Here’s How to Open Atal Pension Yojana Account

The Atal Pension Yojana (APY) is a government-backed pension scheme aimed at providing financial security to individuals in their retirement years. Launched in 2015, the scheme is specially designed for workers in the unorganised sector, offering them a reliable source of income post-retirement. If you're considering enrolling in this scheme, here's a comprehensive guide to help you open an Atal Pension Yojana account.

Guaranteed Pension

The APY scheme ensures a minimum monthly pension between ₹1,000 and ₹5,000. For example, choosing a ₹1,000 pension plan means receiving ₹1,000 each month after reaching age 60.

Government Co-contribution

The Indian Government adds 50% of the subscriber's contribution or a maximum of ₹1,000 annually, whichever is lower. Thus, if a subscriber contributes ₹1,200 annually, the government will contribute ₹600.

Target Audience

The scheme is aimed at individuals in the unorganised sector who do not benefit from any statutory social security schemes.

Age of Entry

Citizens aged 18 to 40 are eligible for the scheme. Joining earlier reduces the monthly subscription cost. For instance, an 18-year-old pays less per month compared to a 40-year-old.

Payment Mode

Contributions are made via recurring debits from a savings bank account until the subscriber turns 60, fostering consistent savings habits.

PRAN

Subscribers receive a Permanent Retirement Account Number (PRAN) from the branch, which manages and tracks their pension account.

Pension Amount

The pension amount varies based on the age of entry and the amount contributed. For instance, a person starting at age 18 and choosing a ₹1,000 monthly pension will contribute ₹42 monthly.

Step 1: Ensure Bank Account:

You must have an existing bank account to open an APY account. If you do not have a bank account, you must open one first. Visit the nearby bank branch and finish the process to open a savings account.

Step 2: Obtain APY Application Form:

If you already have a bank account, go to your bank branch and request the Atal Pension Yojana (APY) account opening form. This form is essential for enrolling in the scheme.

Step 3: Check Eligibility:

Before filling out the form, ensure you meet all the eligibility criteria for APY. This includes being within the age range of 18 to 40 years and having a bank account.

Step 4: Fill Out the Application Form:

Complete the APY application form with accurate personal details, such as your address, name, and bank account number. Make sure to provide all the necessary information as required by the form.

Step 5: Submit the Form:

After filling out the form, submit it to your bank branch. Ensure that all details are correctly entered to avoid any processing delays.

Step 6: Bank Processes Application:

Once submitted, the bank will review your application. They will verify the provided information and complete the steps to set up your APY account.

Step 7: APY Account Activation:

After processing, your Atal Pension Yojana account will be officially opened. You will receive confirmation from the bank regarding your account status.
You must visit your closest bank branch to get your Atal Pension Yojana Account in HDFC Bank. Click to get started!

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.