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By investing in the Atal Pension Yojana, you can arrange a monthly pension of up to ₹ 5000 for yourself after the age of 60. Know here how to apply for this scheme and which documents will be required.

If you want that even after the age of 60, you keep getting a fixed income every month, so that you do not have to depend on anyone, then the Atal Pension Yojana (APY) of the Central Government is very useful for you. This is a government pension scheme, in which you can get a guaranteed monthly pension of ₹ 1,000 to ₹ 5,000 in old age by depositing a very small amount every month. The pension amount is decided according to your investment. If you also want to make sure to get Rs 5,000 every month in old age through this scheme, then know the way to apply for this scheme and all the important things.

What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a scheme launched by the Government of India especially for people working in the unorganized sector. Its main objective is to make people financially self-reliant in old age. In this scheme, you can invest from the age of 18 to 40 years and on completion of 60 years of age, you get a fixed pension every month according to your chosen plan. The scheme is operated by PFRDA (Pension Fund Regulatory and Development Authority).

Great benefits of Atal Pension Yojana

Guaranteed Pension: This is a government pension scheme, so the pension received in it is fully guaranteed by the Government of India. Your money is completely safe.

Less investment, big benefit: The younger you start investing, the lesser will be your monthly contribution.

Freedom to choose pension: You can choose a monthly pension of ₹1000, ₹2000, ₹3000, ₹4000 or ₹5000 as per your need.

Tax exemption: On investment made in Atal Pension Yojana, you get additional tax exemption of up to ₹50,000 under section 80CCD (1B) of the Income Tax Act.

Benefit to nominee: If for any reason the pensioner dies after 60 years, then his pension amount will continue to be received by his spouse. If both die, then the entire corpus deposited is returned to the nominee.

How much investment will have to be made for a pension of ₹5000? (APY Chart for ₹5000 Pension)

Age of Joining	Monthly Contribution	Investment Period
18 years	₹210	42 years
20 years	₹248	40 years
25 years	₹376	35 years
30 years	₹577	30 years
35 years	₹902	25 years
40 years	₹1454	20 years

How to apply? (How to do APY Online Apply and Offline)

It is very easy to apply for Atal Pension Yojana. You can apply both online and offline.

1. Offline method (through bank or post office):

Go to your nearest bank or post office branch where you have a savings account.

Take the APY Registration Form from there.

Fill all the information asked in the form like name, address, Aadhaar number, mobile number and nominee details correctly.

Submit the form along with a photocopy of your Aadhaar card and other required documents.

Your APY account will be opened and the contribution amount will be auto-debited from your account every month.

2. Online method (through net banking):

You can also apply online for APY. For this, log in to your bank's net banking.

After logging in, look for the option of 'Social Security Schemes' or 'APY'.

Click on 'Apply for APY'.

Fill in your personal details, pension option (₹5000) and nominee details in the form.

Submit the form and give your consent for auto-debit.

Your registration will be completed and you will get a PRAN (Permanent Retirement Account Number).

This is also the way to apply

First go to the website https://enps.nsdl.com/eNPS/NationalPensionSystem.html.

From here, go to the Atal Pension Yojana tab and click on APY Registration.

Fill the New Registration form and click on Continue.

Fill in the form and fill in your details in Complete Pending Registration and complete KYC.

After this, Acknowledgement Number will be generated.

Choose how much pension you want after the age of 60.

Also tell how to deduct the installment monthly, quarterly, half-yearly or yearly.

After this, fill the nominee form correctly.

After completing the process, you will come to the eSign tab on the NSDL website.

After the Aadhaar OTP is verified, you will be connected to this scheme.

Which documents will be required? (Required Documents)

Bank Account Number

Aadhaar Card

Identity Proof

Age Proof - like 10th mark sheet or birth certificate

Address Proof

An active mobile number

FAQs

1: Can tax payers invest in this scheme?

As per the new rules that came into effect from October 1, 2022, a person who pays income tax can no longer join the Atal Pension Yojana. This scheme is mainly for those who do not fall under the tax bracket.

2: What if I am unable to deposit the installment on time?

There is a nominal penalty for late payment. This penalty can range from ₹1 to ₹10 per month, depending on the amount of your contribution.

3: Can I withdraw money from this scheme before 60 years?

Under normal circumstances, withdrawal of money before 60 years is not allowed. However, premature withdrawal can be made in exceptional circumstances such as death of the investor or any serious illness.

4: Can I change my monthly contribution in the future?

Yes, you can increase or decrease your pension amount once a year (in the month of April), which will change your monthly contribution accordingly.

5: Can I join APY if I don't have a bank account?

No, it is mandatory to have an active bank account or post office savings account to join Atal Pension Yojana, as the contribution amount is auto-debited from the same.

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