Pradhan Mantri Atal Pension Yojana or Atal Pension Yojana (APY) is a scheme that was started by the government of India which offers a pension scheme for all the citizens of India especially focusing on the unorganised sector.
The scheme is also known as Swavalambam Yojana. The scheme was launched in the year of 2010 and was again relaunched in the year 2015. Pension fund Regulatory and Development Authority (PFRDA) administers the Atal Pension Yojana.
The scheme was named after the former Prime Minister of India i.e. Atal Bihari Vajpayee. The recipient is given pension between Rs. 1000 to Rs. 5000 under this scheme.
What is the objective of the scheme?
The main objective of the scheme is focused on the following.
- The unorganized sector such as the gardeners, security guards, delivery boys etc.
- It’s another main focus is to make sure that a sense of security is there for the citizens and also to protect the citizens from accidents, illness and diseases.
What is the eligibility criteria of Pradhan Mantri Atal Pension Yojana?
The eligibility criteria that is required for the Pradhan Mantri Atal Pension Yojana are given below:
- All the Indian citizens between the age of 18 to 40 years are totally eligible for this pension after the age of 60 under the Atal Pension Yojana.
- The ones who are applying for this scheme should contribute towards it for at least twenty years.
- The ones who have enrolled under Swavalamban Yojana will be automatically migrated to the scheme of APY.
Features of Atal Pension Yojana
Some of the key features of Atal Pension Yojana are given below.
- The ones who are aged from 18 to 40 years can be a part of this subscription
- One needs to have a bank account to be a part of this APY scheme.
- The pension will start once the subscriber has attained the age of 60 years.
- The contribution amount will be calculated and the pension amount can be selected on that basis every month as Rs. 1000, Rs.2000, Rs.3000, Rs.4000, and Rs.5000.
- One needs to have a bank account to be eligible for this scheme and the deposit amount is automatically debited from the account
- The contributions made under the Atal Pension Yojana are avail for the tax deduction under section 80 CCD.
How can one open an Atal Pension Yojana Account easily?
One can easily open Atal Pension Yojana Account by following the steps given below.
- Firstly one needs to fill up and submit the APY registration form in the local bank branch nearby.
- Then you need to provide your bank account number, your Aadhar card number and your mobile number with it.
- Once you do this your contribution amount will be deducted automatically from the bank account that you have linked with at the time of account opening.
- After this, your bank will provide you with an acknowledgement No. / Pran no. to you
- The subsequent contributions will automatically get deducted from your given bank account.
Benefits of APY
The benefits that APY provides to its subscribers are
- It offers a low-risk retirement option as a benefit by the Government of India.
- It guarantees its subscribers pension between Rs. 1000 to Rs.5000 which totally depends upon the contribution they have made.
- It is very easy to subscribe to the Indian citizens and it doesn’t matter if you are salaried or self-employed.
- It also guarantees benefits to the spouse, nominee or the next of kin according to the applicable rules in case of the death of the Atal Pension Yojana subscriber.
- One can easily upgrade and downgrade the pension amount as per their own choice.
- It also offers flexibility to the subscribers where they get an option to subscribe on a monthly basis, quarterly basis and half-yearly basis.
- This scheme is open for workers of both the organized sector and the unorganized sector.
In conclusion, one can easily be a part of this scheme by downloading the app of Atal Pension Yojana which has been introduced by the PFRDA itself. It is totally free to use and is available in the android app store.