Age should never be treated as dignity loss and dependency. For an independent life post-60, the Government of India introduced the Atal Pension Yojana (APY). The plan allows for getting a guaranteed pension of ₹1,000 to ₹5,000 a month at the time of retirement with a small monthly investment.
Whether it is a domestic worker, self-employed, or daily wage earner in the age bracket of 18-40 years, the scheme is open for all. Let us know about how the scheme works, the benefit of the scheme, and the documents required.
Important Features of Atal Pension Yojana
1. Small Savings, Big Return:
If you start early, your monthly payment is minimal. Assuming that you start from 18, you will be paying much less each month compared to a person starting at 35.
2. Choose Your Pension Amount:
You can choose your pension amount from ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 depending on your need in old age.
3. Guarantee Supported by the Government:
It is a plan sponsored by the Government, and your money is safe. The pension is centrally supported by the Indian government.
4. Tax Benefits:
The investments in APY are also deductible from tax up to ₹50,000 under Section 80CCD (1B) of the Income Tax Act.
5. Nominee Benefit:
In case of death of the pensioner receiving the amount after 60 years of age, the spouse is also provided with the pension. Upon both of them passing away, the nominee is provided with the invested amount.
Documents Required to Apply
To open account under Atal Pension Yojana, have the documents ready:
Aadhaar card
Address proof – utility bill, voter ID, etc.
Identity proof – PAN card, voter ID, etc.
Active bank account number
Age proof (10th marksheet or birth certificate)
Mobile number used
How to Apply for Atal Pension Yojana
There are three simple ways to apply:
1. Apply Offline (Bank/Post Office):
Go to your post office or bank branch where your savings account is active.
Complete the Atal Pension Yojana application form.
Give name, Aadhaar number, nominee name, and documents to be attached.
Get it processed through the branch. Your monthly instalment will auto-debit from your account.
2. Apply Online (Net Banking):
Login to internet banking portal of your bank.
Click on Atal Pension Yojana in ‘Social Security Schemes’ tab.
Provide your pension and nominee details, auto-debit consent.
Upon approval, you receive your Permanent Retirement Account Number (PRAN).
3. Register on Official Website:
Go to https://enps.nsdl.com
Click Atal Pension Yojana tab, Click APY Registration
Click New Registration, fill your details, eKYC completion.
Then you will get an Acknowledgement Number for tracking.
Don’t wait for the last time. Invest in APY now so that in your old age you never have to worry about money. Some hundred rupees each month now can be a pension one day in assurances.