The Atal Pension Yojana is a social security pension scheme introduced by the government of India in 2015 to provide financial support and a guaranteed pension to workers in their old age. The scheme aims to offer social security to individuals, particularly those who are underprivileged or do not have regular employment. The scheme is open to all citizens who are between 18 and 40 years old.
Overview of Atal Pension Yojana
| Name of the scheme | Atal Pension Yojana |
| Date of Commencement | 2015 |
| Organised By | Government of India |
| Name of the ministry | Ministry of Finance |
| Age criteria | 18 – 40 years |
| Benefits | INR 1000 – 5000/- After 60 years |
| Official Website | https://india.gov.in |
Objective of Atal Pension Yojana
- The main objective of this scheme is to provide protection to citizens by helping them face various challenging situations, such as illness, accident, and severe chronic diseases.
- This scheme provides a monthly pension based on the amount they have contributed over time.
- The scheme aims to offer social security to individuals, particularly those who are underprivileged or do not have regular employment.
- The scheme is open to all citizens who are between 18 and 40 years old.
- In case the beneficiary passes away, the pension amount will be given to their spouse.
Required documents for Atal Pension Yojana
- Identity Proof (Aadhar card/voter card/PAN card/driving licence)
- Bank passbook Xerox.
- Birth Certificate
- Residential certificate
- Address Proof
- Active mobile number.
- Latest passport-size photographs.
Eligibility Criteria – Atal Pension Yojana
If you want to get the benefit from the scheme, you need to meet all the following criteria. Let’s have a look:
- The candidates must be Indian citizens.
- The scheme is open to all citizens who are between 18 and 40 years old.
- Applicants must contribute to the scheme for at least 20 years to get the maximum benefit.
- Applicants’ Aadhar must be linked to both the APY and savings accounts.
- The applicants must show valid proof of identity along with their Aadhaar number.
- They must have an active mobile number.
Benefits of Atal Pension Yojana
- If an applicant can join between the age group of 18 and 40 years, they will get a pension of Rs. 1000 to 5000.
- In case the beneficiary passes away, the pension amount will be given to their spouse.
- The pension amount will be given to the nominee in case the spouse passes away.
- The contribution amount is lower when you join early and increases as you grow older.
Application Procedures – Atal Pension Yojana
ONLINE APPLICATION PROCEDURES
- Applicants can open an APY account through net banking.
- Now, log in to the Internet banking and search for APY on the dashboard.
- When registering online through net banking, you can choose the auto-debit option.
OFFLINE APPLICATION PROCEDURES
- To get the offline APY form, visit the bank where you have opened your savings account.
- After collecting the form, fill it out carefully with the required details.
- Attach a passport photo & other required documents along with the form.
- Submit the form to the respective bank.