Benefits of Atal Pension Yojana

Atal Pension Yojana is a pension scheme. It is a government scheme for people who don't have a regular source of income. In general, this scheme is helpful for people in the unorganised sector, also known as APY. So lets understand the eligibility and "Benefits of Atal Pension Yojana".

Unorganised sectors include small businesses, irregular jobs, and home workers.

Eligibility For Atal Pension Yojana

1. Minimum age 18 and maximum age 40.

2. Have savings accounts in any bank or post office.

3. Income taxpayers after 1 October 2022 are not allowed for this scheme.

4. The mobile number should be linked to the bank account.

5. Be a citizen of India.

Note: If a person has an account in APY and the person is paying tax after 1 October 2022. Then the APY account will be closed. The remaining account will be funded into the person's bank account.

Atal Pension Yojana Benefits

Guaranteed Pension: Anyone having an account in APY will receive an income of Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 per month. But it also depends on how much money the person has in the bank account.
Pension For Nominee: Nominee will receive a pension if the account holder dies.
Tax Saving: The account holder also saves tax in APY.
Pension For Spouse: The spouse will get the benefits of the account holder if the account holder dies.
Steady Income: The person will have a stable source of income in the older age.

Also, Check - What is the Difference Between Absolute Return and CAGR

How To Download the APY Form

You can download the APY form from PFRDA. Also, the form is available on different banking websites.

How To Open Atal Pension Yojana Account

There are two ways by which you can open an APY account :
1. Online
2. Offline

Follow the given steps to open an APY account offline :
1. Go to the nearest bank for APY registration.
2. Fill out the registration form.
3. Enter your bank account number, Aadhar number and mobile number.
4. The first deposit will be taken from the linked bank account.
5. For your bank PRAN number will be issued.

Steps to open an APY account online :

1. Visit the PFRDA Website.

2. The homepage will open and click "APY".

4. Click "epy enroll online in APY".

5. Now click on "Online APY Account Open".

6. Online APY Subscriber Registration form will open. Enter your all details there like a bank account, email etc.

7. Enter "captcha" and click on "Continue".

8. You will receive an email along with the acknowledgement number.
9. Now click "Complete Pending Registration" and enter the acknowledgement details there.
10. After the signup process, enter login credentials and complete the KYC online.

Conclusion

In conclusion, APY is for people who don't have a regular source of income. And help them in the later stage of life. Also, check out the steps to apply for APY given in our article. So this explains the "Benefits of Atal pension Yojana".