{Apply Online} Atal Pension Yojana Scheme 2021 Eligibility & Benefits

{Apply Online} Atal Pension Yojana Scheme 2021 Eligibility & Benefits{Apply Online} Atal Pension Yojana Scheme 2021 Eligibility & Benefits

Atal Pension Yojana Scheme 2021, The Atal Pension Scheme is a social security scheme introduced by the Government of India and aims to provide an uninterrupted flow of income to all citizens of India after the age of 60 years. In other words, it is a pension scheme that mainly focuses on people employed in the unorganized sector such as maids, delivery boys, gardeners, etc.
The primary objective of this scheme is to ensure that any Indian citizen feels safe, concerned about sudden illness, accident, or chronic illness in old age. Not only limited to the unorganized sector, private sector employees or those working with an organization that does not provide pension benefits can also apply for this project.

What is the purpose of the APY scheme

This pension scheme aims to reduce the initial financial obligations of individuals at the retirement stage by encouraging savings from an early age. The amount of pension a person will receive depends directly on the monthly contribution they make and their age.
Beneficiaries of Atal Pension Yojana (APY) will get their deposited corpus in the form of a monthly payment. In case of death of a beneficiary, his / her spouse will continue to receive pension benefits; And if both such persons are dead, the nominee of the beneficiary will receive this amount in a single amount.

How to register in Atal Pension Scheme

To be enrolled in the Atal Pension Scheme, you need to download an application form or visit any nationalized bank and submit it. Make sure you carry a self-attested photocopy of your container for verification as well. Next, specify payment modes such as monthly, quarterly, and half-yearly. Once you have submitted the application form along with KYC details you have successfully subscribed to APT.
Contact your bank or post office where you have a savings account. If you do not have a bank account, you will need to open a bank account to be eligible for this scheme.
You will need to fill out your Atal Pension Yojana registration form and allow the bank to automatically debit your contributions to the scheme according to the monthly, quarterly or half-yearly installments selected as your payment frequency mode.
Private banks like SBI, Axis and ICICI Banks are also offering online articles on this project to help you gain knowledge about technology.

Eligibility Criteria for Atal Pension Scheme

  • A Savings Bank Account Associated with a Registered Mobile and Aadhaar Card Number,
  • Age between 18-40 years.
  • Minimum contribution for at least 20 years.

Atal pension scheme benefits

Some of the major benefits of the project are calculated below –
The source of income in old age :
Individuals are provided with a stable source of income once they reach the age of 60, enabling them to meet basic financial needs such as medicine, which is fairly common in old age.
Government-backed pension scheme:
This pension scheme is supported by the Government of India and is regulated by the Pension Fund Regulatory Authority (PFRDA). Thus, individuals carry no risk of loss as the government promises to pay their pensions.
Enabling the unorganized sector:
The scheme was initially launched to address the financial concerns of those employed in the unorganized sector, enabling them to become financially independent in the years to come.
Nominee benefits:
In case of death of a beneficiary, his / her spouse will be entitled to the benefits of this scheme. They can either terminate their account and enjoy the entire corpus in single digits or receive the same pension amount as the main beneficiary. In case of death of both the beneficiary and his / her spouse, a nominee will be entitled to the full corpus amount.

How to apply for Atal Pension Scheme

All banks in India are empowered to open pension accounts under the Atal Pension Scheme. The descriptive steps for APY application are –
Go to the nearest bank branch where you have an account.
Fill in the application form along with the required details properly.
Submit it along with two photocopies of your Aadhaar card.
Provide your active mobile number.
You can download the application form from the official website of any bank and then proceed with the steps described above.

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