Government Scheme Atal Pension Scheme: Atal Pension Yojana is a pension scheme for the poor and unorganized sector workers. Under the scheme, pension is available for life after 60 years. In Atal Pension, the maximum pension available is Rs 5,000 monthly and Rs 60,000 annually. Atal Pension Yojana (APY) is a flagship scheme of the Central Government of Prime Minister Narendra Modi, which aims to bring in a social security system for all citizens of India, especially the poor, underprivileged and workers in the unorganized sector. This scheme was started on 9 May 2015. It is run by the Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension Yojana is a great help for the poor and unorganized sector workers. This scheme provides pension security for life and provides financial stability to the family.
According to the Finance Ministry, more than 56 lakh new account holders have been enrolled so far in the financial year 2024-25. The total enrollment under the scheme has crossed the seven crore mark. In its tenth year, this scheme has achieved great success in bringing the weakest section of the society under the ambit of pension coverage.
Benefits of Atal Pension Yojana
Under this scheme, beneficiaries get a minimum guaranteed pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 every month after the age of 60 years. The amount of pension depends on your contribution. For example, if someone starts saving money for a monthly pension of ₹ 1,000 at the age of 18, then he will have to pay only ₹ 42 per month. At the same time, for a monthly pension of ₹ 5,000 at the age of 40, a maximum monthly contribution of ₹ 1,454 will have to be made. The specialty of this scheme is that it provides ‘complete security cover’. If the beneficiary dies, his/her spouse gets the same pension. After the spouse, the nominee gets the entire amount deposited till the age of 60 years.
Eligibility
The scheme is open to all Indian citizens between the age of 18 to 40 years.
The applicant must have a bank account.
People paying income tax are not eligible for this scheme.
The amount of contribution varies according to the pension amount.
How to apply?
offline method
Go to your bank, where you have your savings account.
Take the registration form from the bank or download it from their website.
Fill the correct information in the form and select the pension option.
Submit your Aadhar card and other required documents along with the form.
After the application is accepted, you will get a message on your registered mobile number.
online process
Go to your bank portal or mobile banking app.
Login with login ID and password.
Search ‘Social Security Scheme’ or ‘Atal Pension Yojana’.
Fill the application form and give all the necessary information.
Agree to auto-debit for monthly contributions.
Before submitting the form, verify the information and then submit it.