In May 2015, only about 11% of the population of India had subscribed to any sort of pension plan. Finance Minister Mr. Arun Jaitley had mentioned plans of the Atal Pension Yojana scheme in the budget speech of 2015. The scheme was meant to provide a pension scheme for the citizens of India, especially in the unorganised sector. The Government of India designed an attractive plan for almost anybody to apply for Atal Pension Yojana Scheme. For every sum contributed by a citizen to the fund, the Government will also pool in 50% of the amount towards their pension for the first five years of the scheme. Minimum contribution amounts increase with age. If a person joins and contributes between the age of 18 and 40 years, they are entitled to a fixed pension of Rs. 1000 to Rs. 5000. Once the person reaches the age of 60, the pension will be released.
Requirements to apply for Atal Pension Yojana
In order to apply for the Atal Pension Yojana scheme, these are the requirements.
- You must have a bank account.
- You also need to have an Aadhar card. You need to link your Aadhar card to your bank account.
- You must be at least 18 years old.
- The maximum age is 40 years.
- The minimum period of contribution is 20 years.
- You need a valid mobile number.
How to apply for Atal Pension Yojana
Applying for this pension scheme is very simple. Follow these steps to start an Atal Pension Yojana account.
- All nationalised banks provide this scheme, so you can visit any of these banks or you can go to your own bank.
- Atal Pension Yojana Forms available online and at the bank. You can download the form from the official website.
- The forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil and Telugu.
- Fill up the application form and submit it to your bank.
- Provide a valid mobile number, if you haven’t already to the bank.
- Submit a photocopy of your Aadhaar card.
- You will be sent a confirmation message when the application is approved.
Important information about Atal Pension Yojana
- To pay the premium for the pension scheme, your bank account will automatically be debited every month. You must ensure that your account has sufficient balance.
- You can increase your monthly contribution any time by visiting your bank and requesting them.
- You can pay the premium on a monthly, quarterly, and bi-annual basis.
- If you do not pay the premium on time, Rs. 1 will be deducted for every Rs. 100 or part thereof. Rs. 1 will be deducted for every month the payment is delayed.
- You can close the scheme before the age of 60 in case of terminal disease or death and receive the full amount.
- In the event you close the scheme before the age of 60 for any other reason, only your contribution plus interest earned will be returned. You will not be eligible to receive the government’s co-contribution, or the interest earned on that amount.
FAQs on Atal pension Yojana
- Can I apply for the Atal Pension Yojana Scheme online?
- Are there any application fees to join Atal Pension Yojana?
- What are the documents required to apply for the Atal Pension Yojana Scheme?
- How will I know if the pension scheme is activated?
- When is the last date to join the Atal Pension Yojana Scheme?
- What is the minimum and maximum age to join this scheme?
- Is my money safe? Will the scheme be changed when the government changes?
No, there is no option available yet to apply for Atal Pension Yojana scheme online. You must visit a bank, fill out the form and submit it in person.
No, there are no application or joining fees. The application service is provided by the banks free of charge.
You need to submit a photocopy of your Aadhaar card along with the duly-filled application form. No other documentation is required.
You will receive an SMS alert on your registered mobile number, informing you when the pension scheme is activated.
The Atal Pension Yojana Scheme does not have a last date to join. Submit your application before June 1st to join the scheme for the coming year. The scheme is renewed on June 1st every year.
The minimum age is 18 years. The scheme is also open to college students.
The maximum age is 40 years. This is because the minimum contribution period is 20 years. At the age of 60, you will start receiving your pension.
The Atal Pension Yojana scheme is passed by the Parliament of India in the budget session. The scheme will not be discontinued with a change in Government, and your contribution is safe. Any succeeding Governments have the right to only change the name of the pension scheme.
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