Atal pension Yojana : Scheme details, Apply, Eligibility & Withdrawal

Atal Pension Yojana which in short called APY is a government scheme for employees working in Unorganised sectors. In this article, You will find this Scheme details, How to Apply for it online, Eligibility Requirements for registration, and even How to Close a PRAN account for Withdrawal.

Atal pension yojana scheme details

Atal Pension Yojana which in short called APY is a Government scheme to Provide pension after retirement to all those Employees who belong to the unorganized sector.

Under this Scheme once activated a Fixed amount will be debited from your linked bank account.

Once you reach the age of 60 that amount along with the interest and added amount from the government side will be provided to You each month.

This scheme was introduced in the year 2015 and till that year more than 2.63 Crore beneficiaries are added to this Pension scheme [Source].

This pension scheme is the replacement and modification of the previously active Swavalamban Yojana.

On 9th May 2015, this scheme replaced the old Swavalamban Yojana by Prime minister Narendra Modi.

Suggested: Atal Bimit Vyakti Kalyan Yojana

How does Atal pension yojana work?

Just like the Pension schemes provided for Organized sectors and the retirement plans by employers the logic behind this scheme is the same.

Here each month, while this activated to the last month you reach age 60 Each month a fixed amount from your bank account will be debited.

This amount will gradually increase over the years but not much as you progress further toward your retirement.

The same amount will be credited to your APY Account. When the Applicant reaches the age of 60 the pension will start.

Each applicant will be provided a PRAN Number. This Pran number just like the account number can be used to see details regarding your Pension account.

Using this PRAN number, APY contributors are able to Check the statement, Total amount available to their APY account, and so on.

Atal Pension yojana maturity benefits

Just as I mentioned above, This scheme will offer you a monthly pension once you reach a certain age.

Here are the other Atal pension yojana benefits, objectives, and Major keypoints:

• APY is the Social security scheme provided by the Government of India and works on the Framework of NPS (Full form: National Pension Scheme).
• Here each subscriber will be provided the Permanent Retirement Account Number (In short: PRAN number).
• The PRAN Number will act as a Bank account number and can be used to track application status, statements, and more.
• Depending on the amount then Subscriber invests in the pension plan they will be able to get 1000, 2000, 3000, 4000, 5000 rs each month.
• The government will also contribute 50% of the total yearly contribution or 50% (whichever is lower).
• In case of Death of Subscriber, Nominee if Nominated will receive the benefits.

Atal pension yojana eligibility Requirements

This Government scheme is launched to provide benefits to individuals who are living in the unorganized sector.

If you are also employed in the Unorganised sector as well then you can avail the benefit of this Scheme.

Here you also need to link your Adhaar Card to your bank account.

Having a bank account is necessary, not only because there you will receive the pension money but also the amount will be debited from your account to fund your PRAN account from there.

Also, there are age restrictions.

You can only Apply and invest in this scheme if you are above 18 years and below 40 years. Anyone who is not in this age group is dim automatically uneligible.

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Atal Pension Yojana contribution chart

APY benefits and contributions are generally divided into 5 sections.

For example, if you choose to pay a monthly contribution, You are 18 Years old and Paying 42 rs per month.

You are guaranteed to Receive 1000 rs month after you reach the age of retirement, after 42 Years of Investing period.

Here is the Atal Pension Yojana Contribution Chart That explains your investment amount, Investing period, and Pension amount in much detail.

Atal pension yojana calculator

So if you decided to Choose to Invest in this Government Pension scheme but still having a second thought.

Still, want to Make a calculation of which investment amount will be best for you?

In that case, you can use the Atal pension yojana calculator to make the Calculation regarding your payments and the total pension amount that you are going to receive.

Use Calculator

This Atal pension yojana calculator is provided by National Pension System Trust.

There you just have to Choose the Pension amount that you want each month after retirement.

Choose your Age (The age while the APY contribution will start) and you will get Your total years of contributions, Your expected returns on investment, Expected pension wealth, and Expected monthly pension.

However, this Calculator does not consider the Applicable scheme expenses which is impossible to track.

Atal Pension yojana registration online

If you fulfill the eligibility criteria you can apply for Atal Pension yojana registration online.

Facility to Apply online or offline very well depends on the Financial institution of yours and the Bank account that you have.

For Example, the most popular and well-reputed banks Like State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC bank provides options to net banking users to register online.

How to Atal Pension Yojana Online Apply

Currently, there is no way that we can Apply directly from the official website https://www.npscra.nsdl.co.in.

However, it doesn’t mean that one can’t be able to Apply for this APY Scheme online.

You can apply for this scheme by using net banking. If your bank provided this option in the Internet banking dashboard you can register for this scheme online from right there.

Your documents are already submitted while opening the bank account, So you don’t have to upload any document there.

Keep in mind that this facility is not available for all banks but Banks like Bank of Baroda, HDFC Bank, ICICI Bank provide the option to Apply there.

