Atal Pension Yojana Scheme Status
A pension is a monthly income provided to an individual when he is no longer working for someone or no longer earning. There is a need for pension for everyone consider a decrease in the income earning potential with increasing age and factors like increased longevity, rise in cost of living and rise of nuclear family migration of earning family members.
In India, every government employee is covered under a pension scheme by the government, whether it is by the central government or the state government. Those living above poverty line and working in private sector too opt for several pension schemes or have their own decent savings to enjoy a blissful old age.
However, the problem lies with those working as laborers and these are the people who do not have access to any pension system or any other support system. For them, it is vital that there should be a government backed pension system that they can use while in old age. Atal Pension Yojana, launched by Prime Minister Narendra Modi is a noble step in the same direction.
Who is eligible to join Atal Pension Scheme?
Anyone who is a citizen of Indian and falls within the age group of 18-40 years is very much eligible for subscribing to Atal Pension Yojana. There are two basic requirement for joining Atal Pension Yojana. First that the subscriber should have a working saving bank account and second that he/she should have an aadhar number.
If the subscriber does not possess these two requirements, he/she should first apply for an aadhar card and get a saving account opened and then apply for joining Atal Pension Yojana. This is important since the pension scheme would be linked to the aadhar number and the premium for the scheme would go directly through saving bank account by auto-debit facility.
How would government back Atal Pension Scheme?
The government would support the subscriber for initial five years of the launch of the scheme. If anyone joins between the year 2015 and year 2020, he/she would be eligible to get the premiums paid at subsidized rates.
What is the amount of pension a subscriber would be entitled for under APY?
There are five different amount which the subscriber would get as pension after he/she turns 60 years of age. Those are:
- Rs 5,000
- Rs 4,000
- Rs 3,000
- Rs 2,000
- Rs 1,000
The more the subscriber contributes towards the pension scheme, the more pension he/she would be entitled to.
How to join Atal Pension Scheme?
Aadhar Card and Saving bank account are two mandatory prerequisites for joining Atal Pension Yojana. Moreover, the aadhar card should be linked to the respective bank account. Once these two documents are ready with the applicant, he/she should fill the application form for the scheme. Following is the step by step process of joining Atal Pension Scheme:
- Visit any nationalized bank in your vicinity
- Before you visit the bank, you should download the application form for Atal Pension Scheme from the official website of the campaign. On the other hand, you can ask the bank official to provide you the application form in hard copy.
- Fill the application form in your local language and submit it to the concerned official at the branch.
- The bank official would ask for a working mobile number, which would be connection to your Atal Pension Account.
- With the application form, you would also be required to submit a photocopy of your Aadhar Card and saving bank account passbook.
- If you do not have a saving bank account, you can apply for it in the same bank and once your account is activated, you can apply for the Atal Pension Scheme.
That is all. Your Atal Pension Account would be activated simply by these processes only and your contributions would be auto-debited from your bank account automatically.
Quite often, people are confused about the last date of Atal Pension Yojana and we have got many queries on people asking for its last date. For your information, there is no last date for Atal Pension Yojana. You can apply for this anytime you wish. The only thing to note here is that if you apply before the year 2020, half of the premium would be paid by the government due to the subsidy provided under the scheme.
Atal Pension Scheme Premium Calculator Chart.
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