How To Open An Atal Pension Yojana Account? Check Complete Steps, Eligibility Criteria, Other Details

Atal Pension Yojana Account: Formal sector workers and government employees can get the benefit of various pension schemes, but the central government runs a special Atal Pension Yojana scheme to provide pension protection to those employed in the informal sector.

Atal Pension Yojana is a voluntary scheme that can help people in generating minimum Rs 1,000 of monthly pension after attaining 60 years of age. Here are all the details about the Atal Pension Scheme and details about how to open an APY account.

What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a voluntary pension scheme of the Government of India. Any Indian citizen can enroll for the Atal Pension Yojana, especially "the poor, under-privileged and the workers in the unorganised sector." According to the Pension Fund Regulatory and Development Authority (PFRDA), APY, a minimum guaranteed pension of Rs 1,000 or Rs 2,000 or even Rs 5,000 per month. The pension will start after attaining the age of 60 years, depending on the contributions made by the subscribers for their chosen pension amount.

What is the Eligibility for Atal Pension Yojana?

APY is open to all citizens of India. Only a citizen falling in the age between 18 and 40 years, he should have a savings bank account/post office savings bank account. From 1 October 2022, any Indian citizen who has been an income tax payer under the Income Tax Act (ITA), 1961, as on the date of application will not be eligible to open a new APY account.

Approach the bank branch/post office where the individual's savings bank account is held or opens a savings account in bank or post office if the individual doesn't have one.

How To Open Atal Pension Yojana (APY) Account?

Eligible Indian citizens can approach their bank branch, post office where their account is active. You can apply to join the APY scheme. People can also open a new account and complete their Aadhaar-KYC to gain access to pension scheme. Since APY replaced the erstwhile Swavalamban Yojana. The beneficiaries of the older scheme can be automatically migrated to the new scheme.

What Are The Benefits Of Joining Atal Pension Yojana?

-APY subscribers are required to contribute to the prescribed contribution amonth from the age of joining APY till age 60 to enjoy all the benefits mentioned below.

-Each subscriber of the APY scheme will receive a guaranteed minimum pension of Rs 1,000 per month or Rs 2,000 per month or up to Rs 5,000 per month after 60 years of age.

-After the subscriber's demise, the spouse of the subscriber will be entitled to receive the same pension amount as that of the subscriber until the death of the spouse.

-On demise of subscriber and the spouse, the accumulated ealth will be returned to the nominee of the subscriber as accumulated till age 60.