Individuals between the age of 18 to 40 years have reached our nearest branch for
registration under this scheme to fill the form along with proof of identity, residence and age. To join this scheme, it is mandatory to have a bank savings account.
Atal Pension Yojana is a social security scheme launched by the Government of India, which aims to provide a seamless income to all citizens of India after the age of 60 years. It is based on the National Pension Scheme (NPS) framework. Immediate Permanent Retirement Account Number (Pran) will be made available by the branch to the subscribers.
The Pension Fund Regulatory and Development Authority (PFRDA) has made major changes in the Atal Pension Yojana (APY). Under the new rules, the subscribers of this pension scheme will be able to increase or decrease the pension amount once in a year. This can happen on the basis of their income increase or decrease. About 2.28 crore subscribers will directly benefit from this rule. PFRDA has also directed all banks to start the process of reducing or increasing the pension amount at any time of the year. This new facility has become effective from 1 July 2020.
- Under Atal Pension Yojana, subscribers have to pay Rs. 1000 / -, Rs. 2000 / -, Rs. 3000 / -, Rs. 4000 / - and Rs. 5000 / - is the option to get the prescribed monthly pension:
- Subscribers who have joined this scheme before December 31, 2015, and are not members of any statutory social scheme and are not income tax payers. 50% of the total annual contribution or Rs. 1000 / - per year, whichever is less, for a period of 5 years as co-contribution and
- In comparison to the subscribers joining the age of Atal Pension Yojana, the subscribers of higher age have to pay less monthly contribution amount as given in the above table.
- Our NPS-lite self-subscriber subscribers, if eligible, ie between 18 and 40 years of age, can transfer from the existing self-reliance subscriber to the Atal Pension Scheme by filling the Atal Pension Scheme Registration Form.
- Nomination facility is available.
- Atal Pension Yojana does not allow exit before maturity. However, it will be sanctioned only in case of death due to exceptional circumstances ie serious illness of the beneficiary.
