Atal Pension Yojana – APY Online Scheme – Eligibility & Benefits

By | January 25, 2021
Atal Pension Yojana – APY Online Scheme | Atal Pension Yojana Online Apply | Atal Pension Yojana Application Form

Atal Pension Yojana, formerly known as Swavalamban Yojana is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was mentioned in the 2015 Budget speech by the then Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi on 9 May in Kolkata.

APY Short Details :

Launch year: 2015
Sector: Pension
Status: Active
Launched by : Narendra Modi
Ministry: Ministry of Finance

Details of Atal Pension Yojana transactions.

You all know Atal Pension Yojana was started for the citizens of unorganized areas. This is a retirement pension plan. Beneficiaries have to pay premium under this scheme. Now Atal Pension Yojana mobile application has been launched by the government.

Through this mobile application, the beneficiaries of Atal Pension Yojana can now check five recent yoga donations free of cost. Along with this transaction details and e PRAN can also be downloaded. Beneficiaries can also visit the official website of Atal Pension Yojana to view the details of their transactions.

They have to go to this website and log in. For which they have to give their PRAN and savings bank account details. If there is no PRAN number then the beneficiary can also login his account through his name, account and date of birth.

Under this scheme, there is also a provision of tax benefit under section 80CCD (1) of the Income-tax Act, 1961. The transaction amount, total holding of member amount, transaction details etc. can also be viewed under Atal Pension Scheme through Umang app.

Atal Pension Yojana 52 lakh new subscribers

As you all know, under Atal Pension Scheme, pension is provided to the investor on completion of 60 years of age. People’s interest under Atal Pension Scheme is increasing year by year. The Covid-19 epidemic hit year under this scheme has also seen fantastic enrollment. 
Given this nomination, it can be concluded that now the common man has become more concerned about savings schemes and understands the importance of protecting his future. During 2020-21, 52 lakh new investors have so far registered under Atal Pension Yojana. Under which the total enrollment has crossed 2.75 crore till 31st December 2020.

  • State Bank of India has nominated more than 15 lakh new Atal Pension Yojana customers. While other banks like Canara Bank, Indian Bank, Central Bank of India, Bank of India, Bank of Baroda, Airtel Payments Bank Limited, Punjab National Bank, Axis Bank Limited, Union Bank of India, Indian Overseas Bank etc. Atal Pension customers have been nominated.
  • Given the popularity of this scheme, PIA PFRDA will make the Atal Pension Yojana campaign more popular. This scheme will be further popularized through print and electronic media etc.

So far registration under Atal Pension Scheme

So far more than 40 lakh registrations have been made under Atal Pension Scheme and the total number of shareholders has crossed 2.63 crore. Under this scheme, a person of 18 years and 40 years of age can invest and after completion of 60 years of age of the investor, pension is provided to him. If the shareholder dies before the age of 60, the pension is provided to his spouse. If a person does not have the facility of net banking then soon it will be easier for them to open an account under Atal Pension Scheme.

The Atal Pension Scheme has been given permission by the Pension Fund Regulatory and Development Authority to start alternative channels for onboarding of existing savings account holders. Now the account holder can open his account under Atal Pension Scheme without using any net banking or mobile app.

Purpose of Atal Pension Yojana 2021

The main objective of this scheme is to secure the future and make them self reliant by giving pensions to the workers of unorganized sectors This is a social security scheme aimed at providing social security to the beneficiaries joining the scheme To empower people through PM Atal Pension Yojana

Exit Atal Pension Scheme 60 years ago

As you all know, Atal Pension Scheme is a type of pension which is provided after retirement. The benefit of this scheme can be availed by the account holder after the age of 60 years. For this, the account holder has to provide the amount of contribution till the age of 60 years. Under the Atal Pension Scheme, the account holder cannot exit the scheme before the age of 60 years. But in certain circumstances like in case of any illness or death, exit from Atal Pension Scheme can be done.

Atal Pension Plan Withdrawal

Upon completion of 60 years of age: After completion of 60 years, the customer can withdraw from Atal Pension Scheme. In this case the pension will be provided to the customer after pension withdrawal.
In case of death of the subscriber: If the subscriber dies then the amount of pension will be provided to the spouse of the subscriber. And if both die then the pension corpus will be returned to their nominee.

Withdrawal before the age of 60: Withdrawal from the Atal Pension Scheme before the age of 60 is not allowed. But in some exceptional circumstances it has been allowed by the department. Such as if the beneficiary dies or in case of terminal termination.

National Pension System Trust

Earlier this year, the Pension Fund Regulatory and Development Authority has appointed an ombudsman to address the grievances of customers of the National Pension System and Atal Pension Scheme. Any customer whose complaint has not been resolved within 30 days of filing or is not satisfied with the solution provided can lodge a complaint with NPS Trust. The customer will be answered by NPS Trust within 30 days of receiving the complaint and their complaint will be resolved as soon as possible.

