The Atal Pension Yojana (APY) is a government-backed pension scheme aimed at providing social security, particularly to people from economically weaker sections and workers in the unorganised sector. Since its launch, millions of people have enrolled in the scheme.
The scheme was introduced by the Central Government on May 9, 2015, with the objective of creating a universal social security system for citizens. It is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the institutional framework of the National Pension System (NPS).
Those who have not yet enrolled in the scheme can apply through their bank and start making contributions according to the pension option they choose.
How Much Pension Can You Get?
Under Atal Pension Yojana, subscribers can receive a guaranteed monthly pension of ₹1,000 to ₹5,000 after reaching the age of 60. The pension amount depends on the subscriber’s contribution and the pension option selected.
For example, a person who joins the scheme at the age of 18 and chooses a monthly pension of ₹1,000 would need to contribute ₹42 per month.
The scheme is designed to provide a guaranteed minimum pension after the subscriber turns 60, subject to the applicable contribution requirements.
Benefits of Atal Pension Yojana
One of the key features of APY is the guaranteed minimum monthly pension for the subscriber after attaining 60 years of age.
According to the Department of Financial Services, the scheme aims to provide subscribers with a fixed and guaranteed pension throughout their lifetime. The pension benefit also extends to the spouse after the subscriber’s death, with the spouse receiving the pension for the remainder of their life.
This makes the scheme particularly relevant for people looking for long-term financial security after retirement.
How to Apply for Atal Pension Yojana
People interested in joining APY can approach the bank where they have a savings account. Most public and private sector banks provide enrolment facilities for the scheme.
The APY application form can be obtained from the bank or downloaded from the bank’s official website. Applicants need to enter their personal details, select the required pension amount and submit the completed form along with their Aadhaar card and other necessary documents.
After the application is processed, a confirmation message is sent to the registered mobile number. The message includes the subscriber’s unique Atal Pension Yojana account number.
How to Enrol Through Mobile Banking
Customers whose banks provide online APY enrolment can also complete the process through mobile banking.
First, open the bank’s mobile banking application or mobile portal and log in using the required credentials. Go to the section for social security schemes and select Atal Pension Yojana. In some applications, users may also search directly for the scheme.
Next, complete the application form with the required information and choose the desired pension amount. The applicant must also provide consent for automatic deduction of the monthly contribution from the bank account.
After checking the information carefully, submit the application. Once the enrolment is processed, the subscriber can continue making the required contributions according to the selected APY pension option.