Indroduction – The Atal Pension Yojana (APY) is a government-backed pension scheme launched by the Government of India on May 9, 2015. It is primarily aimed at the unorganized sector workers, who often lack access to formal pension schemes. The scheme is named after former Prime Minister of India, Atal Bihari Vajpayee.
Required Documents – Proof of Identity, Proof of Address, Bank Account Details, Age Proof, Mobile Number
OFFICIAL WEBSITE – ATAL PENSION YOJANA
To apply for the Atal Pension Yojana (APY), you can follow these steps:
- Eligibility Check: Ensure you meet the eligibility criteria for the scheme. The Atal Pension Yojana is available to all citizens of India between the ages of 18 and 40.
- Choose a Bank or Financial Institution: The Atal Pension Yojana can be availed through banks, post offices, and other financial institutions. Visit the nearest participating bank or financial institution where you hold an account or are willing to open one.
- Obtain Application Form: Request an Atal Pension Yojana application form from the bank or financial institution. You may also find the form online on the official website of the participating bank or the National Pension System (NPS) website.
- Fill in the Form: Complete the application form with accurate information. You will need to provide details such as your name, address, contact information, bank account details, nominee details, and preferred pension amount.
- Submit Required Documents: Along with the application form, you will need to submit supporting documents such as proof of identity (Aadhar card, PAN card, passport, etc.), proof of address (Aadhar card, utility bills, etc.), and bank account details.
- Choose Pension Amount and Frequency: Decide on the pension amount you wish to receive monthly after retirement. The pension amount depends on your age at the time of joining the scheme and the contribution amount. You will also need to select the frequency of pension payments (monthly, quarterly, or yearly).
- Set Up Auto-Debit: To make contributions to the Atal Pension Yojana, you will need to set up an auto-debit instruction from your bank account. This ensures regular contributions towards your pension.
- Nominate a Beneficiary: Nominate a beneficiary who will receive the accumulated pension corpus in case of your unfortunate demise.
- Submit the Form: Once you have filled in the application form, attached the required documents, and set up the auto-debit instruction, submit the form to the bank or financial institution.
- Acknowledgment and PRAN: After the submission of the application form, you will receive an acknowledgment from the bank or financial institution. You will also be provided with a Permanent Retirement Account Number (PRAN) which will be your unique identifier for the Atal Pension Yojana.
