Atal pension yojana (APF) help financial – How to Apply in Detail

What is atal pension yojana scheme?

Atal pension is a special type of pension plan offered by the government to workers who have been licensed to carry out certain jobs.  Workers who are eligible for Atal Pension get a monthly pension of either 2-3 times the basic salary or the difference between their pension and the amount they would have received had they not been licensed for certain jobs, whichever is higher. 

Atal pension scheme, which is available to all Indians below the age of 60, provides them with a guaranteed minimum income of Rs. 4,000 per month with no cap on withdrawals. It helps them convert their pension into cash at any time, improve their living standard and take care of their immediate needs.

Besides, most administrations are providing all kinds of financial assistance so that people get set up for life with just the smallest amount of effort. This scheme is managed by PFRDA and executed by all banks in India, and is known as the Atal Pension Yojana.

Pension amountUp to Rs.5000
Age limit18 years to 40 years
Contribution periodMinimum 20 years
Maturity age60 years

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Who are not eligible for atal pension yojana

If you are below the age of 18 years or are an individual of or above the age of 60 years or are totally blind or sight-impaired or if you are undischarged insolvent or an individual who has not completed 20 years of qualifying service, then you are not eligible to apply for the pension scheme. 

The benefit of the scheme is that it provides an option to the pensioner to get a pension at any age or get a healthy lifetime pension or get a pension if the individual becomes disabled. if you are a resident of India, and if your salary is above INR 18,000 per month. You are eligible to apply

What are the benefits of atal pension yojana?

The Atal Pension Yojana, announced by the Prime Minister of India, Shri Narendra Modi on the eve of 2015, is a government-run, defined contribution pension programme targeted mainly at unorganized sector workers and pensioners. Contributors to the scheme will be given an average return, without taxes and investment risk, until they reach the age of 60.

You get a set amount of money every month which you can use for anything in the world. You don’t have to worry about taking money from your pocket and giving it back to your pension account. It doesn’t mean that any money remaining after your money spent for living will be wasted because there is a provision made so that some of it can be spent on work-related activities. 

Imagine having money available whenever you want it without having to think about saving it up or spending it on things that will make you feel uncomfortable in some way. That’s the kind

What documents are required for atal pension yojana?

The documents needed for various types of pension schemes can be different. For Atal Pension Yojana, the following documents are required: 

1) Latest Passport Size Photo 

2) Copy of Address Proof- Utility bill, Passport, Telephone bill, ration card, voter ID 

3) Copy of the Pension Account Number 

4) PAN Card 

5) Receipt of the contribution made to the account 

6) Photo id proof of the nominee 

7) Photo id proof of self

Can I transfer atal pension yojana account to another bank

You can’t move your Atal Pension Yojana funds from one bank account to another. You can’t, for example, go from SBI to Axis. You will only be able to move between branches, not within the same branch.

How can change the nominee in atal pension yojana online?

If you want to change the name on your pension or nominate, you have to fill S2 form and send it to the pension office or request it online. The new nomination must be approved by the National Pension scheme (not necessarily the same person who nominated you). 

You can either do it yourself in person or send your request to the new nomination address provided. You will get a reply within 10 working days with information on how to make this change effective.

How can I change my mobile number in atal pension yojana

In order to process a change of Mobile Number, you will need to call the Perserveit Customer Care number and request for a change of mobile number. You can also change your Nominee by logging into your account on the Perserveit website.

How can I change my email id in atal pension yojana (mobile number)

Atal-pension-yojana-APF-help-financially-free-How-to-Apply-in-Detail-free

1. Use PRAN and I-PIN to access the CRA System at Visit.

2. Modify or add the email ID and mobile number and update the data by selecting the “Update contact details” option.

3. The subscriber must acknowledge the changes, and an SMS, as well as an email, will be sent if the update is successful.

