Must Knows

All about Atal Pension Yojana

[ecis2016.org] Outlined in this story is all about Atal Pension Yojana that ensures low income individuals have a dependable income source when they reach retirement age.

Atal Pension Yojana is a pension programme that aims to ensure that low-income individuals have a reliable source of income once they reach retirement age. The programme was introduced by the Government of India in the financial year 2015-2016 with the aim of assisting individuals who are currently working in the unorganised sector. 

Pension amount Up to Rs 5,000
Age limit 18 years – 40 years
Contribution period Minimum 20 years
Exit age 60 years           

The APY programme is a voluntary programme that helps people save money for their retirement. The Atal Pension Yojana programme incentivizes saving for retirement among residents who are eligible for the programme. The Pension Fund Regulatory and Development Authority is in charge of all aspects of the scheme’s administration (PFRDA). 

 

Atal Pension Yojana: Primary objective

The primary objective of the Atal Pension Yojana scheme  is to empower employees in unorganised industries by providing them with pension benefits as well as the means to support themselves financially on their own terms. It is a social security plan, and its purpose is to provide social security protection to the beneficiaries who sign up for it. 

Atal Pension Yojana: How does the scheme work 

An applicant who is interested in enrolling in this scheme will be required to make a monthly premium deposit. Once the applicant has reached the age of 60, financial help will be offered in the form of a monthly pension. 

Beneficiaries of the Atal Pension Yojana must be between the ages of 18 and 40 to be eligible for the benefits of this programme, If a beneficiary wishes to participate in this programme when they are 18 years old, then the monthly premium that they are required to pay is 210 rupees; if they are 40 years old, then the monthly premium that they are required to pay ranges from Rs 297 to 1,454.

Atal Pension Yojana 2022: How to register? 

Total enrollments in the Atal Pension Yojana have surpassed the 4 crore mark by the time the fiscal year 2021-22 came to a close. According to a press statement issued by the Pension Fund Regulatory and Development Authority (PFRDA), more than 99 lakh APY accounts were established during the fiscal year 2021-22, bringing the total number of subscribers to 4.01 crore as of the end of March 2022.

71% of the enrollments are carried out by public sector banks (PSBs), 19% are carried out by regional rural banks (RRBs), 6% are carried out by private sector banks, and 3% are carried out by payment and small financing institutions (SFBs). In the category of PSBs, the State Bank of India, Indian Bank, Bank of India, Bank of Baroda, and Central Bank of India all succeeded in reaching their yearly goals.

Atal Pension Yojana: Key facts

  • May of 2015 saw the beginning of the Central Government’s implementation of the Atal Pension Yojana. 
  • Atal Pension Yojana is only available to those people of India who fall into a tax bracket that is not subject to income tax.
  • By participating in this programme, you will continue to receive a pension check every month after you have retired.
  • All individuals who are currently working in the unorganised sector are eligible to participate in this programme.
  • To make the most of this opportunity, you will need to make investments over 20 years.
  • This is an investment that can be made at any point between the ages of 18 and 40.
  • When you reach the age of sixty, you become eligible for a certain amount of pension.
  • A pension of 1,000, 2,000, 3,000, or 5,000 rupees can be attained by participating in this programme.
  • The amount of your pension is determined by the age at which you began saving and the amount of the monthly premium that you paid.
  • If you are 20 years old and you want to get a pension of 2,000, then you are required to pay a premium of 100 each month. On the other hand, if you are 55 years old and you want to receive a pension of 5,000, then you are required to pay a premium of 248 per month.
  • If you are 35 years old and want to get a pension of 2,000, then you are required to pay a premium of 362; however, if you want to receive a pension of 5,000, then you are required to pay a premium of 902 to receive that amount.
  • As part of this programme, the government will provide an additional fifty per cent of the total sum, in addition to the money that you put in.
  • The beneficiary of this plan is the account holder’s family if the account holder passes away before reaching the age of 60 years.
  • To benefit from this programme, you will need to ensure that you have a bank account.

Atal Pension Yojana: Benefits

  • Retirement benefits 

One of the most important aspects of the APY Yojana is the retirement payout. The amount of the monthly pension payment varies according to the deposits made. There are five distinct pension sums, which are 1,000 rupees, 2,000 rupees, 3,000 rupees, and 4,000 rupees each. The quantities of the contributions required for each of these pensions are varied. If the subscriber passes away, the pension will be given to the surviving spouse.

