What is Atal Pension Yojana 2023, benefits, APY Chart, investment and other information

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Atal Pension Yojana
Atal Pension Yojana

Atal Pension Yojana:- Atal Pension Yojana was started by the Prime Minister of our country Narendra Modi on 1 June 2015. Through Atal Pension Yojana, pension is provided after completion of 60 years of age. To avail the benefits of this scheme, the beneficiary has to invest between the age of 18 years to 40 years. Beneficiaries are provided a monthly pension of ₹ 1000 to ₹ 5000 through this scheme. The pension amount is determined keeping in mind the investments made by the beneficiaries and their age. Apart from this, in case of untimely death, the benefit of this scheme is provided to the family of the beneficiary.

Atal Pension Yojana 2023

The applicant applying under this scheme will have to deposit the premium every month. After that, after the applicant completes the age of 60 years, the government will provide financial assistance in the form of monthly pension in old age. To apply for Atal Pension Yojana, the age of the beneficiaries should be 18 to 40 years, only then they can avail the benefits of this scheme. If a beneficiary wants to join this scheme at the age of 18 years, then he will have to pay a premium of Rs 210 every month and those whose age is 40 years, then he will have to pay a premium ranging from Rs 297 to Rs 1,454. Click for more information related to “Pradhan Mantri Shram Yogi Maandhan Yojana”

Latest Update: Account holders will be able to contribute to NPS, APY through UPI

Recently, Pension Fund Regulatory and Development Authority PFRDA has started a new facility for the account holders of Atal Pension Yojana. According to this facility, now NPS account holders can make their contribution through UPI Unified Payment Interface. Earlier, NPS account holders could deposit their contributions only through net banking. Through this new facility, it will become easier to contribute under the National Pension Scheme. Because UPI payment system is a “real time payment process”. Through this process, the account holder can transfer money from one account to another within a few minutes.

How to make payment through UPI under Atal Pension Yojana ,

Under this scheme, interested account holders who want to make their contribution through UPI should follow the procedure given below.

  • First of all you have to go to the official website of National Pension Scheme.
  • After this you have to enter your PAN number.
  • Now an OTP will come on your registered mobile number and email which you have to enter.
  • After this you have to select either NPS Tier 1 or 2 option.
  • Now you have to select Virtual Account VA.
  • After this your bank application will be sent and then you will receive the acknowledgment number.
  • Now you have to select the option of UPI payment .
  • After this you have to enter your virtual account number and UPI number.
  • Now make your payment by entering the UPI PIN.
  • In this way you can make payment through UPI under the National Pension Scheme.

What is Sukanya Samriddhi Yojana

Information about Atal Pension Yojana 2023

name of the schemeAtal Pension Yojana
launchedyear 2015
started byby central government
BeneficiaryPeople from unorganized areas of the country
Objectivegrant pension

Tax benefits under Atal Pension Yojana

The Atal Pension Yojana was started to provide pension to unorganized sector employees. Through this scheme, a pension of ₹ 1000 to ₹ 5000 per month is provided according to the investment of the applicant on completion of 60 years of age. Tax benefits will also be provided to customers under this scheme. Its information has been provided through a tweet by the Pension Fund Regulatory and Development Authority. In this tweet, it has been told that all the income tax payers who come within the age of 18 to 40 years can avail this scheme and along with this, under section 80CCD (1B) of the Income Tax Act. You can also get benefits on contribution.

To get the benefit of Atal Pension Yojana, it is mandatory for the customer to have a savings bank account or post office savings account. Atal Pension Yojana has also been included in Section 7 of the Aadhaar Act. All those citizens who want to apply under this scheme will have to submit proof of their Aadhaar number or go through enrollment under Aadhaar authentication.

Atal Pension Yojana Withdrawal

  • On completion of 60 years of age: After completion of 60 years, customer can withdraw from Atal Pension Yojana. In this case, the customer will be provided pension after pension withdrawal.
  • In case of death of the subscriber: If the subscriber dies then the pension amount will be provided to the spouse of the subscriber. And if both of them die then the pension corpus will be returned to their nominee.
  • Withdrawal before 60 years of age: Withdrawal before 60 years of age is not allowed from Atal Pension Yojana. But in some exceptional circumstances this has been allowed by the department. Such as if the beneficiary dies or in the event of a terminal death.

