ATAL PENSION YOJANA | Everything you need to know about Atal Pension Yojana

Atal Pension Yojana was introduced by the government in the year 2015-16. This is the most beneficial social security scheme introduced by the government and people can contribute to their AYP account till the age of 60 years and get a monthly pension. The main aim of the AYP  is to focus on those who work daily and want to save a small amount of money, and by doing that they get benefited from a pension that they will receive in the future. Mainly it's a future investment. Those who are non tax payers can also apply for the same. 

Few things to know about Modi Government.

Narendra Modi was sworn in as the Prime Minister of India on 26th May 2014 at the Rashtrapati Bhavan. He became the 14th prime minister of India. Modi government has come up with many schemes for society. Be it newborns, youngsters, farmers, fishermen each and every society is being taken care of, there are schemes for everyone.

Every government has some pros and cons, this government too has some but it is of no doubt that not only this generation but the world has recognised the work done by the government.

What are the eligibility criteria for Atal Pension Yojana?

• You must be a citizen of India.
• The eligible age to join Atal Pension Yojana is from 18 years to up to 40 years. 
• The contribution that the government needs are for 20 years at least. After the age of 60 years, you will start receiving your pension. 
• The withdrawal from the scheme is only on some serious conditions if the false reasons are filled in the declaration form and same found by government one can be punished with a penalty for the loss of government contribution.
• One must hold a valid saving account to open an Atal Pension Yojana account. It's mandatory to have a registered mobile number attached to the saving account.
• The bank account must be attached with the Adhaar number.

What are the benefits of Atal Pension Yojana?

1. The pension amount one will receive is between 1000 to 5000 and it clearly depends on the contribution you have given. You can start saving money from the age of 18 itself but the pension you receive is only after the age of 60. Very simple strategy the higher the contribution the highest will be the pension.
2. The one who does not know anything about banking can also operate, all you have to do is to link your Atal Pension Yojana with your saving account and the money gets debited automatically and you will receive a message stating your money has been transferred to Atal Pension Yojana account. What you need to keep in the account is that your savings account must have enough money.
3. In case you are not able to pay on time certain penalties are charged. It varies depending on the money you are supposed to pay. For example Rs. 10 is charged for a monthly contribution of Rs. 1001 and so on.
4. As a member of Atal Pension Yojana, you are eligible to get a pension of rs.1000 up to Rs. 5000. The one who is paying must remember that pension is guaranteed so you can be relaxed.
5. The withdrawal process is very simple, after you attain the age of 60 years you can exit and you get the accumulated amount back and the respective banks may start your pension service. You can exit before the age of 60 only if there is some serious illness or death, the spouse can choose to continue to pay and get the pension benefit or may choose to exit.

 
How anyone can open an Atal Pension Yojana account?

1. Atal Pension Yojana form can be easily obtained from nearby banks or it can be downloaded from various websites such as pension fund regulatory and development authority official website or it is also available on various banking websites.
2. Fill in all the necessary details and submit them to your local bank branch.
3. Your saving account number, Aadhar number, and mobile number are a must.
4. The first amount will be directly deducted from your linked bank account.
5. Banks will provide an acknowledgment number to you.
6. The auto-debit system will be on from thereon.

 

FREQUENTLY ASKED QUESTIONS

1- CAN YOU CHANGE YOUR PAYOUT?

This is completely possible, downgrading or upgrading is possible once a year, in April. Rs.25 will be charged by the bank.

2-CAN I APPLY ONLINE?

The applicant can download forms online for free but online application is not yet introduced by the government (as of Aug 2021).

3- DOCUMENTS REQUIRED FOR OPENING AN ACCOUNT?

Your savings account number, Aadhar card number, registered mobile number, and details must be carefully filled during form filling.

4- WHEN IS THE LAST DATE FOR FILING THE APPLICATION FORM?

Atal Pension Yojana scheme does not have a last date, you can submit your form before June 1st to join the scheme for the coming year. The scheme is renewed on June 1st every year.

 

NOTE- THE ATAL PENSION YOJANA INTRODUCED BY THE GOVERNMENT IS VERY MUCH BENEFICIAL FOR THOSE WHO WANT TO SAVE A SMALL AMOUNT FROM THEIR INCOME. THE MOST IMPORTANT ASPECT OF THIS YOJANA IS THAT THERE IS NO RISK OF LOSING MONEY. IT WOULD BE GREAT IF PEOPLE PASS ON THE INFORMATION TO THOSE WHO ARE NOT AWARE OF THIS SCHEME.

-Alka Singh