  • Tax benefits 

Contributions made to the Atal Pension Yojana are eligible for tax incentives, which the government is providing to encourage individuals to make financial investments in the programme. In addition to the Rs. 1.5 lakhs, individuals who participate in the Atal Pension Yojana are eligible to get tax advantages under Section 80CCD (1B) in the amount of Rs. 50,000. The subscriber will see a reduction in the amount of income that is subject to taxation as a result of this.

  • Death benefits  

The surviving spouse of the contributor is eligible to receive the benefits of the Atal Pension Yojana. The spouse is the default nominee for the pension, so when the contributor passes away, the pension is immediately transferred to them. If both the contributor and their spouse pass away at the same time, the contributor’s nominee will be entitled to the predetermined amount of the corpus that corresponds to the specific pension slab. If the contributor passes away before reaching the age of 60 years, the spouse is given the choice to either keep the Atal Pension Yojana account active and continue to receive benefits from it or to close the account and receive all of the contributions made as well as any gains that have been accrued on it.

With these benefits, it is advisable to contribute to a pension plan to protect future income.

Atal Pension Yojana 2022-23: Documents required

  • Aadhar card
  • Mobile number
  • ID Card 
  • Evidence of permanent residence
  • Passport size picture

Atal Pension Yojana: Enrollment and payment

  • After enabling the auto-debit capability on their account, people are qualified to participate in the Atal Pension Yojana scheme. 
  • To avoid incurring a late payment penalty, it is the responsibility of the account holder to ensure that the appropriate amount is present in his or her savings account on the date that has been specified.
  • An aadhaar card is a must to apply for the scheme. 
  • The monthly contribution payment is based only on the first contribution paid.
  • If the beneficiary is not making the payment on time, then in this circumstance the account will be closed, and any contribution given by the Government of India will also be lost. 
  • To take advantage of this programme, the account holder must give accurate information. If any false information is supplied, the government contribution will be lost, and the account holder will be subject to a penalty interest rate.
  • The recipient can either raise or reduce the amount of the pension they receive.
  • Pension amounts can only be decreased or raised during April.
  • After enrolling in the Atal Pension Yojana, each subscriber will be given an acceptance slip. On this slip, the subscriber’s guaranteed pension amount, the date when contributions are due, and other pertinent information will be clearly mentioned. 

Atal Pension Yojana 2022: Steps to apply online 

  • If an individual is interested in applying for the Atal Pension Yojana, the first step that they need to take is to create a savings account at any national bank.
  • After that, complete the application form for the Prime Minister Atal Pension Yojana by providing the requested information, which will include your Aadhar card, cell phone number, and so on.
  • After you have completed the application form, hand it over to the management of the bank. After this, a bank account in your name will be created as part of the Atal Pension Yojana, after all of your documents have been verified.

Steps to Fill Out an Atal Pension Yojana Application

Steps to Fill Out an Atal Pension Yojana Application

After obtaining the form for the Atal Pension Yojana Scheme, its completion is straightforward.

Step 1 – Filling the form

The paperwork must be addressed to the Branch Manager. You can get the Branch Manager’s name by contacting or visiting the bank. Enter the name and branch of your bank.

Step 2 –  Bank details

Steps to Fill Out an Atal Pension Yojana Application

Fill out the form using CAPS ONLY. First, you are asked to give your bank information. Input your bank account number, bank name, and branch location. This field is compulsory. 

Step – 3 Personal Details

Steps to Fill Out an Atal Pension Yojana Application

  • Mark the appropriate box to indicate if you are a “Shri,” “Smt,” or “Kumari.” Select “Shri” if you are a male candidate. If you are a married female candidate, check the “Smt” box. If you are a single female candidate, choose “Kumari.”
  • Applicants who are married must include their spouse’s name.
  • Enter your complete name, birth date, and age.
  • Your cell phone number, email address, and Aadhaar number are required.
  • Then, you may designate a person and specify their connection to you. A nominee will receive your donation in the event of your passing.
  • If the candidate is a minor, you must supply their date of birth and the name of their legal guardian.
  • You must also indicate if the candidate participates in any other statutory social security programmes and whether they are income tax filers.

