60 thousand rupees per annum, this investment has to be made from the age of 18 years. A special feature of this scheme is that it also has the benefit of tax exemption on investment under Section 80 of the Income Tax Act. The scheme is being run by the Pension Fund Regulatory and Development Authority through the National Pension Scheme. If you also want to avail this scheme, you can apply under this scheme.
Pradhan Mantri Atal Pension Yojana (APY) 2023
After investing in Atal Pension Yojana, the beneficiaries will get pension every month after the age of 60 years. Under this scheme, if the beneficiary dies, the pension amount awarded to the beneficiary will be given to the step-spouse(s) of the nominee and if both (husband, wife) die, the pension amount will be given to the specified nominee. The Pension Fund Regulatory and Development Authority (PFRDA) acts as the nodal agency.
Information required for the applicant
Under Atal Pension Scheme, information regarding account balance, contribution credit etc. is provided to the applicant through SMS.
Beneficiary can also change non-financial details like name, address, phone number etc. of the nominee through SMS.
All customers can get information regarding subscription, auto debit of account and account balance through SMS through their mobile phones.
Application of Atal Pension Scheme
To join Atal Pension Yojana 2024, it is mandatory for the beneficiary to have a bank account and the bank account should be linked with the Aadhaar card. Those who are income tax payers and have government jobs, cannot avail this scheme. Any interested beneficiary can open an Atal Pension Yojana account at any nationalized bank in India.
Atal Pension Scheme Registration and Payment
All eligible citizens can join Atal Pension Yojana after providing auto debit facility in the account.
It is mandatory for the account holder to maintain the required balance in his savings account on the stipulated date to avoid late payment penalty.
Payment of monthly contribution shall be made only on the basis of the first contribution paid.
If the beneficiary does not make the payment on time, in this case the account will be closed and any contribution made by the Government of India will also be forfeited.
To avail the benefit of this scheme, if any wrong information is provided by the account holder, the government contribution will be forfeited along with penal interest.
Aadhaar card is mandatory to avail the benefits of this scheme.
Beneficiary can opt to get pension between 1000 to 5000. For which the beneficiary has to deposit his contribution on time.
The pension amount can also be increased or decreased by the beneficiary.
The amount of pension can be reduced or increased only in the month of April.
After joining the Atal Pension Yojana, each subscriber will be given an acknowledgment slip, which will clearly state the amount of pension assured, the due date for payment of contributions, etc.
Status of non-contribution under Atal Pension Scheme
If the applicant does not contribute under Atal Pension Yojana, his account will be suspended after 6 months. If even after this the investor has not made any investment, after 12 months his account will be inactive and after 24 months his account will be closed. If the applicant fails to make the payment on time he will have to pay a penalty. This penalty ranges from ₹1 to ₹10 per month.
How to Apply for Atal Pension Yojana 2023?
A person who wants to apply under Pradhan Mantri Atal Pension Yojana should first open his savings account in any national bank.
After that fill all the information like Aadhaar card, mobile number etc. asked in the application form for Pradhan Mantri Atal Pension Yojana.
After filling the application form, submit it to the bank manager. After this, your bank account will be opened under Atal Pension Yojana after verification of all your letters.
Account opening process under Atal Pension Yojana without mobile app or net banking
People who have a bank account but do not use net banking or mobile apps. Soon it will be easy for them to open an account under Atal Pension Yojana. The onboarding process will soon be simplified by the Pension Fund Regulatory and Development Authority, which will allow existing savings account holders to initiate alternative channels for on-boarding. Through this channel, account holders can now open their account under Atal Pension Yojana without mobile app and net banking.
Earlier, account under Atal Pension Yojana could be opened only through mobile app and net banking. But now due to this new step account holders will be able to open their account without mobile app and net banking.
If you want to open an account under Atal Pension Yojana then you have to contact the bank where your savings account is. From there you have to get the registration form. After this, you have to submit this registration form to the same bank by filling all the information asked in the registration form and attaching all the important documents along with the registration form. Along with the form you have to provide a valid phone number on which you will receive all s.m.s. will be received.
| Atal Pension Yojana અરજી ફોર્મ | અહીં ક્લિક કરો |
| હોમ પેજ | અહીં ક્લિક કરો |
| Atal Pension Yojana અધિકૃત વેબસાઈટ | અહીં ક્લિક કરો |