Atal Pension Yojana is a retirement pension scheme started by the government to make people from the unorganised sector financially secure. The scheme targets the unorganized sector of the country. Earlier, the government used to contribute an amount of Rs 1,000 every year for people who had their National Pension Scheme (NPS) accounts, which were funded by the grants by the government itself. Later, the National Pension Scheme got replaced with Atal Pension Yojna which allowed subscription to anyone who is a citizen of India and falls under the age group of 18 to 40 years.
APY provides a pension of up to Rs 5,000 per month when a person reaches 60 years of age. You are eligible to avail the benefits provided to you by Atal Pension Yojana if you are a citizen of India and fall under the age group of 18 to 40 years. You can make contributions for at least 20 years. You must have a bank account that is linked to your Aadhar and you have a valid mobile number. Premature payment of pension and exit from APY is not allowed, except in situations like terminal disease or death of the account holder. It is advised to register sooner as you will have to make fewer contributions if you join in early.
Documents required to apply for APY:
A subscriber needs to have a savings bank account, an Aadhaar number, and a mobile number to register for the pension scheme.
How to apply for Atal Pension Yojana: