Atal Pension Yojana (APY) is a government-backed pension scheme that aims to provide financial security and stability to individuals in their old age. This scheme is specially designed for unorganized sector workers who do not have formal pension schemes. In this article, we will discuss the eligibility criteria for APY enrollment and the monthly contribution amount based on different age groups.
Eligibility for Atal Pension Scheme
To be eligible for the Atal Pension Scheme, individuals must fulfill the following criteria:
Age: Minimum entry age is 18 years, and maximum age is 40 years.
Savings bank account: Individuals should have an active savings bank account, as contributions and pension amounts will be linked to this account.
Not covered by other statutory social security schemes: Individuals should not be covered under any statutory social security schemes like Employees Provident Fund (EPF) or National Pension System (NPS).
Monthly contribution amount
The monthly contribution amount for Atal Pension Yojana varies depending on the age of entry and the amount of pension desired. Pension amount Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or Rs. 5,000 per month can be chosen.
Here is the breakdown of monthly contribution amount based on different age groups:
Entry age of 18 years: For individuals joining the scheme at the age of 18 years, the monthly contribution will be Rs. 42 to Rs. is up to 210.
Age of entry 20 years: For persons joining at the age of 20 years, the monthly contribution is Rs. 50 to Rs. up to 248.
Entry age of 25 years: For persons joining at the age of 25 years, the monthly contribution is Rs. 76 to Rs. up to 376.
Entry age of 30 years: For persons joining at the age of 30 years, the monthly contribution is Rs. 116 to Rs. up to 577.
Entry age of 35 years: For persons joining at the age of 35 years the monthly contribution is Rs. 181 to Rs. up to 902.
Registration process
To register for Atal Pension Yojana, follow these steps:
Visit the bank: Visit the bank where you have your savings bank account and inquire about the Atal Pension Scheme.
Submit Application Form: Fill the application form by providing all necessary details like name, date of birth, Aadhaar number, bank account details and nominee information.
Select Pension Amount: Select the desired pension amount from the available options.
Ensure Adequate Balance: Ensure that your savings bank account has sufficient balance for monthly contributions.
Provide consent for auto-debit: Provide consent for auto-debit of monthly contribution from your savings bank account.
Conclusion
Atal Pension Yojana offers a simple and accessible pension plan to individuals in the unorganized sector. By fulfilling the eligibility criteria, choosing the right pension amount and making regular monthly contributions, individuals can secure their financial well-being in their old age. It is important to understand the benefits and requirements of the scheme before proceeding with the enrollment process.