To provide help and support to the unorganized sector the government of India introduced Atal Pension Yojana in June 2015. The APY is regulated by the Pension Fund Regulatory and Development Authority PFRDA. This scheme is launched by the government to provide help to the weak part of the society in their old age. This scheme is available for anyone who wants to secure their retirement. Under this scheme, there will be guarantee monthly pension amount.
Features of Atal Pension Yojana (APY)
Monthly pension starting from 1000-5000 Rs can be received by the subscriber until the death of the subscriber. After the death of the account holder, the spouse will get the exact same amount as the subscriber was getting, until the death of the spouse. The nominee will receive the entire pension amount accrued by the account holder after the death of the subscriber and his spouse.
Atal Pension Yojana eligibility
- The subscriber must be a Citizens of India
- Customers should have a savings accounts
- The applicant should be aged between 18 and 40 years.
- Every applicant should have a mobile number
How do you apply for Atal Pension Yojana online?
The Atal Pension Yojana subscriber Form is available online on bank websites. The interested individual needs to download the form, fill all the necessary details and submit it to their banks. Other necessary documents also have to be submitted along with application after that they can easily open an Atal Pension Yojana account. The Atal Pension Yojana subscriber registration form is available in various languages like Hindi, Bangla, English, Gujarati, Telugu, Kannada, Odia, Tamil and Marathi.
The account opening may vary depending on the bank or the intuition but generally, these steps are involved in this process-
- Download a copy of the form or get the application from the bank branch.
- Fill in the required details as stated in the KYC Document.
- The next step is to choose the pension amount you wish to contribute till its maturity.
- You will then have to give them your savings bank account number. Once that is done, your contribution gets automatically debited from your savings account.
Downloading the account statement
Account statements can be easily downloadable online. This can be done by-
- Login to the NPS-Trust platform.
- Enter the PRAN number and bank details. Once entered and submitted,
- Subscribers can view and download their account statement.
NOTE- If the subscriber does not know their PRAN, they can also request viewing account statement by entering their name, date of birth and bank details.
Atal Pension Yojana Scheme – Calculation Tables
- a) Atal Pension Scheme Calculator for a contribution for Rs. 1000
| Joining Age | Contribution Period | Monthly Contribution | Fixed Monthly Pension to the subscriber/spouse | Return of Corpus to the nominee |
|---|---|---|---|---|
| 18 years | 42 years | Rs. 42 | Rs. 1,000 | Rs.1,70,000 |
| 20 years | 40 years | Rs. 50 | Rs. 1,000 | Rs.1,70,000 |
| 25 years | 35 years | Rs. 76 | Rs. 1,000 | Rs.1,70,000 |
| 30 years | 30 years | Rs. 116 | Rs. 1,000 | Rs.1,70,000 |
| 35 years | 25 years | Rs. 181 | Rs. 1,000 | Rs.1,70,000 |
| 40 years | 20 years | Rs. 291 | Rs. 1,000 | Rs.1,70,000 |
- b) Atal Pension Scheme Calculator for a contribution for Rs. 2000
| Joining Age | Contribution Period | Monthly Contribution | Fixed Monthly Pension to the subscriber / spouse | Return of Corpus to the nominee |
|---|---|---|---|---|
| 18 years | 42 years | Rs. 84 | Rs. 2,000 | Rs.3,40,000 |
| 20 years | 40 years | Rs. 100 | Rs. 2,000 | Rs.3,40,000 |
| 25 years | 35 years | Rs. 151 | Rs. 2,000 | Rs.3,40,000 |
| 30 years | 30 years | Rs. 231 | Rs. 2,000 | Rs.3,40,000 |
| 35 years | 25 years | Rs. 362 | Rs. 2,000 | Rs.3,40,000 |