Benefits Atal Pension Scheme

Similar to the National Pension Scheme, if you invest in Atal Pension Yojana, you will be provided tax benefits. These tax benefits will be provided under Section 80 CCD (1B) of the Income Tax Act. Under Section 80 CCD (1B), the investor will be provided income tax deduction of ₹ 50000.

Atal Pension Yojana Apply

Beneficiaries must have a bank account to join Atal Pension Yojana 2021 and the bank account must be linked to the Aadhaar card. People who are income tax payers and have government jobs cannot avail the benefits of this scheme. Anyone who is an interested beneficiary can go to any National Bank of India and open an account of Atal Pension Scheme.

Atal Pension Plan New Update

In this scheme, it will be possible to increase or decrease the pension at any time of the year. This new facility will benefit 2.28 crore subscribers registered in Atal Pension Yojana. This new feature has been in effect since July one. PFRDA has directed all banks to process increase or decrease in pension amount at any time of the year. However, this facility can be availed only once in a financial year.

Investment in the plan

  • Under this scheme, if a person saves Rs. 7 per day and invests Rs. 210 per month, he can get a pension of up to Rs. 60,000 per annum. This investment has to be made from the age of 18 years.
  • That it also gets the benefit of tax exemption on investment under section 80 of the Income Tax Act. This scheme is being operated by the Pension Fund Regulatory and Development Authority through the National Pension Scheme.
  • If you also want to avail the benefits of this scheme, you can apply under this scheme

Pradhan Mantri Atal Pension Yojana (APY) 2021

After investing in APY 2021, the beneficiaries will receive a pension every month after the age of 60 Beneficiaries of this pension can make a good living Under this scheme, in case of death of the beneficiary, the pension amount to be given to the beneficiary will be given to the half-sister (wife) of the candidate and in case of death of both (husband and wife), the pension amount will be given to the nominee. The Pension Fund Regulatory and Development Authority (PFRDA) acts as a nodal agency

Pradhan Mantri Atal Pension Yojana

The ‘Atal Pension Yojana’ of the Central Government has completed 5 years The scheme is operated by the Pension Fund Regulatory and Development Authority (PFRDA). According to PFRDA, so far 2.23 crore men and women are involved under this scheme Under this Pradhan Mantri Atal Pension Yojana, pension has been provided to women and men above 60 years of age every month for these 5 years every year. | This scheme has proved to be very beneficial for the people of the country. Under this scheme, the male-female ratio has been 57:43 in these five years.

Benefits of APY 2021

  • Only the people of India can avail the benefits of this scheme
  • Under Atal Pension Yojana, monthly pension of Rs.1000 to Rs.5000 will be provided by the Central Government only after attaining the age of 60 years.
  • Under Atal Pension Yojana, the amount of pension will be provided on the basis of investment made by the beneficiaries and age only.
  • Like the PF account, the government will also contribute to this pension scheme on its own.
  • If you want a pension of Rs.1000 per month and you are 18 years old, then you have to deposit a premium of Rs.210 per month for 42 years.
  • On the other hand, people over the age of 40 will have to pay a premium ranging from Rs. 297 to Rs. 1,454 Only then can he avail of APY 2021

Documents required for Atal Pension Yojana 2021

  • Applicant must be an Indian citizen
  • The age of the candidate should be 18 to 40 years
  • The applicant must have a bank account and the bank account must be linked to the Aadhaar card
  • Aadhaar card of the applicant
  • Mobile number
  • Identity card
  • Proof of permanent address
  • Passport size photo

How to apply for Atal Pension Yojana 2021?

  • Interested persons who want to apply under Pradhan Mantri Atal Pension Yojana should first open their savings account in any national bank.
  • Then fill in all the information asked in the application form for Pradhan Mantri Atal Pension Yojana like Aadhaar card, mobile number etc.
  • After filling the application form, submit it to the bank manager. After verifying all your letters, your bank account will be opened under Atal Pension Yojana.

The process of downloading the Atal Pension Plan Contribution Chart

  • First of all you have to visit the official website of NSDL.
  • Now the home page will open in front of you.
  • On the home page you have to click on the link of APY-Contribution Chart.
  • As soon as you click on this link, the contribution chart will open in front of you.
  • You can check the contribution details in this chart.
  • You can also make friends by downloading this chart.

Important Link APY 

Registration Form Click Here

APY Subscriber Registration Form  Click Here

Subscriber details Modification and Change of APY-SP Form Click Here

Form to upgrade / downgrade pension amount under APY Click Here

APY Death & Spouse Continuation Form Click Here

Voluntary Exit APY Withdrawal Form Click Here

APY Application for Banks to be registered under Atal Pension Yojana Click Here

APY – Service Provider Registration Form Click Here

Subscriber Grievance Registration(G1) Form for APY Subscriber Click Here

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