How to Apply for Atal Pension Yojana Scheme?
The Atal Pension Yojana (APY) is a pension scheme open to Indian citizens. Under the scheme, contributions made will give a defined pension after the individual turns 60 years of age.
The scheme looks to include people from the unorganised sector who do not have much exposure to other forms of social security. There are 5 different options for the monthly pension amount, Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 and Rs. 5,000.
The monthly contributions will depend on the age of the individual, frequency and the monthly pension option chosen. The contribution amount will increase as the age of the individual increases.
Apart from the pension benefits, the contributions made to the Atal Pension Yojana get a tax deduction under Section 80CCD(1B) up to Rs. 50,000 per year over and above the Rs. 1,50,000 under Section 80C.
The Atal Pension Yojana scheme is available to people who have a bank account. The amount of monthly, quarterly, or half-yearly contribution will be auto-debited from the bank account of the individual.
How to apply for Atal Pension Yojana Scheme?
- Click the below link
- Login using Net banking credentials or Debit Card plus PIN
- Update nominee details, Select Pension Amount & Frequency
- Check information filled on preview page and then input OTP received
Apply through Branch
You can apply for this scheme through the bank you have an account with. Most bank branches of all the banks have forms for the Atal Pension Yojana scheme. These forms are available in several different languages, that is, English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Telugu, Tamil. The individual can collect the form in the language of his or her choice.
The application form has to be completely filled up and submitted to the bank. If you have an account with the bank, your KYC details will be replicated from the bank account. Once the application is processed and the account is opened, the individual will be intimated by SMS on his registered mobile number.
With this, you can have access to Atal Pension Yojana scheme when you require it.
* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.