Indian Government recently launched a new pension scheme named “Atal Pension Yojana”, under this scheme the subscriber will get a guaranteed pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000 per month at the age of 60 depending upon the contribution amount (table provided below). In Atal Pension Yojana Scheme, the Government will contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower and a subscriber is allowed to open only one unique account. Atal Pension Yojana Account is administrated by PFRDA. (Also read: List of banks)

 

How to open Atal pension Yojana

Who can subscribe “Atal Pension Yojana” Account?

Any Indian citizen aged between 18-40 years can join Atal Pension Yojana scheme. He/she should have Saving Account from any bank in India. He / She should be in possession of mobile number and details are to be provided to the bank during registration time. Income tax payers and who are covered with any other social security schemes are not eligible to get the government contribution (they have to pay more). The main purpose of the scheme is to provide pension for the unorganized sector workers. (also read: APY – List of banks)

What is the procedure for opening Atal Pension Yojana” Account?

  1. Saving account is mandatory: Under this scheme, the subscriber must have atleast one saving account and all the contributions will automatically debt from this saving account.
  2. Fill up the Form: Subscriber should approach the bank branch where individual’s savings bank account is held, and fill up the Atal Pension Yojana registration form. Also one can download APY form online and submit to the bank branch. 
  3. Mobile Number: Mobile number is mandatory to open this scheme, status of contributions will be intimated to the registered number of the subscriber by way of periodical SMS alerts.
  4. Minimum balance: Subscriber should ensure keeping the required balance in the SB account for transfer of monthly contribution. In case of insufficient amount on the due date, the subscribers required to pay small penalty amount.
  5. Nomination facility: When opening the account, It is mandatory to provide nominee details in Atal Pension Yojana account. The spouse details are mandatory wherever applicable. Aadhaar details of the nominees are also to be provided.

Atal Pension Yojana contribution table 

    Monthly pension
Age of entry Years of Contribution Rs. 1000 Rs. 2000 Rs. 3000 Rs. 4000 Rs. 5000
18 42 42 84 126 168 210
19 41 46 92 138 183 228
20 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752
34 26 165 330 495 659 824
35 25 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1,087
38 22 240 480 720 957 1,196
39 21 264 528 792 1,054 1,318
40 20 291 582 873 1,164 1,454

Dedicated Toll free number for Atal Pension Yojana account is 1800 4259 7777 

 

If you have any doubts regarding opening Atal pension Yojna, kindly leave a comment. We would try our level best to address those.

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