Atal Pension Yojana (APY) is the Government of India backed pension scheme in India primarily for workers under the unorganized sector. Under this scheme, after a person turns 60, he/she gets Rs 1000 to Rs 5000 pension every month which is fixed on the basis of premiums.
Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. The scheme is administered by Pension Fund Regulatory & Development Authority
(PFRDA) and the Institutional Architecture of NPS is utilised to enrol subscribers under APY.
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Process of Joining APY :-
Log in to SBI Net Banking.
Click on ‘e-services’.
Click on the‘Social security scheme’ link when a new window opens up.
Click on APY
Now, you will be asked to fill in some details like bank accounts, name, age, and so forth.
After this, you will have to choose the pension option.
Choose the pension option based on your financial situation.
Eligibility :-
Any Citizen of India can join APY scheme.
The following are the eligibility criteria: –
(i) The age of the subscriber should be between 18 – 40 years.
(ii) He / She should have a savings bank account/ post office savings bank account.
The prospective applicant may provide Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on APY account. Aadhaar needs to be provided at the time of enrolment.
For instance, if you choose Rs 1000-Rs 5000 per month. Then the amount you have to pay will be calculated based on your age, that is, it will vary based on how near you are to your retiring age.