Step 4 – Pension details

Steps to Fill Out an Atal Pension Yojana Application

  • You may contribute between Rs.1,000 and Rs.5,000 to your pension, with choices including Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, and Rs.5,000. The box labelled ‘Contribution Amount (Monthly)’ should be left blank, since the bank will fill it in after computing the monthly pension payment amount.
  • The computation is dependent on your age of entrance. For instance, if your entrance age is 25 years old, you would be required to pay Rs. 151 per month for a pension. 

Step 5 – Disclosure and Authorisation

Steps to Fill Out an Atal Pension Yojana Application

You must provide the date and location. You may either sign the paper or leave your thumbprint. By signing this paper, you affirm that you are eligible for the Atal Pension Yojana and that you have read and comprehend its terms and conditions. You affirm that the information you have provided is accurate to the best of your knowledge. If any modifications must be made to the submitted information, you will promptly notify the bank. You also affirm that you have no account with the NPS (National Pension System). You are responsible for providing any false or inaccurate information on purpose.

Step -6 To be completed by bank

The bank must complete the last component of the Atal Pension Scheme form, headed “Acknowledgement – Subscriber Registration for Atal Pension Yojana (APY).” It is confirmation from the bank that they will enrol you in the Atal Pension Yojana Scheme. After you submit the form, a bank representative will complete it.

Atal Pension Yojana: Steps to open an account without mobile app or net banking

Those individuals who have bank accounts but do not use mobile apps or internet banking do not need to be concerned in any way. They will soon find that creating an account under the Atal Pension Yojana is simple and convenient.

Existing holders of savings accounts will be able to begin alternative onboarding channels after the Pension Fund Regulatory and Development Authority has finished streamlining the onboarding process and making it easier for new account holders to join. Account-holders can now open their pension accounts under the Atal Pension Yojana without using a mobile app or the internet banking system.

Previously, the only ways to create an account via the Atal Pension Yojana were through the use of mobile apps and online banking. However, now that this additional step has been taken, account users no longer need a mobile app or internet banking to open their accounts.

  • If you are interested in opening an account via the Atal Pension Yojana, you will need to contact the financial institution in which you already have a savings account.
  • You will need to get the registration form from that location.
  • After this, you will need to return this registration form to the same bank, fill it out with all of the requested information, and attach all of the necessary documents to the registration form.
  • Along with the form, you will be required to supply a working phone number, which is the device that will be used to receive all of the text messages.

Atal Pension Yojana: Steps to download contribution chart

To view the Atal pension yojana chart, follow the steps outlined below. 

  • Type “Atal Pension Yojana” on any Search Engine. 

Atal Pension Yojana: Steps to download contribution chart

  • Click on the first result link.  

Atal Pension Yojana: Steps to download contribution chart

  • On the home page, click the link APY-Contribution Chart link.

Atal Pension Yojana: Steps to download contribution chart

  • When you click on this link, the APY Chart will appear on the screen. 

Atal Pension Yojana: Steps to download contribution chart

  • You can examine the details in this chart and download it for future reference.

Atal Pension Yojana: Steps to view endowment details

  • To begin, you are required to visit the official Atal Pension Yojana website
  • You will need to choose the Enrollment Details option from the left menu that appears on the main page.

Atal Pension Yojana: Steps to view endowment details

  • When you click this, a new page will load in the window in front of you.

Atal Pension Yojana: Steps to view endowment details

  • The following choices will be shown to you when you reach this page.
    • Gender-wise enrolment
    • Age Wise Enrollment
    • State/UT Voice Enrollment
    • Enrollment following the Pension Amount
  • Bank voice enrollment
  • Through the use of these many choices, you will have access to relevant information.

  • To begin, visit the Atal Pension Yojana website.
  • Following this, choose the APY Service Provider Corner option.

Steps to get information related to the service provider 

  • You should now see a new page load up in front of you.

Steps to get information related to the service provider 

  • You will be able to see all of the information associated with the service provider on this page.

Steps to view APY e -PRAN/transaction statement view

  • Visit the Atal Pension Yojana’s official website.
  • You have to choose the APY e-PRAN / Transaction Statement on the home page to view the statement.

Steps to view APY e -PRAN/transaction statement view

  • You should now see a new page load up in front of you.
  • On this screen, you must choose which category you fall into and input the captcha code. 
  • After that, you will need to input the information that was requested.
  • Now select the “submit” option from the menu.

Steps to view APY e -PRAN/transaction statement view

  • The relevant information will be shown on the screen of your computer.

