The Government provides various schemes for the betterment of the citizens. Considering a good future for the old age citizens of the country, the Government has launched a bunch of schemes which have different criteria and objectives. However, all the schemes are meant for the citizens of India. To have a fixed source of income for the people working in the unorganized sections after retirement, the Swavalamban Scheme was launched.
Atal Pension Yojana
As we know, most of the PSU’s didn’t offer any pension to their employees after retirement. Therefore, the Government has mandated the provision of maintaining a provident fund on which there will be a contribution of the Employer and Employee. In the Employee Pension Scheme, 8.33% goes to the employee PF which comes from the total of 12% that is from employer share.
Thus, APY is a wonderful scheme to take benefits from besides other central pension schemes like PMSYM.
The yojana that replaced the Swavalamban Scheme is now the Atal Pension Yojana. The yojana was in effect from 1st June 2015, just a month after the closure of the Swavalamban Scheme. Atal pension yojana has more benefits as compared to the Swavalamban Scheme.
It can be assumed that the Atal pension yojana is an upgraded version of the Swavalamban Scheme. In this article, we will be providing you with complete details about the Atal pension yojana List, the Status of the APY Scheme, Apply Online, Chart Pension Status, and much more.
अटल पेंशन योजना: मोदी सरकार ने अटल पेंशन योजना को मई 2015 में शुरू किया था। यह पेंशन स्कीम असंगठित क्षेत्रों में काम करने वाले लोगों के लिये लायी गयी थी, इससे पहले असंगठित क्षेत्र में कार्यरत लोगों के लिए इस प्रकार की कोई योजना नहीं थी। अटल पेंशन योजना (APY) के लिए कोई भी भारतीय आदमी आवेदन कर सकता है,अटल पेंशन योजना (APY) में आवेदन करने के लिए आपके पास बैंक खाता और आधार कार्ड होना जरूरी है। अटल पेंशन योजना में निवेश करने वाले व्यक्ति की असमय मृत्यु हो जाने पर पेंशन का लाभ उसकी पत्नी को मिलेगा। Atal Pension Yojana से सम्बंधित सारी जानकारी आपको यहां विस्तृत रूप से बताई गयी है।
Under the Atal Pension scheme, a guaranteed minimum monthly pension of Rs.1000/-, Rs.2000/-, Rs.3000/-, Rs.4000/-, and Rs.5000/- will be provided to the subscribers on the basis of the contribution made by them. Atal Pension was launched with the aim to provide retirement benefits to workers in the unorganized sectors. By contributing to this scheme, they can save their retirement.
Atal Pension Yojana Eligibility
In order to become a subscriber of the Atal Pension Yojana, one must fulfil the eligibility criteria-
- The subscriber should be an Indian citizen.
- A prospective applicant’s age must lie between 18 years and 40 years.
- He/she should have a savings bank account or have to open a bank account.
- Applicants should have a valid mobile number, and all of its details should be furnished to the bank at the time of registration.
अटल पेंशन योजना (एपीवाई) के भीतर 60 वर्ष की आयु के पश्चात रू.1000, रु.2000, रु.3000, रु.4000, रु.5000 प्रतिमाह की पेंशन प्रदान करने की गारंटी है।
Benefits of the APY Scheme
The APY has huge benefits for the individuals availing it. The details of the important benefits of the Atal Pension Yojana are provided below.
- The pension is guaranteed by the Government of India.
- APY subscribers get a guaranteed pension of Rs.1000/- to Rs.5000/- per month.
- Under this scheme, subscribers can also increase or decrease their pension amount once a year during the accumulation phase.
- The scheme is not only beneficial for the subscriber but also for his/her spouse. In case of the death of the subscriber, the spouse will be entitled to the pension. In case of the demise of both subscriber and spouse, the nominee will be entitled to get the same pension.
- The tax benefits under this scheme are the same as those applicable under NPS (National Payment Scheme).
- APY is also beneficial as the government contributes Rs.1000/- per year or 50% of the total contribution, whichever is low.
- The scheme is also a good alternative to save the tax as no tax is imposed on the amount. Also, You will get an income tax rebate on whatever amount you deposit in your APY account. For this, the receipt of the deposit in the account has to be shown.
Who is not Eligible for Receiving the Government’s co-coordination under APY?
Beneficiaries of any statutory social security scheme are not eligible to receive the benefit of Government co-contribution under APY. Below, we have shared some of the enactments for which the government’s co-coordination is not provided:-
- Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
- Seamen’s’ Provident Fund Act, 1966.
- Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
- Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
- Any other statutory social security scheme.
एपीवाई खाता खोलने की प्रक्रिया
- बैंक या पोस्ट ऑफिस जाएँ जहां आपका कोई भी बचत बैंक खाता है,अगर कोई बैंक खाता नहीं है तो नया बचत बैंक खाता खोलें।
- अब बैंक या डाकघर बचत बैंक खाता संख्या उपलब्ध होने के बाद बैंक कर्मचारियों की सहायता से एपीवाई पंजीकरण फार्म भरें।
- आधारनम्बर मोबाइल नंबर भी फॉर्म में मांगे जाते हैं । यह अनिवार्य नहीं है लेकिन योजना से तथा आपके निवेश से जुडी सभी सूचनाएं आपको मोबाईल नम्बर पर sms के माध्यम से भेजी जाएँगी।
- अब आपका पंजीकरण अटल पेंशन योजना के लिए कर लिया जायेगा।
- अब यह सुनिश्चित करें की मासिक/तिमाही/छमाही जिस भी प्रकार का आपने योजना का पैकेज लिया है आपके बचत बैंक खाता/डाकघर बचत बैंक खाते में उतने रूपये जरूर हों।
Overview of Atal Yojana
Pension Fund Regulatory and Development Authority (PFRDA) is the government body that administers the APY under the National Pension Scheme Architecture. The investment guidelines for this scheme are prescribed by the Ministry of Finance, Government of India.
AYP is a Social Security Scheme that was launched as a replacement for a pre-existing Swavalamban Yojana. APY scheme is open to all bank accounts.
|Name of the scheme
|Atal Pension Yojana (APY)
|Pension Fund Regulatory and Development Authority (PFRDA)
|Age limit Eligibility
Highlights of अटल पेंशन योजना
- भारत सरकात द्वारा प्रदान की गयी इस योजना में न्यूनतम मासिक धनराशि की गारंटी है। आवेदक अपनी जमा धनराशि के आधार पर १०००/- से ५०००/- तक की मासिक पेंशन हासिल कर सकते हैं।
- भारत सरकार द्वारा आवेदक के योगदान पर ५०% सह-योगदान करेगा। यह योगदान सिर्फ उन आवेदकों को दिया जायेगा जो वैधानिक सामाजिक सुरक्षा कवर या आयकर दाता नहीं है।
- भारत सरकार सभी पात्र आवेदकों को सह-योगदान की सुविधा प्रदान करेगा जिसकी अवधि ५ साल तक की है। जिन आवेदको ने 1st June, 2015 to 31st December, 2015 वो इस सुविधा के पात्र होंगे। सभी ग्राहकों के लिए APY 5 वर्ष से अधिक नहीं होगा जिसमें प्रवासी स्वावलंबन के लाभार्थी शामिल हैं।
How is NPS different than APY?
NPS, which stands for the National Pension Scheme, is a government-funded pension scheme that provides a pension to the applicant who has enrolled in the scheme. The scheme is somewhat similar to that of the APY. However, there are some points in which the NPS and APY can be easily differentiated. Applicants can avail of both accounts. Before availing of the scheme, have a look over the major differences between NPS and APY.
APY Contribution Chart
The APY contribution charts depict the complete information about the entry age for the scheme, along with years of contribution. The contribution years are inversely proportional to the month/quarterly/yearly contribution. To know more about the contribution period in the scheme to attain the monthly pension of 1000/-, 2000/-, 4000/- and 5000/- please refer to the table provided below.
|Age of entry
|Years of contribution
|Monthly pension of Rs.1000/-
|Monthly pension of Rs.2000/-
|Monthly pension of Rs.3000/-
|Monthly pension of Rs.4000/-
|Monthly pension of Rs.5000/-
Contribution, pension, entry age etc. in detail at different stages.
How to apply for Atal Pension Yojana online?
To enroll for Atal Pension Yojna (APY) account, applicants have to follow an easy procedure. The step-by-step guide is given below-
- Approach the bank branch where the applicant’s savings account is held. In case an applicant does not have an account then he/she can open one.
- Fill out the APY application form.
- Provide Aadhar card/ mobile number.
- Complete all the other formalities.
- Once the account is opened, subscribers must ensure that there is a minimum required balance in the account for the transfer of monthly contributions for this scheme.
Apart from this, applicants can also fill out the APY registration form and enrol by using net banking. Subscribers can open an only account under his/her name. At the time of application, it is mandatory for subscribers to furnish the details of the nominee wherever applicable in the APY account. They also have to provide their Aadhaar details.
