Atal Pension Yojana (APY): Check Benefits, Age Limit, & Form Details

What is Atal Pension Yojana Scheme?

To start with the Atal Pension Yojana details, it is a government-backed scheme for workers of the unorganized sector that was started in 2015 as a replacement for the Swavalamban Yojana. The intent behind bringing the scheme into effect was to provide financial support to the unorganized sector workers after their retirement, in form of a pension.

Eligibility for Atal Pension Yojana: Atal Pension Yojana (APY) Age Limit

To join the Atal Pension Yojana scheme, one has to meet certain eligibility criteria. The Atal Pension Yojana eligibility criteria are as follows:

• To Atal Pension Yojana(APY) age limit is between 18 and 40 years
• The applicant for the APY scheme needs to have a valid savings account
• The applicant must have a mobile number that has to be registered while applying for the scheme
• The individual has to contribute for at least 20 years.

Contribution Chart for the Atal Pension Yojana (APY) Scheme in Details

Benefits of Atal Pension Yojana

Atal Pension Yojana benefits are many. Here are some of them mentioned below:

• This scheme is also available for private sector employees to subscribe
• Subscribers are allowed to select the contribution amount
• Once the subscriber attains the age of 60 years, a guaranteed pension amount is offered to him/her, which can be INR 1000, INR 2000, INR 3000, INR 4000, INR 5000
• If the subscriber passes away, the spouse or the nominee of the scheme receives the amount
• Under Section 80CCD of the Income Tax Act, 1961, one is eligible for tax benefits.

How to Download Atal Pension Yojana Application Form?

To get the Atal Pension Yojana application form, you can choose from the following three options.

• You can reach out to the nearest bank to get an Atal Pension Yojana application form
• The other option is to visit the official website of the Pension Fund Regulatory and Development Authority (PFRDA) and download the form
• The third option is to visit the official website of any public or private sector bank and download the form.

Steps to Open an Atal Pension Yojana Account

The steps to open an Atal Pension Yojana Account are mentioned herein below:

Step 1

You have to get the Atal Pension Yojana application form. You can get it from the nearest bank branch, download it from any official website of a bank, or download it from the official website of the Pension Fund Regulatory and Development Authority.

Step 2

The form is available in various languages of India such as English, Bangla, Telugu, Tamil, Odia, Marathi, Kannada, and Gujarati. You can choose your preferred language, fill out the form correctly, and submit the same at the bank. In the form, you would be required to mention your registered mobile number and attach a photocopy of the Aadhar Card along with other mandatory documents.

Step 3

As your application form is approved, you will receive a confirmation message.

Penalties for Delay in Contribution

Pension Payment of APY Scheme

To draw the guaranteed pension amount, the subscribers as they attain the age of 60 years, would be required to submit a request to the bank. In case the subscriber passes away, the corpus amount is paid to the beneficiary. In case the beneficiary is also not alive, the amount is provided to the nominee.

What if a subscriber wants to exit before attaining the age of 60 years?

Under normal circumstances, you cannot exit before attaining the age of 60 years. However, it is possible in case of the death of the subscriber, or if he/she has been diagnosed with a terminal disease.