Atal Pension Scheme: Step-by-Step Guide to Apply and What Documents You'll Need
The Indian government has introduced numerous schemes to benefit its citizens, each tailored to different groups. Among these, there are specific plans for government employees, including provisions for pensions. However, there is also a scheme designed for the common citizen, enabling them to secure a pension for their future. This scheme is known as the Atal Pension Yojana (APY).
The Indian government has introduced numerous schemes to benefit its citizens, each tailored to different groups. Among these, there are specific plans for government employees, including provisions for pensions. However, there is also a scheme designed for the common citizen, enabling them to secure a pension for their future. This scheme is known as the Atal Pension Yojana (APY).
What is Atal Pension Yojana?
The Atal Pension Yojana is an initiative by the Indian government aimed at providing pension benefits to individuals from the general population. This scheme allows anyone to apply and qualify for a pension after reaching the age of 60. Here's an overview of how to apply and what you need to know.
Investment in Atal Pension Yojana
Under the Atal Pension Yojana, investors can receive a monthly pension ranging from ₹1,000 to ₹5,000 after reaching the age of 60. To benefit from this scheme, one must invest for a minimum of 20 years. The earlier you start investing, the lower your premium amount will be. For example, if you start your APY account at the age of 18, you will need to pay a premium of ₹210 to receive a monthly pension of ₹5,000. Indian citizens between the ages of 18 and 40 are eligible to apply for this scheme.
Required Documents
To avail of the benefits of the Atal Pension Yojana, you need to provide certain documents:
- Aadhar Card
- PAN Card
- Bank Passbook
- Active Mobile Number
These documents are necessary because the scheme is linked to your bank account. Therefore, your Aadhar Card, PAN Card, and mobile number must be linked to your bank account. The premium amount will be automatically debited from your account.
How to Apply for the Scheme
To apply for the Atal Pension Yojana, follow these steps:
- Visit the official website of the scheme: Atal Pension Yojana Application.
- On the home page, find and click on the link for the application form.
- Download the form and fill it out with the required information.
- Scan and upload the necessary documents.
- Upload your passport-sized photograph and signature.
- Choose the investment amount for the scheme.
- Make the payment for the selected amount.
- Click on the 'Submit' button to complete your application process.