Fee in case of default under Atal Pension Yojana

For contributions up to ₹100 per month₹1
For contributions of ₹101 to ₹500 per month₹2
For contribution of ₹501 to ₹1000 per month₹5
For contributions above ₹1001₹10

Investment to be made in Atal Pension Yojana

Under this scheme, if a person saves Rs 7 daily and invests Rs 210 per month, then he can get a pension of up to Rs 60 thousand annually. The person will have to make this investment from the age of 18 years. The special thing about this scheme is this. You also get the benefit of tax exemption on investing in it under Section 80 of the Income Tax Act. This scheme is being operated by the Pension Fund Regulatory and Development Authority through the National Pension Scheme. If you also want to take advantage of this scheme, then you can apply under this scheme.

Subscriber Information Alert

  • Under Atal Pension Yojana, information related to account balance, contribution credit etc. is provided to the customers through SMS.
  • The beneficiary can also change non-financial details such as name, address, phone number, etc. of the nominee through SMS.
  • All customers can receive information related to subscription, auto debit of account and account balance through their mobile phones through SMS.

Atal Pension Yojana Enrollment and Payment

  • All eligible citizens can join Atal Pension Yojana after providing auto debit facility in their account.
  • It is mandatory for the account holder to maintain the required balance in his savings account on the due date to avoid late payment penalty.
  • Monthly contribution has to be paid every month only on the basis of payment of first contribution.
  • If the beneficiary is not making the payment on time then the account will be closed and if there is any contribution given by the Government of India, it will also be confiscated.
  • If any wrong information has been provided by the account holder to avail the benefits of this scheme, then the government contribution will be confiscated along with penal interest.
  • To avail the benefits of this scheme, it is mandatory to have Aadhar card.
  • The beneficiary can choose the option to receive pension between Rs 1000 and Rs 5000. For which the beneficiary will have to deposit his contribution on time.
  • The pension amount can also be increased or decreased by the beneficiary.
  • The pension amount can be increased or decreased only in the month of April.
  • After joining Atal Pension Yojana, every subscriber will be provided an acknowledgment slip in which the guaranteed pension amount, due date of contribution payment etc. will be recorded.

Uttar Pradesh Widow Pension Scheme

Atal Pension Yojana Enrollment Agency

  • The Bank may appoint BCs/existing non-banking aggregators, micro insurance agents and mutual fund agents as enablers for operational activities as POPs or aggregators.
  • The incentives received from PFRDA/Government may be shared with them by the Bank.
  • This scheme is operated by the Pension Fund Regulatory and Development Authority.
  • The institutional structure of NPS will be used to enroll subscribers under APY.
  • The offer document of Atal Pension Yojana will be prepared by PFRDA along with the account opening form.

Atal Pension Yojana funding

  • Fixed pension guarantee will be provided to pension holders by the government.
  • Apart from this, 50% of the total contribution or ₹ 1000 per year (whichever is less) will be paid by the government.
  • Reimbursement will also be given for promotional and development activities including incentives to contribution collection agency to encourage people to join Atal Pension Yojana.

Some important instructions of Atal Pension Yojana

  • Under Atal Pension Yojana, 50% of the pension amount or ₹ 1000, whichever is less, will be provided to each beneficiary by the Central Government.
  • This benefit is provided to all those beneficiaries who have applied under this scheme between June 1, 2015 to March 31, 2016 and are not beneficiaries of any other social security scheme and income tax payer.
  • Atal Pension Yojana has been included under Section 7 of the Aadhaar Act. Now it is mandatory to provide Aadhaar number to avail the benefits of this scheme.
  • To avail the benefits of this scheme, it is mandatory for the applicant to have a savings account.
  • At the time of application, the applicant will have to submit information related to the nominee.
  • Only natives of India can avail the benefits of this scheme. If any beneficiary becomes non-resident during the period of this pension then his account will be closed and the amount deposited by him will be returned.
  • The pension amount can also be increased or decreased by the consumer.
  • To upgrade the pension, the subscribers will have to pay the difference amount of grant at the rate of 8% per annum.
  • If the subscriber wishes to reduce the pension amount then in this case the excess amount of contribution collected from the subscriber will be returned to the subscriber along with the return generated.
  • For upgradation or downgradation except in case of error, the customer will have to pay a fee of ₹50 which will be shared equally by POP – APYSP and CRA.