4. The new contact information, as well as the old contact information, will be given through email.

How to Know my I-PIN in atal pension yojana or Reset I-PIN

If the subscriber does not have an I-PIN, the following steps must be taken:

1. To reset the I-PIN, go to Visit and click on “Resetting of I-PIN” on the website (under additional services).

2. Fill in the required information to receive a One Time Password (OTP) email Id to your registered cellphone number and regenerate your immediate I-PIN.

3. If your mobile number isn’t registered, you can reset your I-PIN by submitting a request online and having it approved by the Nodal Officer.

Benefits of registering your email address and phone number with NPS:

1. PRAN creation triggers an SMS/email alert.

2. Transactions in PRAN/Fund Value SMS/Email Alerts

3. Email notification of changes to subscriber information such as nomination, address, bank account information, and so forth.

4. Emailing a request for a Transaction Statement to the CRA helpdesk.

5. Receipt of the PFRDA Newsletter on a regular basis.

How can I change my personal details in atal pension yojana? (names, address, etc…)

Modification is necessary to alter the details of your Atal Pension account as per your requirements. Modifications can be made online at any time by following these three steps: Visit the MyAalPension application page and log in to your account by using the login id and password provided by CRA along with your PRAN Kit.

You need to fill in the relevant fields as per the guidelines provided by the pension scheme provider.

How does atal pension yojana work

According to the plan, you will get INR 1,000/2,000/3,000/4,000/5,000 a fixed pension. The amount you’ll pay each month is determined by the type of pension you choose and your age at the time you join the pension plan.

The penalty of Atal Pension Yojana

If a subscriber fails to make required payments on time, the APY account may be penalised. The Atal Retirement Yojana System requires that a withdrawal be made from a person’s linked savings bank account on the date specified in order to make a contribution. 

As a consequence, the Banks will issue a monthly penalty of between Rs. 1 and Rs. 10 depending on the severity of the infraction.

This Atal Pension Yojana would be subject to the following penalty scale:

Monthly contributions worthPenalty charges per month
Up to Rs.100Rs.1
Up to Rs.101 – 500Rs.2
Up to Rs.501 – 1000Rs.5
More than 1001Rs.10

How to fill atal pension yojana form online registration

No, there is no online application for APY at the moment. You’ll have to visit your bank and complete the paperwork there.

How to Open Atal Pension Yojana Offline

As per the Atal Pension Yojana, all Indian banks now have the ability to create a pension account for a client. 

Steps for APY application include:

1. Visit the branch location of the bank in which you have an account that would be the most convenient for you.

2. It’s a legal obligation that you fill out the application form completely and accurately.

3. Include two copies of your Aadhaar card in your application.4.

4. Kindly enter your active cell phone number in the space given.

5. You may also get the registration form from the bank’s official site and then proceed as previously described.

Premature Retirement before the age of 60

Two possibilities exist if you decide to leave before 60 years have passed.

a) Voluntary exit

Subscribers who opt out of APY before turning 60 will only be repaid for the APY payments they made, as well as the interest earned on those contributions, after account maintenance, investment management, and other fees have been deducted.

Such Subscribers will not be entitled to any Government co-contribution or accumulated revenue from the Government co-contribution.

b) Exit as a result of a specific disease

It is only under rare situations, such as the Subscriber’s stated sickness, that an early withdrawal may be authorised before 60 years of age, and the Subscriber will get their whole accrued account balance back.

Selected Illnesses for Withdrawals and Exits from the National Pension System

(i) Cancer, 

(ii) Kidney Failure (End Stage Renal Failure), 

(iii) Primary Pulmonary Arterial Hypertension, 

(iv) Multiple Sclerosis,

(v) Major Organ Transplant, 

(vi) Coronary Artery Bypass Graft, 

(vii) Aorta Graft Surgery,

(viii) Heart Valve Surgery, 

(ix) Stroke,

(x) Myocardial Infarction,

(xi) Coma,

(xii) Total blindness, 

(xiii) Paralysis,

(xiv) Accident of serious/ life-threatening nature, 

(xv) the Authority’s circulars, recommendations, or warnings from time to time specify any other serious disease of a life-threatening character.

