Apply for Pradhan Mantri Atal Pension Yojana – APY Pension Scheme Details

By | September 3, 2017

Pradhan Mantri Atal Pension Yojana 2017 – APY Application Form

Atal Pension Yojana how to apply online: With a view to helping people employed in an organized sector to get financial security when they retire, the Government of India has launched Atal Pension Yojana in May 2015.

APY Pension Scheme Details

It is an initiative taken to make the life of its citizen less dependent when they become old. The Yojana is administered by Pension Fund Regulatory and Development Authority of India. It is a guaranteed pension scheme.


Features of Atal Pension Yojana

  • It provides guaranteed monthly pension in the range Rs. 1000 to Rs. 5000 depending upon the contribution made by them. The pension will start when the subscriber turns 60. In case of death of the beneficiary, the pension will be provided to the spouse, and if both die, the pension is given to nominee.
  • If the subscriber is not protected by statutory social security scheme (registered under EPF, Coal Mines PF security cover, Seamen’s PF, J&K PF scheme, Assam Tea plantation PF scheme), the Government co-contributes 50% of the subscriber’s contribution or Rs. 1000 per year whichever is less. The government contribution will be for 5 years.
  • Only one APY account can be opened by one person.
  • The subscriber can increase or decrease contribution to increasing/decrease pension amount during the accumulation phase. The switching option is offered only in the month of April.

Eligibility for APY

  • Any citizen of India between 18 – 40 years.
  • She/he should have savings bank account; if not, then open one.
  • He/she must have the mobile number which will be used by the bank during registration for the scheme.

How to subscribe for the Atal Pension Yojana

Go to the bank where you have your savings account. Fill our registration form. Submit duly filled registration form to the bank authority. Your savings account is mandatory. It is also mandatory provide details of your spouse and nominee. You will have to provide your mobile number.

Your Aadhar card is your primary KYC document. It serves as identification to beneficiaries and nominees and helps resolve issues if any.

All the contributions by the subscribers are remitted from his savings account through the auto debit facility. The date of contribution is decided by the date of the first contribution made by you.

What will happen if required amount of contribution is not maintained in your savings bank account?

If sufficient amount is not there in your savings bank account on the due date, it is considered as default. You will have to pay the additional amount for late payment such as Rs. 1 for the contribution of up to 100, Rs. 2 for up to 101-500, Rs. 5 for Rs. 501-1000 and Rs. 10 for the contribution of more than Rs. 1,000.

You make sure that there is sufficient balance in your bank. If the contribution is not paid for six months, your account will be frozen, if not paid for 12 months, the account will be deactivated and the account will be closed if no contribution is made for 24 months.

If you are working in an unorganized sector, subscribe to Atal Pension Yojana, get the pension and live happily in your old age!

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