It’s an enormous success for Atal Pension Yojana (APY) as more than 52 lakh new subscribers have been enrolled under APY, during 2020-21 so far. Moreover, the total enrolments have crossed 2.75 crores at end of December, the Pension Regulatory Fund and Development Authority of India (PFRDA) said in a statement. Despite the unprecedented challenges due to the coronavirus pandemic, addition of more than 52 lakh new subscribers so far has been remarkable. Atal Pension Yojana is a pension scheme for workers in the unorganised sector which was launched by the government in June 2015.

Atal Pension Yojana: Here is all you need to know about the scheme

1) Under the APY, minimum guaranteed pension of Rs 1,000, 2,000, 3,000, 4,000 or 5,000 per month will start after attaining the age of 60 years depending on the contributions by the subscribers.

2) Workers in the age group of 18-40 years can enrol in the Atal Pension scheme.

3) Any citizen of India between 18 and 40 years of age can join the APY scheme.

4) The savings bank account or post office savings bank account is mandatory for joining APY.

5) The contributions to APY scheme can be made on a periodic basic- monthly, quarterly or half-yearly.

6) The contribution amount varies for subscribers of different age groups – from Rs 42 and Rs 1,454 per month.

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7) After successful registration, the subscriber has to maintain the instalment amount in the linked savings account.

8) APY subscriber will be charged overdue interest for the delayed period beyond the due date.

– Rs 1 per month for contribution up to Rs 100 per month.

– Rs 2 per month for contribution up to Rs 101 to 500 per month.

– Rs 5 per month for contribution between Rs 501 to 1000 per month

– Rs 10 per month for contribution beyond Rs 1001 per month

9) In case of continuous default, account maintenance charges and other related charges are deducted from the pension account periodically.

10) Each subscriber can only have one Atal Pension account.

Process to apply for Atal Pension Yojana

All nationalised banks offer the APY scheme. Individuals can visit these banks to open an APY account. The account opening forms are available online on the bank websites as well.

Also Read: Post Office savings schemes and interest rates that you must know

Atal Pension Yojana Withdrawal Procedure

If you have reached 60 years of age, then you can exit this scheme. You will have to visit the bank and apply for your pension.

You can exit the scheme before turning 60 years old only under exceptional circumstances such as terminal illness or death. In case of your demise before reaching the age of 60, your spouse will receive your pension. If both you and your spouse have expired, the pension would be paid to your nominee.