Atal Pension Yojana: Notifications and alerts for users

  • As part of the Atal Pension Yojana, users will get SMS messages, including information on their account balance, contribution credit, and other relevant data.
  • Through the use of a short message service (SMS), the beneficiary is also able to update the nominee’s non-financial data, such as their name, address, and phone number.
  • Through the use of short message service (SMS) on their mobile phones, all of the users will get information on their subscriptions, automatic debits from their accounts, and account balances.

Atal Pension Yojana: Non contribution

If the applicant does not make contributions to the Atal Pension Yojana, then after six months their account will be locked. If the user still has not made any investments at this point, then after a year their account will be disabled, and after two years it will be deleted. 

A fee will need to be paid as a penalty if the applicant is unable to make the payment on time. The monthly cost of this penalty varies from ₹ 1 to ₹ 10 per month. 

APY programme: Who is not qualified to get assistance?

Beneficiaries of any statutorily mandated social security programme are ineligible to receive the benefit of a government co-contribution under the APY programme. Listed below are many acts for which the government does not offer coordination:

  • 1952’s Employees’ Provident Funds and Other Provisions Act.
  • 1948’s Coal Mines Provident Fund and Miscellaneous Provisions Act
  • Act of the Simmons Provident Fund, 1966
  • Miscellaneous Provisions, as well as the Assam Tea Garden Provident Fund, 1955
  • 1961 Act Regarding Jammu and Kashmir Employees Provident Fund and Other Various Provisions
  • Any other legally mandated social security programme.

Atal Pension Yojana: Fundamental guidelines 

  • Each person who receives a pension as a result of the Atal Pension Yojana will get an additional one thousand rupees or fifty per cent of the total amount of their pension, whichever is lower.
  • This benefit is made available to all beneficiaries who submitted an application following this scheme between the 1st of June 2015 and the 31st of March 2016 and who are neither beneficiaries of any other social security programme nor income taxpayers.
  • The Atal Pension Yojana has been brought within the jurisdiction of Section 7 of the Aadhaar Act. It is now necessary to provide one’s Aadhar number to qualify for the benefits of this programme.
  • The applicant is required to demonstrate ownership of a savings account to be considered for participation in the programme.
  • At the time of submission, the applicant is required to provide whatever information they have that pertains to the candidate.
  • Only those who have their primary residence in India are eligible to get the benefits of this programme. If any beneficiary moves out of the country while this pension is being paid out, then that beneficiary’s account will be terminated and any money that he has contributed will be returned to him.
  • The subscriber can make changes to the amount of their pension, including increasing or decreasing it.
  • For the pension to be upgraded, the subscribers will be required to pay the difference in the grant amount at a rate of 8% compounded annually.
  • The excess amount of contribution that was collected from the subscriber will be refunded to the subscriber together with the returns that were created if the subscriber decides to lower the amount of pension.
  • In case of an error in the application, the customer is responsible for paying a charge of fifty rupees which will be split evenly between the POP–APYSP and the CRA. This price is required for any other kind of change. 

Atal Pension Yojana enrollment agency

  • The Bank has the power to appoint BCs or existing non-banking aggregators as enablers for running operations as POPs or Aggregators. Micro insurance agents and mutual fund agents are also eligible for this appointment.
  • The enrollment agency will be eligible to earn a portion of the incentives that the Bank receives from PFRDA or the government.
  • The Pension Fund Regulatory and Development Authority is in charge of running this program’s administration.
  • To enrol clients in the APY programme, the institutional structure of NPS will be used.
  • Along with the establishment of an account form, the PFRDA will also be responsible for drafting the offer document for the Atal Pension Yojana.

Atal Pension Yojana: Latest news

According to the terms of this plan, the amount of the pension can now be raised or lowered at any point throughout the year. The 4 crore subscribers who are now enrolled in the PM Pension Yojana would get advantages from this new service. The PFRDA has given instructions to all banks that they should be able to execute an increase or reduction in the pension amount at any point in the year. However, within a given fiscal year, one can only make use of this provision one time.

APY Subscriber Registration Form Click Here 
Subscriber details Modification and Change of APY-SP Form Click Here 
Form to upgrade/downgrade pension amount under APY Click Here 
APY Death & Spouse Continuation Form Click Here 
Voluntary Exit APY Withdrawal Form Click Here 
APY Application for Banks to be registered under Atal Pension Yojana Click Here 
APY – Service Provider Registration Form Click Here 
Subscriber Grievance Registration(G1) Form Click Here 

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button