| 40 years | 20 years | Rs. 582 | Rs. 2,000 | Rs.3,40,000 |
- c) Atal Pension Scheme Calculator for a contribution for Rs. 3000
| Joining Age | Contribution Period | Monthly Contribution | Fixed Monthly Pension to the subscriber/spouse | Return of Corpus to the nominee |
|---|---|---|---|---|
| 18 years | 42 years | Rs. 126 | Rs. 3,000 | Rs.5,10,000 |
| 20 years | 40 years | Rs. 150 | Rs. 3,000 | Rs.5,10,000 |
| 25 years | 35 years | Rs. 226 | Rs. 3,000 | Rs.5,10,000 |
| 30 years | 30 years | Rs. 347 | Rs. 3,000 | Rs.5,10,000 |
| 35 years | 25 years | Rs. 543 | Rs. 3,000 | Rs.5,10,000 |
| 40 years | 20 years | Rs. 873 | Rs. 3,000 | Rs.5,10,000 |
- d) Atal Pension Scheme Calculator for a contribution for Rs. 4000
| Joining Age | Contribution Period | Monthly Contribution | Fixed Monthly Pension to the subscriber/spouse | Return of Corpus to the nominee |
|---|---|---|---|---|
| 18 years | 42 years | Rs. 168 | Rs. 4,000 | Rs.6,80,000 |
| 20 years | 40 years | Rs. 198 | Rs. 4,000 | Rs.6,80,000 |
| 25 years | 35 years | Rs. 301 | Rs. 4,000 | Rs.6,80,000 |
| 30 years | 30 years | Rs. 462 | Rs. 4,000 | Rs.6,80,000 |
| 35 years | 25 years | Rs. 722 | Rs. 4,000 | Rs.6,80,000 |
| 40 years | 20 years | Rs. 1164 | Rs. 4,000 | Rs.6,80,000 |
- e) Atal Pension Scheme Calculator for a contribution for Rs. 5000
| Joining Age | Contribution Period | Monthly Contribution | Fixed Monthly Pension to the subscriber/spouse | Return of Corpus to the nominee |
|---|---|---|---|---|
| 18 years | 42 years | Rs. 210 | Rs. 5,000 | Rs.8,50,000 |
| 20 years | 40 years | Rs. 248 | Rs. 5,000 | Rs.8,50,000 |
| 25 years | 35 years | Rs. 376 | Rs. 5,000 | Rs.8,50,000 |
| 30 years | 30 years | Rs. 577 | Rs. 5,000 | Rs.8,50,000 |
| 35 years | 25 years | Rs. 902 | Rs. 5,000 | Rs.8,50,000 |
| 40 years | 20 years | Rs. 1454 | Rs. 5,000 | Rs.8,50,000 |
Fees and Maintenance Charges-Atal Pension Yojana account
| Intermediary | Charges | |
|---|---|---|
| Point of Presence | APY Subscriber Registration
Recurring Charges Per Annum |
Rs.120 to 150, based on the number of subscribers
Rs. 100 / subscriber |
| Central Recordkeeping | APY Account opening charges | Rs. 15 / account |
| Agencies | Account Maintenance Charges | Rs.40/account/annum |
| Custodian | Investment Maintenance Fee (per annum) | 0.0075% for electronic/0.05% for a physical segment of AUM |
| Pension Fund Managers | Investment Maintenance Fee (per annum) | 0.0102% of AUM |
How do you make withdrawals from Atal Pension Yojana Account?
When a subscriber completes 60 years, the guaranteed fixed pension amount would be given to him as per the contribution did previously with 100% annuitization of benefits. Under specific circumstances like the subscriber’s untimely death or sudden illness occurring before the age of 60, the accrued pension amount will be handed out to the nominee.
Registering a Grievance
Grievances can be registered in person or online. For online registration, individual needs to log in to the CRA-NSDL platform and select the option for registering a grievance. The website allows the subscriber to register a new grievance and check the status of grievance that has already been registered. Employees will have to enter their PRAN details to register a grievance on the website.
Migration of current Swavalamban Scheme subscribers to Atal Pension Yojana
Existing subscriber of the Swavalamaban scheme will be automatically migrated to this scheme and an additional option will be provided to cancel this migration and withdraw the money out of the scheme. This migration is mainly for the subscriber aged between 18-40 years. The aggregator will be required to facilitate the migration process by providing complete support. Subscribers who wish to opt for the scheme need to fill this form and submit it to the bank.
