Atal Pension Yojana to Give Guaranteed Pension of Rs. 5000; Know Applying Method & Benefits

Atal Pension Yojana aims at the unorganized sector like workers, maids, poor people and gardeners to provide them a pension up to Rs 5000.

Atal Pension Yojana to Give Guaranteed Pension of Rs. 5000; Know Applying Method & Benefits
Atal Pension Yojana
Atal Pension Yojana to Give Guaranteed Pension of Rs. 5000; Know Applying Method & Benefits

What is Atal Pension Yojana?

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

What is the objective of Atal Pension Yojana?

  • It ensures that no individual has to worry about accidents or diseases, illness in the old age. 

  • Private sector workers or those who are working with organization that does not provide any pension scheme can also apply for the pension yojana. 

  • In this scheme, one can get a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 and Rs 5000 after reaching the age of 60. 
  • However, the money will be determined based on a person’s age and the contribution amount.

What is the Eligibility of Atal Pension Yojana?

  • The applicant must be a citizen of India.

  • The person should be between 18 to 40 years old.

  • Contributions for a minimum of 20 years should be made.
  • The applicant must have a bank account linked with Aadhaar Card.
  • He/she must have a valid mobile number.

What are the Benefits of Atal Pension Yojana?

  • Employees of the private sector can also take advantage of this Atal Pension Scheme.

  • Subscribers can choose the amount of contribution which will affect the amount of returns.

  • One would be entitled to a guaranteed pension amount of Rs. 1000, Rs.2000, Rs.3000, Rs. 4000, and Rs.5000 on attaining 60 years.
  • If the subscriber dies then the pension money will be given to the nominee or spouse.
  • You are also eligible for a tax benefit under Section 80CCD of the Income Tax Act, 1961.
  • There is no last date in this scheme. Therefore, you can submit your application before 1st June to avail it for the upcoming year.

How to Apply for Atal Pension Yojana?

  • You can visit any of the nationalized banks in India to open your Atal Pension Yojana account. 

  • Its forms are also available online at the official website. You can download the form from there.

  • Banks such as SBI, Axis and ICICI are offering online registrations for this scheme.
  • The forms are available in many languages- Hindi, English, Kannada, Gujarati, Marathi, Odia, Bangla, Tamil and Telugu.
  • Fill the application form and submit it to your bank.
  • Don’t forget to give a valid mobile number.
  • Submit a photocopy of Aadhaar card.