Atal Pension Yojana Scheme – Eligibility, How to Apply & More

Getting financial security like pensions is essential during old age. It helps people maintain their standard of living and meet basic needs. Fortunately, the Indian government has introduced the Atal Pension Yojana Scheme to facilitate this and provide financial sustainability to senior citizens in their retirement years. 

In this article, we will provide you with all the information you need about this scheme, including its eligibility criteria, the application process, and the comprehensive benefits it offers. 

What is Atal Pension Yojana Scheme & How Does It Work?

The Atal Pension Yojana is a government-run initiative designed to provide a sustainable pension scheme for workers in the unorganised sector. Launched by Prime Minister Narendra Modi in 2015, the scheme aims to ensure that all Indians have access to a pension scheme. The Atal Pension Yojana is open to all Indian citizens between the ages of 18 and 40 years who do not receive any social security pension. 

Eligibility Criteria for Atal Pension Yojana 

To be eligible for the Atal Pension Yojana, an individual must meet the following criteria:

  • Age: The individual must be between the ages of 18 and 40 years.
  • Savings Account: The individual must have a savings bank account, as the contributions to the scheme will be deducted from this account.
  • Social Security: The individual must not be a member of any other social security scheme.
  • Income: The individual’s monthly income should not exceed Rs. 15,000 per month.

Steps to Apply for Atal Pension Yojana Scheme

To apply for the Atal Pension Yojana Policy, you will need to follow the steps below:

Step 1: Visit your Nearest Bank Branch

The Atal Pension Yojana Scheme is offered by various banks, including ICICI Bank, State Bank of India, HDFC Bank, and others. You can visit any of these bank branches to apply for the scheme.

Step 2: Fill in the Application Form

You can visit your respective bank and enquire about the application form for the Atal Pension Yojana Policy. The application form will require you to fill in details such as your name, age, address, bank account details, and nominee details.

Step 3: Submit the Application Form

After filling in the application form, you will need to submit it along with the necessary documents. The necessary documents include proof of identity, proof of address, and bank account statements.

Step 4: Make the Initial Contribution 

After submitting the application form and the necessary documents, you will need to make an initial contribution to the Atal Pension Yojana Policy. The initial contribution amount will depend on your age and the pension amount you have chosen.

Step 5: Get your PRAN

After making the initial contribution, you will receive your PRAN (Permanent Retirement Account Number). The PRAN is a unique number that identifies your pension account. You will need to use this number to access your pension account.

Primary Benefits of the Atal Pension Yojana Scheme

Investing in the Atal Pension Yojana Scheme has its own set of benefits. Some of these have been discussed below:

  • Guaranteed Pension

The Atal Pension Yojana provides a guaranteed pension to its subscribers. The pension amount received by the subscriber under the scheme is directly proportional to the amount of contribution made and the age of the subscriber at the time of joining.

  • Low Contribution Amount

This scheme allows subscribers to start with a low contribution amount of merely Rs 42 per month. This makes it affordable for people who are not able to contribute a large amount towards their retirement.

  • Tax Benefits

The subscribers of the Atal Pension Yojana are eligible to avail of tax benefits under section 80CCD(1B) of the Income Tax Act, 1961. Subscribers can claim a deduction of up to Rs. 50,000 from their taxable income for the contribution made towards the scheme.

  • Easy to Join

The scheme is easy to join and requires minimal documentation. Subscribers can join the scheme by visiting their nearest bank branch and filling in the application form.

  • Portable

Another benefit of the scheme is that it is highly portable, allowing subscribers to continue their contributions even if they relocate or change jobs. This makes it easy for subscribers to continue with the scheme without any interruption.

Secure Your Future with the Atal Pension Yojana Scheme

The Atal Pension Yojana Scheme provides social security to millions of workers in the unorganised sector. The scheme guarantees a sustainable pension for its subscribers and provides several benefits, including death and maturity benefits, tax benefits, and a minimum guaranteed pension. The eligibility criteria for the scheme are simple, and the application process is easy. Planning for your future has never been more crucial but Atal Pension Yojana can help you secure your financial future in a hassle-free manner.  

If you’re looking for a reliable and trustworthy bank to open your APY account, look no further than ICICI Bank. With a user-friendly online account opening process and customer-centric approach, they make it seamlessly possible for you to take the first step towards securing your future.

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