Atal Pension Yojana (APY) is a Government of India backed pension scheme designed to provide guaranteed monthly pension to workers in the unorganised sector after the age of 60. If you are looking for a safe retirement plan, low-risk pension scheme, or government pension scheme in India, APY is one of the best options.jpg)
Q1. Is Atal Pension Yojana safe?
What is Atal Pension Yojana?
Atal Pension Yojana was launched in 2015 and is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Under this scheme, subscribers receive a fixed monthly pension of ₹1,000 to ₹5,000 after turning 60 years, depending on their contribution.
Atal Pension Yojana
- Guaranteed Pension: ₹1,000 / ₹2,000 / ₹3,000 / ₹4,000 / ₹5,000 per month
- Entry Age: 18 to 40 years
- Retirement Age: 60 years
- Government-Backed Pension Scheme
- Low Monthly Contribution
- Spouse & Nominee Benefits Available
Eligibility Criteria for Atal Pension Yojana
To apply for APY, the applicant must:
- Be an Indian citizen
- Be aged 18 to 40 years
- Have a savings bank account
- Have an active mobile number linked with Aadhaar
Pension Amount Options in APY
- ₹1,000 ₹1.7 lakh
- ₹2,000 ₹3.4 lakh
- ₹3,000 ₹5.1 lakh
- ₹4,000 ₹6.8 lakh
- ₹5,000 ₹8.5 lakh
Monthly Contribution Chart (Example)
- 18 years ₹42/month ₹126/month ₹210/month
- 25 years ₹76/month ₹226/month ₹376/month
- 30 years ₹116/month ₹347/month ₹577/month
- 35 years ₹181/month ₹543/month ₹902/month
How to Apply for Atal Pension Yojana (APY)
Offline Application Process
- Visit your bank branch (public or private)
- Ask for Atal Pension Yojana Application Form
- Fill in personal details and pension option
- Submit Aadhaar & mobile number
- Enable auto-debit from savings account
Documents Required for APY
- Aadhaar Card
- Bank Passbook
- Mobile Number
- Nominee Details
However, the return depends on the age of the person and how much they start investing. Under this scheme, the person can pay in three ways – monthly, quarterly and half yearly. This means that after the age of 60, 2000 rupees will be earned every month. According to the NSDL website, you can increase your pension to Rs 24,000 by investing for 42 years. For that, a person has to open a savings account in a bank or post office.
The APY form is available online at all banks’ websites. Customers will have to download the form online to avail the scheme. After submitting the required information, the form has to be submitted to the nearest bank. The necessary papers will also be attached in the form.
You can exit APY after the age of 60. The total amount of pension will be paid to the individual with 100% annuity. If the subscriber dies for any reason, the pension amount will be paid to his or her spouse and if both die, the pension corpus will refund the amount to his nominee. Can’t get out of the plan 60 years ago. However, some situations, such as the death of a beneficiary or a serious illness, can be avoided.
APY applies to all citizens of India between 18-40 years. That is, anyone can take advantage of it. The base will be the primary KYC. Customers are asked to obtain a support and a mobile number to facilitate the management of the scheme.
Important Link
How To Download APY Account Statement
- Steps To Be Followed For Downloading The Apy Account Statement –
- Click On Home & Select “Atal Pension Yojana (Apy)”
- Select “Apy E-pran/Transaction Statement View”
- Enter Name + Bank A/C No. + Dob & Print Or Enter Pran* + Bank A/C Number & Print
How To Check APY Statement
- Pran Is Available In The Apy Contribution Debit Narration In Your Account (Pran Begins With “5” & Is 12 Digit Number)
Q1. Is Atal Pension Yojana safe?
- Yes, APY is one of the safest government pension schemes in India.
Q2. Can I increase my pension amount later?
- Yes, you can upgrade or downgrade your pension option once a year
- Penalty is charged, and account may be frozen if dues are not cleared.
- Yes, Aadhaar is required for APY enrollment.