Swavalamban subscribers who are older than 40 years of age can also opt to discontinue from the Swavalamban account scheme by completely withdrawing the entire amount.
Difference between Atal Pension Yojana and National Pension Scheme
| Points | Atal Pension Scheme | National Pension Scheme |
|---|---|---|
| Age Limit | 18 to 40 years | 18 to 60 years |
| Eligible candidate | Indian residents | NRI are also allowed |
| Liquidity | No premature withdrawal | Premature withdrawal is allowed |
| Tax Benefit | No | Yes |
| Opening location | Can be opened in any bank | Only opened at POP service providers |
FAQs for Atal Pension Yojana
If a subscriber wants to open an Atal Pension Yojana account, what is the procedure to be followed?
Customers have to fill-in the Atal Pension Yojana subscription form. The Aadhaar number and a valid mobile number have to be provided. The submitted form has to be submitted to the concerned bank and auto-debits have to be set in the customer’s bank account. It is mandatory that the subscriber maintains the required balance in his savings accounts for making regular contributions.
Does the subscriber compulsorily have to submit the Aadhaar number while registering for the Atal Pension Yojana scheme?
It is not mandatory for the applicant to provide the Aadhaar number while subscribing but, the Aadhaar card will be the primary KYC document required by banks to identify beneficiaries, nominees and the subscriber’s spouse.
Can the Atal Pension Yojana account be opened without the subscriber holding a savings account?
No, while joining the Atal Pension Yojana scheme, it is mandatory for applicants to hold a savings bank account.
How is the due date for the monthly contribution decided?
The due date for an Atal Pension Yojana account is decided based on the first deposit date.
Is it mandatory for subscribers to give a nomination when they join the Atal Pension Yojana scheme?
Yes, nominations are mandatory. The nominee details have to be provided along with spouse’s details while applying for the Atal Pension Yojana scheme. The Aadhaar details also have to be provided for the spouse and the nominee.
How many Atal Pension Yojana accounts can a subscriber open?
A single subscriber is allowed to open only one Atal Pension Yojana account, which will remain unique to him.
Can an applicant join the Atal Pension Yojana scheme without holding an Aadhaar number?
When opening the Atal Pension Yojana account an Aadhaar number is not required, but Aadhaar details would be needed for enrolling beneficiaries, spouse and while identifying nominees.
Can members of the Employees Provident Fund (EPF) enroll in the Atal Pension Yojana scheme?
Yes, Employees Provident Fund (EPF) subscribers are also eligible to enroll for the Atal Pension Yojana scheme.
Can Atal Pension Yojana account holders enjoy any tax benefits from the scheme?
No, subscribers cannot get any tax deductions on the monthly contribution amount done under the Atal Pension Yojana scheme.
Are Atal Pension Yojana subscribers eligible to change their monthly contribution amounts?
Yes, monthly contributions amounts can be decreased or increased, depending on the subscriber’s requirements, once a year, during April.
How can a subscriber check his Atal Pension Yojana account balance?
Atal Pension Yojana subscribers will receive periodic statements regarding the status of their accounts and the balance available. Instant information can be got through an SMS alert on the registered mobile number.
If a subscriber changes his city of residence, can he still make monthly contributions to his Atal Pension Yojana account?
Yes, he can continue to make monthly contributions to his Atal Pension Yojana account without any interruptions, as the amount is paid only through preset auto-debits.
What happens if an Atal Pension Yojana account does not hold the required amount of funds for making the monthly contribution?
If the required amount of funds is not available in the subscriber’s account, then the bank will impose a penalty amount for each delayed contribution.
What happens to an Atal Pension Yojana account if the subscriber becomes an NRI?
Only Indian citizens are eligible to open an Atal Pension Yojana account. If an Atal Pension Yojana subscriber becomes an NRI, then the account will be closed. The accrued contribution amount will be given to the subscriber and this will be treated like a voluntary exit done before the age of 60.
