Atal Pension Yojana (APY) Registration, Eligibility, Benefits, Chart, Calculator, Rules and Penalties

The Atal Pension Yojana (APY) is a big scheme that Prime Minister Narendra Modi launched. The scheme was mainly designed for the country’s elderly population so that, after turning 60, people could receive pensions and live comfortably.

The plan includes a provision for receiving a pension of between Rs. 1000 and Rs. 5000 after 60 years. In this article, we will get to know about the Atal Pension Yojana Rules, Calculator, Online Application Process, Official Site, APY Premium Chart, Helpline Number etc.

What is Atal Pension Yojana (APY)?

Atal Pension Yojana is a Retirement Plan, under which old people after the age of 60 years will get a pension ranging from Rs 1000 to Rs 5000. A person can choose a pension according to his wish.

If he wants to get a pension of a thousand rupees per month, then he will have to pay the premium according to that amount. The person can also choose to pay the premium himself. The premium can be paid monthly, quarterly, half-yearly and annually.

If that person dies after 60 years, then this pension amount will be given to the Nominee of that person. If that person does not go to the pension amount, then he can also take the Corpus Amount in one go.

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Atal Pension Yojana Eligibility

• Only Indian citizens will receive the benefits of the Atal Pension Yojana. Anyone who is an Indian citizen may benefit from this scheme.
• Certain age rules have been fixed for Atal Pension Yojana. According to the condition, only those people whose age is between 18 to 40 years old can apply for the scheme. Individuals who are below 18 or above 40 cannot apply for this scheme and get benefits.
• The government will directly send the pension payment to the person’s bank account after 60 years under the Atal Pension Yojana, and each year the premium payment will also be taken out of the person’s bank account. Therefore, the beneficiary must have a bank account in his name to benefit from the scheme.

Points to Remember Before Applying for the Atal Pension Yojana

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On June 1, 2015, the Atal Pension Yojana was introduced. According to the terms of the release, it was stated that everyone who applies under this scheme between June 1, 2015, and March 31, 2016, will receive exceptional benefits.

The government will contribute the same amount as the individual does to this benefit. However, the following individuals will not receive this particular benefit:

• Those Who Pay Taxes.
• Taking advantage of any other Social Security Scheme.
• Government Employees who are included in the Provident Fund.
• Coal Miners who are included in the Provident Fund.
• Workers in Assam Tea Plantations who are included in the Provident Fund.
• Seafarers who are included in the Provident Fund.
• Employees of Jammu and Kashmir who are included in the Provident Fund.

While filling out the form for the scheme, the beneficiary has to note that he must fill in his nominee. Beneficiaries cannot write their Spouse’s name in the nominee as they are considered default Nominees. Apart from husband and wife, you can write the name of someone else in the nominee.

A Person can have only one Atal Pension Account. Once applied to the Atal Pension Yojana, the beneficiary can change the pension amount or premium mode at any time. A statement will be given to the beneficiary every year by message.

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Atal Pension Scheme Important Rules

What will be the Amount of Pension?

The pension amount is flexible and up to the beneficiary. The Government set the Pension Amount at between 1,000 and 5,000. According to the pension amount he chooses, the beneficiary will be required to pay the premium.

If a subscriber wants to adjust the pension amount, he can do so under the rules but only once every year. There is no additional cost for such a change.

Other Benefits Available Under Atal Pension Yojana

Whatever amount the beneficiary deposits, the Government Invests that amount in many places. If they get profit in that investment then some part of it is also given to the beneficiary but if there is a loss in the investment then its entire cost is borne by the government.

According to the terms and conditions of Atal Pension Yojana, whatever amount the beneficiary deposits under the premium amount. If the government takes tax benefits by investing it, then the government also gives tax exemption to the customer according to the current rate.

Atal Pension Yojana Application Form

You can fill out and submit the Atal Pension Yojana Application Form received from the Bank if you want to apply under this scheme. In addition, the Atal Pension Scheme Online Application Process has already begun. You can access the form by clicking on this link if you want to submit an online application for APY Scheme.

