What is Atal Pension Yojana

Atal Pension Yojana aims to reduce the burden of financial requirements that individuals have throughout their retirement years by encouraging early savings. The amount of pension a person will receive is directly proportional to the amount of monthly contributions they choose to make in the Atal Pension Yojana and their age.

The accumulated corpus of Atal Pension Yojana (APY) will be paid out in regular instalments to the beneficiary. If a beneficiary is no more, their spouse will continue to receive pension benefits. In case of both their demise, the beneficiary's nominee will get the money in a lump sum.

Subscribers to APY have the option of receiving a Fixed Monthly Pension amount of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000 by paying a monthly subscription as shown in the table below:

The Atal Pension Yojana guarantees returns during the retirement period or at the end of the policy's term. Here are some features you should know about it:

The following are the various Atal Pension Yojana benefits you should know when investing in the plan to build a secure future:

The Atal Pension Yojana scheme is available at all nationalized banks in India, and you can open an APY account with any of them. Here are things you need to do to apply for the plan:

The following are the eligibility requirements for the Atal Pension Yojana..

• A savings account linked to an Aadhaar card number and a registered mobile number.
• The applying individual should be between the ages of 18 and 40.
• The minimum duration of contribution in the plan is 20 years.

• The amount of your monthly payment is determined by the amount of pension you intend to receive when you retire and the age at which you begin contributing.
• Because you will be making regular contributions, your account will be deducted automatically. Before each debit, double-check that your account balance is sufficient.
• You have the option to increase your premium at any time. All you have to do now is go to your bank, speak with your manager, and make the appropriate modifications.
• If you do not make your payments on time, you will be charged a penalty, depending on the amount of the monthly contribution.
• If you miss six payments in a row, your account will be frozen; if you miss twelve payments in a row, your account will be cancelled, and the remaining amount will be given to the subscriber.
• It is not permissible to withdraw early. Only in exceptional circumstances, such as death or terminal illness, would the subscriber or their nominee be reimbursed in full.
• Only your deposit plus interest earned will be repaid if you close the scheme before reaching the age of 60 for whatever reason. You will be ineligible for the government's co-contribution as well as any interest earned on that sum.