APY – Atal Pension Yojana, a voluntary scheme is a government-backed pension scheme in India, primarily targeted at the unorganized sector. The pension scheme for workers was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata to help unorganized sector workers save money for their old age.
The scheme is previously known as Swavalamban Yojana. APY was mentioned in the 2015 Budget speech by the then Finance Minister Arun Jaitley. Atal Pension Yojana (APY) for workers in the unorganized sector like drivers, personal maids, gardeners, etc.
Atal Pension Yojana was launched to help poor individuals who are working in the unorganized sector to receive regular income after retirement.
All operations of the Atal Pension Yojana are handled by the PFRDA – Pension Fund Regulatory and Development Authority which was established by the Government of India. All nationalized banks offer the APY scheme.
How to Apply for Atal Pension Yojana
The below-mentioned steps must be followed apply for the scheme and avail the benefits of the scheme:
- Individuals can visit any nationalized banks to open an APY account.
- Individuals can download the account opening form and application form from the bank’s website.
- The application form is available in English, Gujarati, Telugu, Marathi, Kannada, Tamil, Odia, and Bangla.
- The application form must be filled and submitted at the bank.
- A valid mobile number should be provided.
- Photocopy of Aadhaar card must be submitted.
Upon approval of your application, you will receive a confirmation message from the bank.
Atal Pension Yojana Eligibility:
Atal Pension Yojana eligibility is mentioned below:
- An Indian citizen
- Age between 18 and 40 years
- Have a valid bank account
- The active mobile number linked to your Aadhaar number
- Must not have an existing APY account
Atal Pension Yojana Features & Benefits:
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The main features of the Atal Pension Yojana are mentioned below:
- Guarantees the minimum pension from the Indian Government.
- Risk-free scheme
- Tax benefits under Section 80CCD
- Pension of up to Rs.5,000 per month
- All bank account holders are eligible to apply APY
- Private sector employees are also allowed to apply for the Atal Pension Yojana scheme.