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  • Atal Pension Yojana Online

    Atal Pension Yojana Online

    When speaking of the online Atal Pension Yojana, we speak of fine, old world banking values meeting cutting edge online technology. Launched to fulfill a niche demand and named after the legendary former Indian Prime Minister, the Atal Pension Yojana online is intended as a robust bridge that helps individual who aren’t covered by any conventional statutory social security schemes like PPF, EPF, EPS etc, connect to their basic savings and investment targets. The concept of Atal Pension Scheme online takes the idea a step further, offering the simplicity of online application while doing away with the usual red-tape that is begrudgingly associated with any government sponsored community plan.

    An Insight into the Atal Pension Yojana

    Intended for individuals belonging to the go-getting age group of 18-40 years, the Atal Pension Yojana is a major player in the arsenal of community oriented saving scheme projects as floated by the government of India. The objective of this yojana (plan) is to benefit that segment of people who aren’t eligible or able to participate in other popular saving scheme portfolios such as EPF, PPF, FD, etc. The popularity of this saving scheme in India can be gauged from the fact that the commendable following of 1 Crore subscribers was attained in record time, with total assets under management amounting to an impressive Rs.1 Lakh Crores at the start of the fiscal year 2015-16. Truly, a popular concept that compliments the Indian government’s commitment to financially empower all of the country’s citizens through sustainable, robust and scalable investment plans.

    Atal Pension Yojana Online- Simple Got Simpler!!

    The India of today is youthful, energetic and always cruising the World Wide Web. The online Atal Pension Yojana makes use of the internet’s wide reach, its propensity to impart a sea of information and skillfully communicate the perks of long term investment plans to the very specific target audience. Going online saves time, gets the prospective subscriber all the information that he/she will ever need, saves the legwork and often, the fragile patience that usually dies a painful, slow death when forced to be part of a long and meandering queue at the local government office. Alongside these perks there is the added pull of limited documentation, the comfort of one’s own surroundings and freedom from interacting with a tested, bored and/or highly disinterested official.

    Subscribing to the Atal Pension Yojana online is very easy. It involves a brief number of simple steps as listed below,

    1. The government sponsors and manages the Atal Pension Yojana, but the same is administered by the various registered banks across the country. You must first select such a bank and visit their webpage that concerns with the online Atal Pension scheme. Note that the applicant must have a savings bank account, or must intend to open such an account, in this chosen bank.
    2. The selected page lists a simple download of the ‘Atal Pension Yojana (APY) Subscriber Registration Form’. As instructed, download the same, complete the document and submit at the local branch of the opted for bank.
    3. The applicant must submit a copy of his/her Aadhaar card and also update the correct contact number and other details.
    4. Further, the applicant must ensure that sufficient balance is maintained in his/her savings bank account for the planned auto-debit towards the Atal Pension Yojana each month.
    5. All steps, when completed, will ensure that the applicant is eligible for a steady pension from the age of 60 years.

    Components of the Atal Pension Yojana (APY) Subscriber Registration Form

    The star in all this, the APY Subscriber Registration Form, is a simple document that seeks out the important personal details of the applicant to set the ball rolling. The major components of this form are as follows-

    1. Applicant’s bank details including savings bank account number, bank name and branch.
    2. Personal KYC details, including full name, DOB, age, mobile number, email ID, Aadhaar number, etc.
    3. Details of the nominee, including name, relationship with applicant and Aadhaar number.
    4. Pension details, including a choice of pension amount amongst Rs.1000, 2000, 3000, 4000 and 5000. Note that this selection will decide the monthly premium that is payable from the applicant’s end.
    5. Disclaimer with applicant’s signature/ thumb impression, date and place of application.
    6. Attached acknowledgement form that will be filled by the bank and maintained in their records.

    As is obvious, this document is simple to fill and shouldn’t take more than a couple of minutes.

    FAQs on Atal Pension Yojana

    1. Do I really need to apply for a pension plan?
    2. A good pension plan is a robust safety net for the time when your days of earning your own bread are behind you and your personal dignity and security through the retirement years are bound to be tested. The cost of living is steadily increasing and even close family members (children, relatives) cannot be 100% expected to stay by your side and help you through the twilight years. Further, the concept of investing small premiums today and reaping in a steady income after retirement is a simple yet impactful option that must be an essential pointer in every self-respecting individual’s long term financial plans.

    3. How much pension am I eligible for when I hit the age of 60 years?
    4. In accordance with the rules governing the Atal Pension Yojana in India, the subscriber must choose between Rs.1000, 2000, 3000, 4000, 5000 and submit the same as the choice pension amount at the time of applying for this scheme. In accordance with his/her choice, the monthly premiums are calculated and the same is auto-debited from the subscriber’s savings bank account.

    5. Is the application form available offline or is Atal Pension Yojana online the only option?
    6. A prospective applicant can source the Atal Pension Yojana Subscriber Form from the local branch of any bank from whence he/she wishes to apply for this saving scheme. The online option is infinitely less time consuming but isn’t the only source.

    7. Must I choose a nominee when applying for the online Atal Pension Yojana?
    8. Yes. It is compulsory that you choose a nominee when applying for this scheme. If applicable, the details of your spouse must also be provided.

    9. How can I stay updated with regards to the status of my APY account?
    10. Banks do provide periodic statements to keep the subscribers apprised about their APY account. Many banks also offer the option of SMS notifications (as they do with all transactions impacting the account holder’s savings bank account) that intimates the subscribers about the status of their monetary contributions towards the APY account.

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