How to Close atal pension yojana account?

Follow the steps to Close Atal Pension Yojana Account:

1. You have to go to the bank where your Atal Pension Yojana account is kept.

2. It is necessary to fill out and submit the form for closure (Download Form).

3. To complete the process, you must wait for the form to be received and processed.

4. The funds in the account, as well as the interest which has accrued, will be sent to the bank account which you specified after the termination has been confirmed by the bank. The bank will also send you a notice.

How to get atal pension yojana certificate online

1. Visit this URL

2. Your PRAN and Bank Account Number, the captcha, then click Submit Button.

3. If you’re unsure about your PRAN, select “Click to search without PRAN” to get started.

4. Please provide your First and Last Name, Bank Account Number, and Date of Birth (DOB).

5. Choose from the PRAN from the list.

6. To submit this form, enter the captcha code and click the Submit button.

7. You now have access to your APY statement via a download.

FAQ

Atal pension yojana available in which banks

Almost, all Public & Private Sector banks have these schemes, but here are the top three banks are HDFC, SBI, Axis

How to get user id for atal pension yojana

User Id and Password provided by CRA along with your PRAN Kit, Sent by postal to your Register Address.

Is atal pension yojna good?

The government schemes for an old-age pension have become a lifeline for millions of Indians over the past decade as the cost of living has become unaffordable for many working adults.

According to a recent survey, the majority of people below the age of 54 years plan to purchase some type of government security or insurance offering a guaranteed minimum income. Nearly half of them are inclined towards these products when they think about their future needs.

Is Atal Pension Yojna and National Provident Fund (NPF) are same?

If you are a pensioner, one thing you should know is that if you make your maximum contribution towards your Atal Pension Scheme to date, your pension will be 100% from the date of issue of your order. However, NPS cannot be compared with Atal Pension since it is a pre-contribution arrangement whereas, at present, you can make a one-time contribution towards your Atal Pension by way of contribution challans.

Is atal pension yojana tax-free

Under the Atal Pension Yojana, tax benefits such as an additional deduction of Rs.50,000 under section 80C (1) of the income tax act and exemption from tax on maturity and commutation are provided.

The subscriber can also avail higher benefits by increasing his or her contribution by exercising Udaan and withdrawing amounts equal to the available benefit at the time of withdrawal.

Is atal pension yojana for govt employees

Yes, APY is open to employees of all levels of posts. The Atal Pension Yojana (APY) is a pension benefits plan offered by the Government of India to its employees and members. Under this plan, an employee or member can apply for benefits when they reach the age of 60.

Can I open both NPS and atal pension yojana?

Yes, it is possible. The process of opening an account under one scheme and then another varies with the type of pension being paid and the age at which you begin receiving it. For instance, if the pension that you are receiving is higher than that available under NPS, you would be able to open a separate NPS account even if you are an eligible pensioner under the other scheme.

Can both husband and wife open Atal pension yojana

Yes, Both husband and wife may be eligible for atal pension yojana.

Can I open two atal pension yojana?

The answer to the above question may sound obvious, Only one APY account can be opened by a single user. Separate APY accounts at different branches/banks are not authorised for any citizen.

Atal pension yojana can be transferred from one bank to another

The answer is now, you can’t transfer APY from one bank to another for Eg Transfer from SBI to Axis is not possible.

Maximum age up to which atal pension yojana can be issued

The maximum age for Atal Pension Yojana is 40 years old as an Indian citizen.

How can I get my atal pension yojana statement?

The APY NSDL CRA website is where you may get your APY transaction statement. In order to log in, you’ll need your PRAN and savings account information.

Can I take a loan from atal pension yojana?

Yes, You can take a loan from any bank, but the interest rate is what sets the best Personal and Business Loans apart. 

Can I apply atal pension yojana online?

No, there isn’t an online application for APY at the present. Visit your bank and complete the necessary papers there instead.

Is atal pension yojana covered under 80c

Yes, atal pension yojana covered under 80c.

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