If you have a Net Banking account or your bank does not provide the option to apply online then you can Download the APY Application form from the official website of NSDL NPSCRA.

Download Enrollment form in PDF

You can Download the Enrollment form from the official site and after filling up submit this form along with the required documentation to your bank branch.

Here is How to Download the Enrollment Application form in PDF format:

• First, you need to head over to the official site https://www.npscra.nsdl.co.in.
• Wait till the page fully load, In your mobile or web browser.
• On the left sidebar click on the option labeled as “Form”.
• Now in the Subscriber Registration section choose “APY Subscriber registration form” to Download.
• If you are previously Swavalamban Yojana Subscriber then you have to choose APY Subscriber Registration Form – Swavalamban Yojana Subscribers.

Once Download, Print it, Fill it and submit to your Bank’s nearest Branch along with the required documents.

Suggested: Jai Bangla pension Scheme

How to Check your PRAN Number?

PRAN is the short form of a permanent retirement account number. This number will be assigned to you while you successfully applied for Atal Bima Yojana.

Obviously, Since you applied for this scheme thru your bank, Your bank will provide you this Number.

If in some cases your bank does not provide a PRAN number to you, You can check by the following means.

• Check SMS Alerts: APY contribution will deduct from your linked bank account each month. The message will show your PRAN. This kind of message start with “Dear Customer, APY contribution Toward 50xxxxxxxxx of rs xx for NOV-2020 has been successfully processed”. That number is your Pran number.
• Check Statements: If for some reason your PRAN number is not mentioned in the SMS You can also check the Bank account statement online or Generate a statement by ATM. In the Bank statement, the Your 12-Digit PRAN number would be mentioned.
• Contact Bank’s Customer Care: If you still can’t find the APY PRAN Number you should contact the Customer care of your Bank. The Bank’s customer care number is always mentioned on the Passbook or the official website of the bank

How to Check your APY Status?

If you unsure about your APY Application status or from the past few months contribution is not detected from your account.

In that case, you can check your APY status. Here you can check your status with or without your PRAN number.

PRAN number will be assigned to you, Once you successfully registered. Before that, you can check the status with the PRAN.

Here is how to do it:

1. First Go to NSNL Official website using this link.
2. Choose “Click to Search without PRAN”, If your number is not assigned to you.
3. Enter your Name, Bank account Number, Date of birth as you provided.
4. In the Views for Subscriber, dropdown menu choose according to your status.
5. Enter the Captcha code and hit the submit button.

Your APY account statement will be shown to you, Once the page will load.

Suggested: Madhu Babu Pension Yojana

How to Check Atal Pension yojana statement?

Just like the previous heading you can Check Atal Pension Yojana Statements from the Official APY site.

If you have your PRAN number you can also easily check your APY account statements by using APY and NPS Lite App on your Android/iOS mobile phone.

In case you don’t want to download the App then you can check APY account statements from the official website using this link.

Download Atal Pension Yojana App

Download from Play store

If you want to check more information about this Government pension scheme, Your Pension account information and Check statements using Atal Pension Yojana App.

This Application is available for Android mobile users. So if you want to download it you can download it from the Google Play store using the Download button above.

How to Close APY Account?

There are cases where Subscribers are complaining that they didn’t apply for this scheme and money is deducting for APY contribution from their bank account.

If you are one of those Subscribers then this scheme is probably activated by your Bank while you Apply for a Bank account.

So this presents two choices for the subscriber of APY – Either you can continue it, in this case, you don’t have to do anything, or Close Atal Pension Yojana.

You may also want to get all the money that is deducted from your Bank account for APY contributions.

The good news is you can Withdraw from this but there are a few Terms, Conditions, and key points that you have to remember before proceed.

• The government provides a voluntary exit option for the subscribers of this scheme.
• Exiting from the scheme can be also done if the applicant is dead before reaching the age.
• If you withdraw from this pension scheme all the money that you contribute will be credited to your linked bank account.
• The Expenses will be also cut from the contributions.
• You can check the total balance in your APY account by using its mobile app or the official website.

How to close Atal pension yojana Account?

You can close Atal pension yojana Account sure, But currently, there is no way to close the APY account online.

If you really want to Withdraw from this scheme you have to visit your Bank and Apply for APY Account Closure from there.

In short here is the process that you need to follow to close your Account:

1. First head over to the official Government site and Download the Withdrawal form.
2. Once the form is Downloaded, Print the withdrawal form and fill it up.
3. Go to your Bank’s nearest branch and submit this form along with the necessary documents.

Atal Pension yojana withdrawal form

If you are going to Apply for Withdrawl you can also Download the Atal Pension yojana withdrawal form from the official site.

Use this link to Download the withdrawal form on your device. Once you download the PDF form, Print it, Fill up the form, and submit it to your Bank.

FAQ’s