Atal Pension Yojana Registration, Benefits, Eligibility

Details of Atal Pension Yojana, Online Registration, Benefits of the APY, Objective, Payment Stoppage Penalty.

The Atal Pension Yojana Registration 2022 | APY Scheme Eligibility Criteria, Benefits and Features | Form Download | Penalty Charges.

Atal Pension Yojana Registration

The Atal Pension Yojana was launched on the year 2015 by the Indian Government for the working poor who have a steady income after retirement. This scheme is conducted by the (PFRDA) means Pension Fund Regulatory and Development Authority.

For the age group of 18 to 40 years the APY is open to bank account holders. The contributions differ based on the pension amount chosen. From the 1st oct 2022, if a person is or has been income tax payer then they are not eligible to join the APY Scheme. under the Atal Pension Yojana, the person will be given the pension of Rs. 1000 or Rs. 2000, or 3000, or 4000, or 5000 at the age of 60 years.

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Overview of Atal Pension Yojana

Scheme NameAtal Pension Yojana
Initiated on9th May 2015
Age Limit18 years to 40 years
Pension AmountUp To 5000 rupees
Exit Age60 Years
Contribution PeriodMinimum 20 years

Atal Pension Yojana Benefits and Features

  • An individual who will apply under this yojana will be paid minimum pension after retirement.
  • Under this APY Scheme all the Bank account holders can apply.
  • One the person will reach the 60 years of age they will start receiving the pension.
  • The people who are employees in private sectors and do not receive any pension benefits can also apply for the Atal Pension Scheme.
  • There are options for receiving a fixed amount of pension such as Rs. 1000, 2000, 3000, 4000 or 5000 rupees after you attain the age of 60 years.
  • If the beneficiary die because of any reason during the scheme then their spouse will be eligible to claim that pension.

Eligibility of Atal Pension Yojana

  • A person must be a permanent resident of India and must possess Indian citizenship.
  • Age of the person must be somewhere b/w 18 years to 40 years.
  • A valid working mobile number is necessary.
  • The Know your customer details must be submitted by the person.
  • A valid bank account number which is linked to your Aadhaar Number is necessary to be provided.
  • You must not have already existing account of APY.

Atal Pension Yojana Objectives

  • If the person will get ill, gets diseases and indulged in accidents then this pension will be a financial security for them.
  • The unorganized sector in the country is the main aim of this scheme.

APY Scheme Penalty Charges

If the payments delayed then the penalty charges will be levied as mentioned below, these will be levied on a monthly basis.

  • Rs. 1 Penalty in case of contributions of up to Rs. 100 per month.
  • Rs. 2 Penalty will be levied in case of contributions between Rs. 101 and Rs. 500 per month.
  • Rs. 5 Penalty will be charged for the contribution between Rs. 500 and Rs. 1000 per month.
  • Rs 10 Penalty will be levied in case of payments above Rs. 1001 per month.

Atal Pension Yojana Registration

  • To get the benefit of Atal Pension Yojana an individual firstly have to visit to the bank to open an Account of APY. The APY Scheme is offered by all the Nationalized Banks.
  • People can also visit to the online websites of the bank to Download and fill the APY Account opening forms.
  • This form will be available in many languages such as Kannada, English, Tamil, Telugu, Bangla, Gujarati, Marathi, Odia.
  • Fill all the asked details in this form and then submit it to the same bank from which you get the form.
  • In this form provide your current working mobile number.
  • And all the photocopy of the Aadhaar card is also necessary to be provided.
  • If your application form will be approved then you will get a confirmation message on your registered email or mobile number.

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What If APY Scheme Payments Stops?

  • The account will be frozen if there will be no payments made for the 6 months duration.
  • If the payment is not made for the 24 months of duration, then the APY Account will be closed.
  • And if the payments if not made for the 12 months duration, then the account will be deactivated.
Entry ageNo. of contributions yearsMonthly pension of Rs.1,000 and Rs.1.70 lakh (Rs.) return of corpusMonthly pension of Rs. 2,000 and Rs. 3.40 lakh (Rs.) return of corpusMonthly pension of Rs. 3,000 and Rs. 5.10 lakh (Rs.) return of corpusMonthly pension of Rs. 4,000 and Rs. 6.80 lakh (Rs.) return of corpusMonthly pension of Rs. 5,000 and Rs. 8.50 lakh (Rs.) return of corpus
Investment TypesGovernment SecuritiesTerm DepositsEquity and equity-related instrumentsAsset backed securities and so onMoney Market instruments
Quantum of Investment45% to 50%35% to 45%5% to 15%Up to 5%Up to 5%

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