Download Atal Pension Yojana Application Form

How to Open an Atal Pension Yojana Account

• To receive benefits under the Atal Pension Yojana, the beneficiary must have a bank account or post office account; you can open an account under the scheme in either location.
• You can get the Atal Pension Yojana application at the bank or post office. Carefully fill out all the fields on the form.
• While providing your Aadhaar Card information is not required to participate in the Atal Pension Yojana, doing so will allow you to access your account’s full range of information online.
• The beneficiary will receive a PRAN Number, also known as a reference number, from the officials after completing the form. All tasks associated with the scheme, including completing claim forms, paying premiums, cancelling accounts, etc., can be completed quickly and conveniently by dialling this number.

Atal Pension Yojana Document Requirements

• If you do not already have a Bank Account, then to take advantage of the Atal Pension Yojana, you will have to open a bank account. When a new account is opened in any bank, you will find here all the documents required at that time.
• Identity Card
• Passport Size Photograph
• Birth Certificate
• Domicile Certificate
• Aadhar Card (Not Mandatory)

Atal Pension Yojana Premium Rules

• To be eligible for the Atal Pension Yojana, consumers must pay the Premium for at least 20 years, anyone who pays less will not be accepted.
• If a person applies for the Atal Pension Yojana at the age of 40, he or she will be required to pay a premium for the following 20 years, or until the age of 60.
• If a person applies for the Atal Pension Yojana at the age of 18, he or she will be required to make 42 years of premium payments.
• For beneficiaries aged 18 to 40, the premium amount will vary.

How to Pay the Premium Amount in the APY Scheme?

Under the Atal Pension Yojana, there are numerous options to pay the Premium Amount. The Premium Payment Amount can be made on a monthly, quarterly, half-yearly, or annual basis.

The beneficiary will just need to deposit the premium payment into his bank account, which will also be used to deduct the direct premium payment. You are free to select the premium twist of your choice and to modify it at any time.

Atal Pension Yojana Calculator

Atal Pension Yojana Chart for a Monthly Pension of Rs 1000

Below we have mentioned how much payment you need to pay monthly If you apply for the Rs 1000 pension. After the subscriber’s death, the nominee will receive a return of around 1.7 lakh rupees.

Atal Pension Yojana Chart for a Monthly Pension of Rs 2000

The amount of the monthly payment required if you apply for the Rs 2000 pension is listed below. The nominee will receive a return of around 3.4 lakh rupees after the subscriber’s death.

Atal Pension Yojana Chart for a Monthly Pension of Rs 3000

The amount of the monthly payment required if you apply for the Rs. 3000 pension is listed below. The nominee will receive a return of around 5.1 lakh rupees after the subscriber’s death.

Atal Pension Yojana Chart for a Monthly Pension of Rs 4000

The amount of the monthly payment required if you apply for the Rs. 4000 pension is listed below. Following the subscriber’s death, the nominee will receive a return of around Rs 6.8 lakh.

Atal Pension Yojana Chart for a Monthly Pension of Rs 5000

The amount of the monthly payment required if you apply for the Rs. 5000 pension is listed below. Following the subscriber’s death, the nominee will receive a return of around Rs 8.5 lakh.

Atal Pension Yojana Penalty

• If someone pays a premium of Rs 100 per month, then he will have to pay Rs 1 for the delay.
• If someone’s premium amount is between 101 to Rs 500, then he will have to pay Rs 2.
• If the premium amount is between Rs 501 to Rs 1000, then he has to pay Rs 5 for the delay.
• If the premium amount is more than a thousand rupees then he has to pay Rs 10 for the delay.
• As per the condition of the scheme, the amount of interest or any kind of penalty can be deducted from the pension corpus of the consumer.

What is the Corpus Amount in the Atal Pension Yojana?

Under the Atal Pension Yojana, when both the beneficiary and his default nominee die, the nominee is given a Corpus Amount as per the terms of the scheme.

Apart from this, after the death of the beneficiary, if the defaulting nominee does not want to continue the Atal Pension account, then he can close the scheme by taking the corpus amount.

