Finance Minister Mr. Arun Jaitley had mentioned plans of Atal Pension Yojana. 11% of the India population has subscribed under this scheme. The main aim of Atal Pension Yojana is to provide a pension for unorganized sector. The pension amount starts from Rs 1000, Rs 2000, Rs 3000, Rs 4000 up to Rs 5000 every month after their retirement. The maximum period of contribution would be 20 years or above. To encourage the people government has added bonus and they would contribute sum towards pension accounts for the period of 5 Years.

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Interesting points for Atal Pension Yojana:

• You should maintain minimum balance in your bank account
• To pay the premium pension scheme, automatically your bank account will debit every month.
• You can close Atal Pension scheme before the age of 60 in case of death or terminal disease then you will receive full amount
• If you do not pay your premium on time then Rs 1 will deduct for every Rs 100
• You can also increase your monthly contribution any time by visiting your bank
• If an applicant can close their account before 60 years then they can get contribution and interest earned will be returned.

To apply Atal Pension Yojana the below-mentioned requirements are necessary:

• You must have valid bank account
• You need to link your Aadhar card to your bank account
• Your age should be minimum 18 years and maximum 40 years
• The contribution minimum period is 20 years

How to apply for Atal Pension Yojana:

• All nationalized banks provide Atal Pension Yojana scheme
• Visit any of these banks or you can go to your own bank
• Atal Pension Yojana Application forms are available online as well as at banks
• Through online, you can download the application forms from the official website
• The applications forms are available in different languages like English, Bangla, Hindi, Kannada, Gujarati, Odia, Marathi, Tamil and Telugu
• Fill the form correctly and submit it to your bank
• Along with Application form submit Xerox of Aadhar card
• You will receive a confirmation message when the application is approved.

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Note: http://www.jansuraksha.gov.in/FORMS-APY.aspxojana is the official website of Atal Pension Yojana. By this link, you can easily download your Atal Pension Yojana Application form.

Atal Pension Yojana is new pension scheme launched by the Indian government. Under this scheme, every Indian can start their contribution to get a pension after retirement. Previously the government had pension plans for the people who work in the unorganized sectors where one can never save the money for retirement. The Atal Pension Yojana has guaranteed return money after 60 years, so this scheme is looking for a poor working class of the country.

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Atal Pension Yojana is not only guaranteed the money return also promises a contribution by the Indian government for every individual account to next 5 years. The main intention of this scheme is to ensure the men while working can save some money for their old age.

Atal Pension Yojana is replacing the Swavalamban scheme. The Indian government plans that transfer the existing Subscribers under Swavalamban scheme to Atal Pension Yojana automatically.

Atal Pension Yojana Eligibility:

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• All Indians are eligible to enroll in the scheme
• If the subscriber is covered APY by another social security scheme then that person cannot avail the contribution benefit of government
• The applicant age should be 18 to 40 years because there will be at least 20 years of subscription for APY before regular monthly pension starts for subscriber
• Aadhar card is used as the main document for your identification. It is the identification document for applicant nominees and spouse
• An active mobile number of a subscriber is recommended for the operation of the account. Applicants will receive SMS alerts to their number
• While closing this plan a person must be 60 years old. The person will be entitled to the monthly pension that they have contributed for.
• Applicant should maintain the valid bank account with a minimum balance on account every month

Atal Pension Yojana was launched by the Indian government in June 2015. This scheme is administrated by the Pension Fund Regulatory and Development Authority under the National Pension System (NPS). Atal Pension Yojana will focus all Indian citizens in unorganized sector who join the NPS. Under this Atal Pension Yojana subscribers would receive a fixed minimum pension of Rs 1000 to Rs 5000 per month at the age of 60 years depending on their contributions.

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Features for Atal Pension Yojana:

• Any candidate has age group of 18 years to 40 years can subscribe this pension scheme
• Pension amount is Rs 1000 to Rs 5000 depending on the amount premium paid
• This scheme provides the pension for unorganized sector workers after retirement
• Premium ranges per month depending upon the age of entry and chosen pension amount
• You can’t withdraw out of scheme before retirement
• Only 7.8 to 8% returns are available
• This scheme is not available for income taxpayers
• Employees who are covered EPF scheme can’t subscribe to this scheme
• People who registered National Pension Scheme will automatically migrate to the Atal Pension Yojana
• Subscriber reached 60 years and he applies for the regular pension will payable
• Indian government will contribute to extent of 50% of the premium

Atal Pension Yojana Eligibility:

• Applicant must have at least 18 years and not more than 40 years
• The minimum contribution period is 20 years
• Have a valid bank account

Charges for Atal Pension Yojana:

If a subscriber doesn’t make the regular payments then the concerned bank can levy penalty charges as stipulated by the Indian government. The additional charges are levied range from Rs 1 to Rs 10 per month.

• If contribution amount is up to Rs 100 then interest would be Rs 1 per month
• If contribution amount is up to Rs 101 to Rs 500 then interest would be Rs 2 per month
• If contribution amount is up to Rs 501 to Rs 1000 then interest would be Rs 5 per month
• If contribution amount is up to Rs 1001 then interest would be Rs 10 per month

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In Atal Pension Yojana accounts payment are discontinued for following measures

• After 6 months then the account would be frozen
• After 12 months then account should be deactivated
• After 24 months then account would be permanently closed