Atal Pension Scheme: Who can avail the benefit, what is the premium, and how to register! You will get the answer to every question here.

Atal Pension Yojana has been specially designed for those people who do not have any means of pension in old age. Anyone can take advantage of this scheme provided he is not a taxpayer. Know all the conditions and other important things related to this scheme here.

Atal Pension Yojana is a scheme that has been designed to help in old age. For this scheme, you have to contribute till the age of 60. According to your contribution, you are given a pension of Rs 1,000 to Rs 5,000 in old age. However, not everyone can take advantage of this scheme. This scheme is for those who are not taxpayers. If your age is between 18 and 40 years, then you can also get registered under this scheme. Understand the special things related to this scheme here.

How much money will have to be paid?

How much money you have to deposit every month depends on two things: (1) at what age you are joining, and (2) how much pension you want after the age of 60. Suppose you are 18 years old and you want to get a pension of ₹ 5000 every month after the age of 60. For this, you have to deposit only ₹ 210 every month. The sooner you start contributing, the smaller the premium will be.

How to apply

You can apply for Atal Pension Yojana both online and offline. To apply offline, you have to go to the bank and fill the form. Whereas online you can apply through net banking. For this, log in to net banking and search APY. After filling your details in the application form, submit the form and approve auto debit, so that the premium is automatically deducted from the account every month. Do not forget to give nominee details in the form.

This is also the way to apply

First go to the website https://enps.nsdl.com/eNPS/NationalPensionSystem.html.

From here you go to the Atal Pension Yojana tab and click on APY Registration.

Fill the New Registration form and click on Continue.

After filling the form, fill your details in Complete Pending Registration and complete KYC.

After this, Acknowledgement Number will be generated.

Choose how much pension you want after the age of 60.

Also tell how to deduct the installment monthly, quarterly, half-yearly or yearly.

After this, fill the nominee form correctly.

After completing the process, you will come to the eSign tab on the NSDL website.

After the Aadhaar OTP is verified, you will be connected to this scheme.

These documents will be required

Age certificate like birth certificate, tenth mark sheet, driving license, Aadhaar card etc.

Certificate of Indian citizenship

Bank account number and branch information

APY Registration Form

Aadhaar card

Auto-debit facility

You do not have to worry about depositing money. According to your chosen plan, money will be automatically deducted from your bank account on a fixed date every month.

What if something happens to the investor?

If the investor dies after the age of 60, then his/her spouse will continue to get the same pension for life. If both the investor and his/her spouse die, then the entire money (Corpus) deposited in the scheme till now is returned to their nominee in lump sum.

Frequently Asked Questions (FAQs)

1. Can I change my pension amount in between?

Answer: Yes, you can change your pension plan (more or less) once a year, in the month of April.

2. What if I am unable to deposit money for a few months?

Answer: If you do not pay the premium, your account may be frozen. You can get it activated again by depositing the outstanding amount along with the penalty. If you do not deposit money for a long time, the account may also be closed.

3. Can only the poor or people from the unorganized sector take it?

Answer: No, this is a big misconception. Any Indian citizen between 18-40 years of age, whether he is in a private job, businessman or farmer, can invest in this scheme, provided he does not fall in the income tax slab.

4. Can money be withdrawn from this scheme before 60 years?

Answer: Not in normal circumstances. But premature withdrawal is allowed in exceptional circumstances like death of the investor or any serious illness.

5. What are the tax rules on this scheme?

Answer: Investment made in Atal Pension Yojana is eligible for tax exemption under section 80CCD (1B) of Income Tax. However, the pension received after 60 years will be added to your income of that year and will be taxed as per your tax slab.