Atal Pension Yojana Main Facts

  • Atal Pension Yojana was launched by the Central Government in May 2015.
  • Through this scheme, you can get pension every month even after retirement.
  • This scheme is for all employees working in the unorganized sector.
  • To avail the benefits of this scheme, you have to invest for 20 years.
  • You can make this investment from the age of 18 to 40 years.
  • Pension amount is provided to you after the age of 60 years.
  • Under this scheme, pension of Rs 1000, 2000, 3000 and ₹ 5000 can be obtained.
  • The pension amount depends on how much premium you have paid every month and at what age you started investing.
  • If you are 20 years old and want to get a pension of ₹ 2000, then you will have to pay a premium of ₹ 100 per month and if you want to get a pension of ₹ 5000, then you will have to pay a premium of ₹ 248 per month.
  • If you are 35 years old and want to get a pension of ₹ 2000, then you will have to pay a premium of ₹ 362 and to get a pension of ₹ 5000, you will have to pay a premium of ₹ 902.
  • Along with your investment, 50% of the amount under this scheme will also be paid by the government.
  • If the account holder dies before the age of 60 years then the benefit of this scheme will be provided to the family of the account holder.
  • To avail the benefits of this scheme, it is mandatory to have a bank account.
  • Only those citizens who are outside the income tax slab can avail the benefits of Atal Pension Yojana.

Chief Minister Old Age Pension Scheme 

Benefits of Atal Pension Yojana 2023

  • Only people of India can avail the benefit of this scheme.
  • Under Atal Pension Yojana, a monthly pension ranging from Rs 1000 to Rs 5000 will be provided by the Central Government only after the completion of 60 years of age.
  • Under Atal Pension Yojana, the pension amount will be provided on the basis of investment and age of the beneficiaries.
  • Like the PF account, the government will also contribute its own contribution to this pension scheme.
  •  If you want a pension of Rs 1000 every month and your age is 18 years, then you will have to deposit a premium of Rs 210 every month for 42 years.
  • Whereas people above 40 years of age will have to pay a premium ranging from Rs 297 to Rs 1,454. Only after this he can avail the benefit of APY 2023.

Situation of non-contribution under Atal Pension Yojana

If the applicant does not contribute under Atal Pension Yojana, his account will be frozen after 6 months. If even after this the investor has not made any investment then his account will be deactivated after 12 months and after 24 months his account will be closed. If the applicant is not able to make the payment on time, he will have to pay a penalty. This penalty ranges from ₹1 to ₹10 per month.

Who is not eligible to receive government co-ordination under APY?

Beneficiaries of any statutory social security schemes are not eligible to receive the benefit of government co-contribution under APY. Below, we have shared some of the Acts for which government coordination is not provided-

  • Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
  • Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948.
  • Simmons Provident Fund Act, 1966
  • Assam Tea Plantation Provident Fund and Miscellaneous Provisions, 1955.
  • Jammu Kashmir Employees’ Provident Fund and Miscellaneous Provisions Act, 1961.
  • Any other statutory social security scheme.
  • APY Contribution Chart

Required documents (eligibility) of Atal Pension Yojana 2023

  • Applicant must be an Indian citizen.
  • The age of the candidate should be 18 to 40 years.
  • The applicant should have a bank account and the bank account should be linked to the Aadhar card.
  • applicant’s aadhaar card
  • mobile number 
  • identity card
  • proof of permanent address
  • passport size photo