After successful enrolment, periodic statements will be provided to the subscribers as part of intimation. Subscribers will receive statements of account in the form of SMS alerts, as well as in physical form.
Withdrawal of APY
The applicant who wants to discontinue the scheme can refer to the following conditions which provide adequate details to withdraw APY.
- Subscriber attains the age of 60 years
The subscriber can exit from APY on the completion of 60 years. After that, pension will be made available to the subscriber with 100% annuitization.
- Death of subscriber
In case of the death of the subscriber, the return of corpus () will be made available to the spouse. And if both subscribers dies, the pension amount will be given to the nominee.
- Exit before the age of 60 years
Yes, voluntary retirement before the age of 60 years is allowed under APY. The contribution made by the subscriber to APY will be calculated and the original interest earned on the sum will be provided to the applicant.
Atal Pension Yojana Penalty for Default
The saving account under APY will be considered default if a sufficient balance will not be maintained for contribution on the due date. In such a situation, the bank will charge an extra amount for delayed payments.
The additional amount that will be collected from the account holder is shared below-
- One rupee per month for the contribution up to Rs.100/- per month.
- Two rupee per month for contributions between Rs.101 to 500/- per month.
- Five rupee per month for contribution of Rs.501/- to Rs.1000/- per month.
- Rs.10/- per month for contributions more than Rs.1001/- per month.
Atal Pension Scheme Discontinuation of payment
Subscribers must ensure that their APY account is funded enough for auto debit of contribution amount. Otherwise, subscribers will face the following issues if there is a discontinuation of payments of contribution amount-
- After 6 months, APY account will freeze
- After 12 months, APY account will be deactivated
- After 12 months, APY account will be closed
Process of APY Clearance?
To avail of the guaranteed minimum monthly pension, the applicant has to submit a request to the concerned bank/post office. After the successful request is submitted to the subscriber, a Monthly pension will be received on the basis of contribution. After the death of the subscriber, the monthly pension will be payable to the husband/wife (default mortgage). After the death of both defaulters, the principal will be eligible to receive a pension code up to the age of 60 years of the original provider.
APY Mobile Application
The mobile application version which contains all the information about APY can be easily downloaded from the link given below. The mobile application has now been loaded with additional features that include Registration in APY, APY Information/Services, APY Pension Calculator, APY Ki Pathshala. The mobile version provides much more information about the APY Portal in a systematic way.
The application is available on the play store and can be downloaded through the direct links given below.
Download the Atal Pension Yojana Mobile Application (For Android)
Swavalamban Yojana and Atal Pension Yojana
Atal Pension Yojana is a replacement of Swavalamban Yojana with additional features. The registered users/ subscribers of Swavalamban Yojana aged between 18 -40 years were migrated to the APY scheme. However, it was all upon the subscribers (of age beyond 40 years) whether they want to opt-out of the Swavalamban Scheme with the withdrawal of a lump-sum amount or to continue till the age of 60 years.
How do I track my Atal Pension Contribution?
The details of the contribution made to the APY can be known through SMS, which will be provided by the NSDL. Once the payment is received, the applicant will get a notification about the contribution through SMS. Applicants can also download the mobile application to know about the total contribution made by them. The details of the contribution statement pdf can also be collected from the application. The mobile application will also provide updates about the Atal Pension Yojana.
APY Important Links
The table contains all the important links along with the necessary forms required by the applicant to enroll for the Atal Pension Yojana. Please go through the details below.
|APY Subscriber Registration Form
APY Subscriber Registration Form – Swavalamban Yojana Subscribers
|Subscriber details Modification and Change of APY-SP Form
Form to upgrade/downgrade pension amount under APY
|Withdrawal and Continuation
|APY Death & Spouse Continuation Form
Voluntary Exit APY Withdrawal Form
|Service Provider Registration
|APY Application for Banks to be registered under Atal Pension Yojana
APY – Service Provider Registration Form
|Subscriber Grievance Registration(G1) Form for APY Subscriber
APY Common Grievance
Atal Pension Yojana FAQs
How many APY accounts one can open?
An APY account is unique, therefore, a subscriber can open only one account.
What is the minimum period of contribution to APY?
The minimum period of contribution to APY would be 20 years or more.
How subscriber will know the status of the contribution?
The status will be intimated to the subscriber through SMS alerts on their registered mobile number. Apart from this, subscribers will also receive a physical statement of Account.