Apply Online for Atal Pension Yojana: Government Launches New Service.

Introducing Atal Pension Yojana: To bolster social security among those in the unorganized sector, the government has rolled out Atal Pension Yojana (APY), ensuring a steady income source for individuals in their old age. The Pension Fund and Regulatory and Development Authority (PFRDA) has recently issued a master circular, simplifying online services and facilitating easier enrollment into the scheme. This circular, dated January 31, 2024, aims to streamline the process for both existing APY subscribers and new applicants.

With the introduction of eAPY by the central record-keeping agency Protean e-Governance (PCRA), subscribing to the scheme has become more accessible than ever. The digital enrollment process through Aadhaar eKYC/XML/Virtual ID has been streamlined, saving valuable time, effort, and resources for individuals. Moreover, this digital approach eliminates the need for individuals to visit bank branches to avail themselves of the scheme’s benefits.

Understanding Atal Pension Yojana

Atal Pension Yojana was introduced in the Budget 2015-16 with the aim of ensuring income security in old age. The scheme encourages savings, particularly among those in the unorganized sector, safeguarding them against income uncertainty post-retirement. Administered by the Pension Fund Regulatory and Development Authority (PFRDA), this initiative offers a guaranteed monthly pension, with a minimal monthly contribution.

Atal Pension Yojana – Ensure this

1. Your eAPY registration information matches your bank records.
2. There’s sufficient balance in your savings account to pay the first installment of Atal Pension Yojana.
3. Your name and date of birth in Aadhaar are accurate.

How to apply for Atal Pension Yojana?

How to Apply Online for Atal Pension Yojana: New subscribers can easily apply for Atal Pension Yojana online through PCRA’s service, which also offers online APY service checking. There are three ways to register:

1. Offline XML-Aadhaar based KYC
2. Online-based eKYC
3. Virtual ID

Additionally, applicants can also apply through internet banking services. For instance, ICICI Bank customers can follow these steps:

Step 1: Log in to ICICIBank.com

Step 2: Navigate to Customer Service

Step 3: Select Service Request

Step 4: Enroll in Atal Pension Yojana from your bank account section

Step 5: Fill in your information and submit. Your Atal Pension Yojana account will be opened within one working day.

RELATED LINKS

• Registration form for Atal Pension Yojana (APY)
• Permanent Retirement Account Number
• Get Aadhaar Card
• APY Scheme Details/Circulars
• Pension Fund regulatory and Development Authority
• National Pension System
• Employees’ Provident Fund

Secure Your Future with Atal Pension Yojana

By contributing as little as Rs 210 per month, individuals can secure a monthly pension of up to Rs 5,000 upon reaching the age of 60. This government-backed scheme provides assurance of a fixed pension amount every month. Depending on the age at which one enrolls, the contribution varies, ensuring flexibility and affordability. The scheme also offers a range of pension amounts, from Rs 1,000 to Rs 5,000, with the government contributing 50% of the subscriber’s contribution or Rs 1,000 annually, whichever is lower, to eligible individuals.

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Benefits of APY (Atal Pension Yojana)

Here are the benefits of APY (Atal Pension Yojana) outlined for you:

• Steady Pension for Subscribers: APY ensures that subscribers receive a regular pension payout to support them financially during their old age.
• Continued Pension for Spouse: In the event of the subscriber’s demise, their spouse continues to receive the pension, offering continued financial security.
• Nominee Receives Pension Corpus: After the demise of the spouse, the pension corpus accumulated till the age of 60 is returned to the nominee, providing a financial cushion.
• Old Age Security: APY offers a sense of security during old age by guaranteeing a reliable source of income through monthly pension payouts.
• Promotes Savings and Investment: The scheme fosters a culture of investment and saving among the lower middle and economically disadvantaged sections of society, encouraging financial stability.
• Guaranteed Monthly Pension: Subscribers are assured of a monthly pension ranging from Rs. 1,000 to Rs. 5,000, providing a predictable income stream in retirement.
• Government Co-Contribution: The Government of India (GoI) co-contributes 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower, incentivizing participation and boosting savings.
• Co-Contribution Period: Government of India extends co-contribution to eligible subscribers for a period of 5 years, specifically targeting those who joined the scheme between June 1, 2015, and March 31, 2016, further enhancing the benefits for early adopters.

Death Benefit in Atal Pension Yojana

In case a contributor passes away before reaching the age of 60, their spouse holds the choice to either carry forward the Atal Pension Yojana account, benefiting from its provisions, or opt to close the account and receive the accumulated contributions and earnings. Following the subscriber’s demise, the spouse becomes eligible for the same pension benefits as the subscriber previously received. This provision ensures continued financial security for the surviving spouse under the Atal Pension Yojana scheme.

Take charge of your financial future today with Atal Pension Yojana, and enjoy the peace of mind that comes with a secure retirement plan.