Atal Pension Yojana (APY): Scheme Details, Eligibility, Objectives & Benefits

Complete information about Atal Pension Yojana (APY)

What is Atal Pension Yojana and when was it started?

Atal Pension Yojana is a guaranteed pension scheme (scheme). Atal Pension Yojana (APY) was started by the Government of India to provide pension to the people and laborers working in the unorganized sector. Atal Pension Yojana was started by the Indian Prime Minister Shri Narendra Modi on 09 May 2015 in Kolkata. Under this scheme, the central government guarantees you and your spouse a minimum pension for life.

Rules of Atal Pension Yojana?

To take advantage of Atal Pension Yojana, your age should be minimum 18 years and maximum age 40 years. The age to exit the plan and start pension is 60 years. Under this scheme, an investor is required to invest for at least 20 years. In this scheme, it is necessary for the holder to have Aadhar card, so that the benefits of the scheme are easily accessible to the scheme holder. If when you join this scheme and you do not have Aadhar card, then you can also submit your Aadhar card later. To join this scheme, it is mandatory to have a savings account with the bank.

How to open account in Atal Pension Yojana?

To open an Atal Pension Yojana account, you can visit your nearest bank branch and apply for this scheme. You can open your account in all government banks (like State Bank of India, Punjab National Bank and Bank of Baroda etc.). If you want to open Atal Pension Yojana account online, you can open Atal Pension Yojana account online through ENPS portal.

Benefits of Atal Pension Yojana:

The amount of pension under Atal Pension Yojana depends on your contribution, age of joining the plan. In this one can get a pension of 1000, 2000, 3000, 4000 or 5000 rupees per month. According to your contribution, you will start getting this amount every month from the age of 60. For example, if the holder deposits Rs 42 every month under the Atal Pension Yojana, then he will get a pension of Rs 1000 per month after the age of 60 years. If the subscriber deposits Rs 210 per month under Atal Pension Yojana, then he will get a pension of Rs 5 thousand per month after the age of 60 years. Under this scheme, if the holder dies before 60 years, then the deposited amount along with interest will be given to the nominee and the account will be closed.

Decrease or increase the pension amount under Atal Pension Yojana:

Now the question comes in the mind of some people whether they can increase or decrease the pension amount under this scheme after registration, then the simple answer is yes. It is possible that you start with one pension amount, but if you want to increase or decrease your pension amount in future, then there is a provision in the Atal Pension Yojana. Let's go:-

You can increase or decrease the pension amount only once in a year in the month of April, but you can change the pension only before the age of 60 years.
For increase in pension amount, the investor (subscriber) has to pay the difference amount of contribution. Along with this, 8% monthly compound interest will also have to be deposited on the payment.
In case of deduction in pension amount, the excess amount of contribution will be returned to the investor. Along with this, the jam return will also be returned on the excess amount.

How can I check my amount in Atal Pension Yojana?

If you want to check your amount in your Atal Pension Yojana account digitally, then you can check it from the NPS website or by downloading the APY and NPS Lite app. Before going through this information, make sure that you have your Permanent Retirement Account Number (PRAN). It is sent to your mobile through SMS at the time of registration. However, PRAN is required at the time of login from the app. If you are logging in through the website, you have to provide your bank account details. If you have also enrolled yourself for APY, then you can easily get the information about your contribution amount with the help of the steps given below. Steps for website:

Open 'https://www.npscra.nsdl.co.in/scheme-details.php' on computer or laptop.
After that click on 'APY e-PRAN/Transaction Statement View'. This will redirect you to a different page.
After that you can choose the option 'With PRAN' or 'Without PRAN' as desired.
If you have selected the option 'With PRAN', you will have to enter your PRAN and Bank Account Number.
If you have selected the option 'Without PRAN' then it will be mandatory to fill the Username, Bank Account Number and Date of Birth.
After filling the information, you will have to select one in the e-Pran view or the statement of transaction.
Click on 'Submit' by entering the code shown in the Capsha correctly.\

You can also access your APY e-Card details with APY e-Pran. Apart from this, you can also know about the date of commencement of your pension, amount opted for pension and APY service provider, etc. Along with this, you will also get information about the entire contribution amount in your account in this scheme. Along with all this, you can also know the name of the nominee, pension amount and amount deposited in a particular financial year.

Latest updates related to Atal Pension Yojana 2021 –

In the current financial year 2020 itself, so far more than 52 lakh new subscribers have joined the Atal Pension Scheme (APY). Most of the people of Uttar Pradesh have adopted this scheme. According to the data of Pension Fund Regulatory and Development Authority (PFRDA), 42,46,137 people have registered under APY till 30 January 2021.
According to PFRDA data, 2655 NRIs and others have subscribed till 30 January 2021.
Savings account holders will be able to open an account under Atal Pension Yojana (APY) even without internet banking. The Pension Fund Regulatory and Development Authority (PFRDA) is allowing APY-POPs to offer their existing savings account holders an alternative medium to open an APY account online. Under the new medium, a person will be able to open an APY account without using internet banking or mobile app.