APY Scheme Contribution Chart

Age of entryYears of contributionFirst Monthly pension of Rs.1000/-Second Monthly pension of Rs.2000/-Third Monthly pension of Rs.3000/-Fourth Monthly pension of Rs.4000/-Fifth Monthly pension of Rs.5000/-
18424284126168210
19414692138183224
204050100150198248
213954108162215269
223859117177234292
233764127192254318
243670139208277346
253576151226301376
263482164246327409
273390178268356446
283297194292388485
2931106212318423529
3030116231347462577
3129126252379504630
3228138276414551689
3327151302453602752
3426165330495659824
3525181362543722902
3624198396594792990
37232184366548701087
38222404807209571196
392126452879210541318
402029158287311641454

How to apply for Atal Pension Yojana 2023 ?

  • The interested person who wants to apply under the Prime Minister Atal Pension Scheme should first open his savings account in any nationalized bank.
  • After that fill all the information asked in the application form for Pradhan Mantri Atal Pension Yojana like Aadhar Card, mobile number etc.
  • After filling the application form, submit it to the bank manager. After this, all your documents will be verified and your bank account will be opened under Atal Pension Yojana.

Process to open account under Atal Pension Yojana without mobile app or net banking

All those people who have a bank account but are not using net banking or mobile app. Soon it will be easy for them to open an account under Atal Pension Yojana. The onboarding process will soon be simplified by the Pension Fund Regulatory and Development Authority by allowing existing savings account holders to introduce alternative channels for on-boarding. Through this channel, now the account holder can open his account under Atal Pension Yojana without mobile app and net banking.

  • Earlier, account under Atal Pension Yojana could be opened only through mobile app and net banking. But now due to this new step, account holders can open their account without mobile app and net banking.
  • If you want to open an account under Atal Pension Yojana, you will have to contact the bank where you have your savings account. From there you have to get the registration form. After this, you will have to fill all the information asked in the registration form and attach all the important documents to the registration form and submit this registration form to the same bank. You will also have to provide your valid phone number along with the form on which you will receive all SMS.

Process to download Atal Pension Yojana Contribution Chart

  • Now the home page will open in front of you.
  • On the home page you have to click on the link of APY-Contribution Chart .
  • As soon as you click on this link, the Contribution Chart will open in front of you.
  • You can check contribution details in this chart.
  • You can also download and make friends with this chart.

Process to view endowment details of Atal Pension Yojana

  • First of all you have to go to the official website of Atal Pension Yojana .
  • Now the home page will open in front of you.
  • On the home page you have to click on the option of Enrollment Details .
  • After this a new page will open in front of you.
  • On this page you will see the following options.
    • Gender wise enrollment
    • Age wise enrollment
    • State/UT Voice Enrollment
    • Pension amount wise enrollment
    • bank voice enrollment
  • You will be able to see related information through these options.

Process of obtaining information related to service provider

  • Now a new page will open in front of you.
  • On this page you will be able to see information related to the service provider.

Process to view APY e-PRAN/Transaction Statement View

  • First of all you have to go to the official website of Atal Pension Yojana.
  • Now the home page will open in front of you.
  • On the home page you have to click on the option of APY e-PRAN/Transaction Statement View .
  • Now a new page will open in front of you.
  • On this page you will have to select your category and enter the captcha code.
  • After this you will have to enter the asked information.
  • Now you have to click on the option of Submit.
  • Related information will be on your computer screen.

important forms

APY Subscriber Registration FormClick Here
APY Subscriber Registration Form – Swavalamban Yojana SubscribersClick Here
Subscriber details Modification and Change of APY-SP FormClick Here
Form to upgrade / downgrade pension amount under APYClick Here
APY Death & Spouse Continuation FormClick Here
Voluntary Exit APY Withdrawal FormClick Here
APY Application for Banks to be registered under Atal Pension YojanaClick Here
APY – Service Provider Registration FormClick Here
Subscriber Grievance Registration(G1) Form for APY SubscriberClick Here
APY Common GrievanceClick Here

Important Downloads