The Aim of Atal Pension Scheme or Atal Pension Yojana Account is to provide a monthly pension to workers of unorganized sector. From 2015 budget, only 11% of the Indian population is subscribed to this kind of pension plans.
According to APY Scheme, the Government will also contribute 50% of the amount in addition to sum contributed by citizen towards their pension for the first five years of the scheme. The amount of minimum contribution increases with the age. As shown in the contribution chart below, a subscriber will get a minimum pension. A person will get the pension on per month basis starting from 60 years of age but the amount received depends on the contributions made in this scheme.
In the case of the death of the subscriber, the spouse will get the pension amount. If the couple has died (subscriber & spouse), then the accumulated pension corpus will be given to the nominee of the subscriber.
Pre-requisites for opening Atal Pension Yojana Scheme Account:
- You must have a bank account.
- You should possess an Aadhaar Card, as you need to link it to your bank account.
- It is applicable to all the citizens in the age group between 18 to 40 years.
- The applicant should also provide his mobile number to the bank.
- The minimum period of contribution is 20 years.
Atal Pension Scheme Yojana Scheme Account Subscription Form:
You can collect this form online or from the bank having APY scheme. Fill the personal details, bank details, and monthly contribution amount and submit it to the bank.
Know Your Customer:
KYC of the account is mandatory for opening Atal Pension Yojana Account. KYC is important to find out the details of your nominee and spouse. You should also submit Aadhar card while registering for APY. If it is not available at the time of registration then submit it at a later stage.
How to apply for Atal Pension Yojana Scheme Account:
- Visit any nationalized bank to apply for the APY scheme.
- You can get APY forms either online or at your bank. You can also download them from the official website.
- Applicants can avail this form in various languages such as English, Hindi, Telugu & Tamil.
- Just fill your application form and submit it to your bank.
- Submit a photocopy of your Aadhaar card.
Important Information about Atal Pension Yojana Scheme Account:
- Your account will be debited for APY Premium automatically.
- You can increase or decrease your monthly contribution anytime in the year.
- Subscribers can pay the premium on either monthly basis, quarterly basis or bi-annual basis.
- If the premium is not paid on time Re 1 will be deducted from subscribers account for every Rs 100 or part thereof.
- In the case of terminal disease or death, the subscribers can close the scheme before 60 years of age. In that case, the subscriber will receive the full payment.
- If you close the scheme before 60 Year of age for any other reason, then you will receive only Interest and contribution made. You will not get the co-contribution from the government.
Contribution Chart for Atal Pension Yojna Scheme:
This chart shows the amount a person has to contribute if he wants to receive the desired pension every month after retirement. For example, a 30-year-old individual should contribute Rs 577 per month to receive a minimum amount of Rs 5,000 per month as pension.
What is the corpus amount under Atal Pension Yojana Scheme?
As per new update, the spouse of the subscriber can continue contributing to the APY account of the subscriber until its maturity. Previously, the government used to hand-over a lump-sum amount on APY to the spouse on the premature death of subscriber. But, from now onwards the spouse will receive the same pension amount until his/her death. If both the subscriber and spouse are dead, the nominee of the subscriber will start receiving the pension amount.