ATAL PENSION YOJANA: The Central Government runs numerous welfare schemes to benefit the public, with the Atal Pension Yojana being a key initiative. The primary objective of this scheme is to establish a universal social security system for all citizens, particularly the poor, the underprivileged, and workers in the unorganised sector. The scheme was launched on May 9, 2015.

It is administered by the Pension Fund Regulatory and Development Authority (PFRDA) within the institutional framework of the National Pension System (NPS). Millions of people have already registered for the Atal Pension Yojana. If you have not yet applied, you can do so promptly. This scheme has achieved a major milestone by bringing the most vulnerable sections of society under the pension umbrella.

How much pension is provided?

Under the Atal Pension Yojana, you can receive a monthly pension ranging from ₹1,000 to ₹5,000. The pension amount depends on your investment. For instance, if you wish to receive a monthly pension of ₹1,000 and start investing at the age of 18, you would need to invest only ₹42 per month.

Atal Pension Yojana benefits 

Subscribers to the Atal Pension Yojana can receive a guaranteed minimum monthly pension after attaining the age of 60, based on their contributions. According to the Department of Financial Services, the scheme is designed to ensure that subscribers receive a fixed and guaranteed pension for life, while also enjoying a comprehensive safety net. If the subscriber dies, the scheme extends the pension benefits to their spouse for the remainder of the spouse’s life.

How to apply for the Atal Pension Yojana?

To apply online for the Atal Pension Yojana, you need to visit the bank where you hold a savings account. Most public and private sector banks in the country offer APY enrolment facilities. You can get the registration form from the bank or download it from their official website and fill it in.

You need to fill in all your details accurately and select the pension amount option. You must submit this form along with your UID card and other necessary documents. Subsequently, you will receive a confirmation message on your registered mobile number, which will include your unique Atal Pension Yojana account number.

How to apply online?

First, visit the mobile portal or the mobile banking app.
Next, navigate to the section that provides enrolment facilities for this scheme.
Use your login ID and password to log in.
Search for the ‘Social Security Schemes’ section, or you can directly search for ‘Atal Pension Yojana’ within the app.
Then, fill out the application form and provide all the required information.
You will need to provide consent for the auto-debit of your monthly contribution.
Please review all the details and submit the form.