Here’s How to Open Atal Pension Yojana Account

The Atal Pension Yojana (APY) is a beneficial social security measure. As a part of the Atal Pension Yojana, an individual needs to make monthly, or quarterly, or half-yearly contributions to the Atal Pension Yojana Account and after the individual turns 60 years of age, a monthly pension is paid out based on the amount of contributions made. The amount of contribution made depends upon the age of the individual, frequency of contribution and the amount of monthly pension wanted after the age of 60 years. The scheme allows for monthly pensions of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 and Rs. 5,000. The contributions increase as the age of the individual increases.

It is evident that having an Atal Pension Yojana Account is very beneficial, especially for those people who do not have significant investments made for their retirement. But, the biggest question for interested people is how to open Atal Pension Yojana Account? This handy guide explains.

How to open an APY account?

Here’s how you can open an Atal Pension Yojana Account:

  • Visiting your closest bank branch:

    The Atal Pension Yojana Account is only available to existing bank account holders. To become a part of the scheme, the individuals will have to have a bank account. If the individual does not have a bank account, then first, he or she will have to open a bank account. Once the bank account is opened, most banks have a form which has to be filled up to become a part of the Atal Pension Yojana. Once that form is filled up, and the bank processes the application, the individual’s account in Atal Pension Yojana will be opened.

    For those who have a bank account, they can get an APY account opening form from the bank branch. Check to see if you match all the eligibility requirements before processing with the form filling. Once you have filled it up with the necessary details, submit it to the bank. Once the application is processed, the APY account will be opened under your name.

    So, once the APY account is opened, you can start making monthly contributions and then get an assured pension after you turn 60 years of age.

    To get your very own Atal Pension Yojana Account in HDFC Bank, you need to visit your closest bank branch. Click to get started!

* 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.