Atal Pension Yojana Benefits: Get Guaranteed Pension of up to Rs. 5000 through This Scheme; Read How

Atal Pension Yojana is a pension scheme, which is mainly aimed at the unorganized sector like workers, maids, gardeners and poor people.

Abha Toppo Updated 13 February, 2020 2:40 PM IST

Atal Pension Yojana is a pension scheme, which is mainly aimed at the unorganized sector like workers, maids, gardeners and poor people.

The objective of Atal Pension Yojana is to ensure that no individual has to worry about accidents, diseases or illness in the old age. Those working in the private sector or with organization that does not provide any pension scheme can also apply for Atal Pension Yojana. Under this scheme, you will get a fixed pension of Rs 1000; Rs 2000; Rs 3000; Rs 4000 and Rs 5000 after reaching the age of 60. The pension will be determined based on a person’s age & the contribution amount.

Eligibility of Atal Pension Yojana

To avail benefits from this Pension Yojana, you need to fulfill the below requirements;

Should be a citizen of India
Should be between the age of 18 to 40
Should make contributions for a minimum of 20 years.
Should have a bank account linked with Aadhaar Card
Should have a valid mobile number

Benefits of Atal Pension Yojana

The benefits of Atal Pension Yojana are given below;

Employees of the private sector can also avail of this pension yojana.
Subscribers can choose the amount of contribution as this will affect the amount of returns.
As an individual, you would be entitled to a guaranteed pension amount of Rs. 1000, Rs.2000, Rs.3000, Rs. 4000, and Rs.5000 on attaining the age of 60 years.
If the subscriber dies then the pension amount will be given to the nominee or spouse.
In addition, you are eligible for a tax benefit under Section 80CCD of the Income Tax Act, 1961.
The scheme does not have the last date to join hence you can submit your application before 1^st June to avail the scheme for the upcoming year.

Atal Pension Yojana - How to Apply?

Follow the steps given below to avail the benefits of Atal Pension Yojana;

As all nationalized banks in India provide this scheme, you can visit any of these banks to open your APY account.
Atal Pension Yojana forms are also available online hence you can download the form from the official website. Banks like SBI, ICICI, and Axis are also offering online registrations for this scheme.
The forms are available in many languages like Hindi, English, Gujarati, Kannada, Marathi, Bangla, Odia, Tamil & Telugu.
Fill up the application form & submit it to your bank.
Give a valid mobile number
Also submit a photocopy of Aadhaar card