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Corpus amount means the amount deposited by the beneficiary plus the contribution made by the government and the interest earned thereon.

All these together constitute the Corpus amount. The corpus amount is according to the pension amount, if a beneficiary has opted for a Rs 1000 pension, then his corpus amount will be less while the person with a 5000 pension amount will have more corpus amount, the person who will get Rs 5000 pension, his corpus amount is 8.5 lakhs.

When can the Atal Pension Account be Closed?

• According to the conditions of the scheme, a subscriber’s account is deactivated after six months if the premium amount is not deposited constantly.
• The account is deleted after 24 months, or two years if the premium amount is not deposited continuously.

Atal Pension Yojana Withdrawal Rule

Under the Atal Pension Yojana, the pension amount is available only after the age of 60 years, but in some odd circumstances, the amount deposited till then can be withdrawn, which is as follows

• After Crossing the age of 60 Years: According to the rules of the scheme, after the age of 60 years, the person will start getting a pension, but if that person dies, then his pension will be given to the default nominee spouse if the default If the nominee also dies, then the nominee made by that person can apply and get the deposited amount.
• Death of the Subscriber After 60 years: If the subscriber dies after the age of 60 years, then the default nominee gets the pension. If the defaulting nominee wishes, he can close the account by receiving the amount deposited till then. If the defaulter nominee also dies, then the other nominee will not get the pension. He can claim the nominee and get the deposited amount.
• On Death Before 60 Years: If a subscriber dies before 60 years, then the default nominee decides whether to continue the pension further or not. If the defaulting nominee wants, he can get the pension after 60 years by paying the remaining premium amount and if he does not want to pay the premium amount, then he can also claim the amount deposited and get the account closed.

Rules for Closing the Atal Pension Scheme Account

If a consumer wants to close the Atal Pension account before the age of 60 years, then it can be done only in one situation, when the consumer is suffering from a serious life-threatening disease, then he can claim the deposit amount and close the account.

Atal Pension Withdrawal, Claim and Closer Form

• At Present, a PRAN Number is given to the beneficiary at the time of account creation. Withdrawal forms are filled through it only. By filling this form you can complete the whole process of Atal Pension Withdrawal.
• If the customer dies before 60 years, then in that case he can claim the amount deposited till then. For this fill out this form.
• If the customer wants to close the Atal Pension account then he/she can fill the APY account closer to Form 1 or Form 2.

Atal Pension Yojana Toll-Free Helpline and Complaint Number

If you need any information related to Atal Pension Yojana or have any kind of complaint, then you can get information by calling the toll-free helpline number mentioned below.

• 1800-180-1111
• 1800-889-1030

Atal Pension Yojana Bank List

You can apply for the Atal Pension Yojana by visiting any bank or post office in the country. These banks and post offices are given an incentive of ₹ 120 per pension scheme subscriber by the government. For your convenience, we have provided the following list of the banks where you can apply for the Atal Pension Yojana.

1. Axis Bank Ltd
2. Bank of Baroda
3. ICICI Bank Ltd
4. Punjab National Bank
5. The Federal Bank Ltd

Atal Pension Scheme FAQs:

What is the Atal Pension scheme?

Atal Pension Yojana (APY) is a pension insurance scheme, under which old people after the age of 60 years will get a pension ranging from Rs 1000 to Rs 5000.

What is the PRAN Number?

After applying in the scheme, the consumer is given a Permanent Retirement Account Number which is of 12 digits, through which all the transactions are done.

For how many years does the Atal Pension Yojana have to be deposited?

For the Atal Pension scheme, you have to pay the premium for at least 20 years and a maximum of 42 years.

How to check Atal Pension Yojana Status?

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You can download the APY App where you can check the status of the APY Account.

Who is eligible for the Atal Pension Yojana?

Anyone from the age of 18 to 40 can apply for the Atal Pension Yojana.

What is the monthly contribution of Atal Pension Yojana?

The minimum amount which you can contribute to the APY is Rs 42 per month if you are 18 years old for 42 years and then after 60 years, you will get Rs 1000 per month as a pension.