How to open Atal Pension Yojana Account
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)
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?
- 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.
- 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.
- 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.
- 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.
- 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
|Age of entry||Years of Contribution||Rs. 1000||Rs. 2000||Rs. 3000||Rs. 4000||Rs. 5000|
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.