Atal Pension Yojana

 

What is Atal Pension Yojana?

Atal Pension Yojana is a Government-run pension scheme that is open for all citizens of India, focusing primarily on the unorganized sector. Atal Pension Yojana is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System. Under this scheme, minimum monthly pension is guaranteed between Rs 1000 and Rs 5000 for the beneficiaries.

The amount of pension received by someone is directly related to the age at which he/she has joined the Atal Pension Yojana and the monthly amount that has been contributed.

Purpose of the Atal Pension Yojana :- 

Atal Pension Yojana Focuses on :-

• Unorganized sector like house help,gardeners, delivery boys ect.
• Ensure Safety and protect citizens from accidents, diseases etc.

Eligibility Criteria for Atal Pension Yojana:-

Any person in the age group of 18 to 40 years of India can join this scheme. If you have an account with any bank or post office then you can join this scheme. Note you can open only one Atal Pension Yojana account.

How to open Atal Pension Yojana Account?

• Visit the nearby Bank, fill and submit Atal Pension Yojana registration form.
• Provide your Bank Account Number, Aadhaar Number and Mobile Number.
• At the time of opening the account, your first contribution amount will be deducted from your linked bank account.
• Acknowledge Number will be issued by bank.
• Later contributions will be automatically deducted from your bank account.

How to download Atal Pension Yojana form Online?

One can easily get the Atal Pension Yojana registration form from their near by Bank branch.

In order to get this Online, one can download the form from different banking websites. One can get it from Pension Fund Regulatory and Development Authority official website too.

Form Format:-

How to fill the application form:-

• First of all, enter the bank account details ( Account Number, Bank name and Branch name)
• Fill personal details - Applicant name, DOB, Email Id, Mobile name, Nominee name, if married then spouse name etc.
• Fill the pensions details to be provided like selected pension amount - Rs 1000/ Rs 2000/ Rs 3000/ Rs 4000/ Rs 5000.
• Monthly contribution amount will be calculated and filled by the bank.
• Once done with the above steps, applicant must signed the form and then submit the same to the bank.

Investment to get Atal Pension Yojana:-

The amount you have to pay to get a pension depends on two things. The first thing is at what age you are joining this scheme. The second most important thing is how much pension you want after the age of 60 years. For example, if a person joins the scheme at the age of 60 years, then they have to spend 42 rupees every month till the age of 60 years. At the same time, if this person wants a pension of Rs 5,000 monthly, then he will have to deposit Rs 210 every month till he turns 60 years old. Under this scheme, fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 and Rs 5000 is availbale.

Income Tax Benefits under Atal Pension Yojana:-

By investing in this scheme you get the same tax benefit as NPS. Under section 80CCD (1B) of the Income Tax Act, the scheme provides tax exemption on investment.

What is the option to exit before from this scheme?

PFRDA gives subscribers the option to exit the scheme before the age of 60 only in exceptional circumstances. For example, if the subscriber dies, his spouse will be given a monthly pension. Subscriber's nominee will be given a lump sum upon the death of spouse. At the same time, in the event death of the subscriber, spouse may continue to invest in the scheme.