Atal Pension Yojana: PFRDA Achieves A New Benchmark Of 1 Crore New Subscribers

PFRDA has announced that the Atal Pension Yojana (APY) has achieved a significant milestone by enrolling 1 Crore subscribers within one year. This marks a crucial achievement for the government-backed scheme, designed to provide a secure financial future to individuals, especially those working in the unorganized sector. APY has allowed millions to invest in their retirement with affordable contributions and ensured a guaranteed monthly pension at the age of 60.

Due to its simple and flexible structure, APY continues to play a vital role in promoting financial inclusion across the country. APY ensures a stable future for those who cannot afford hefty investments by providing them a fixed pension amount at maturity, which is at the legal age of retirement.

You must identify banks where you may open an APY account. According to the NSDL's E-NPS APY registration website, 18 institutions now provide APY account openings including Canara Bank, ICICI Bank, RBL Bank, Indian Bank, City Union Bank, and more. Check out the entire list on the NSDL website.

What is Atal Pension Yojana?

The APY is a monthly pension scheme guaranteed by the government of India. After the age of 60, you can collect a pension sum ranging from Rs 1,000 to Rs 5000. Subscribers can start an APY account between the ages of 18 and 40. The subscriber must not be enrolled under any other government-based social security scheme to be eligible for the scheme. An APY account may be opened in two ways: at a bank branch, a post office, or via the National Securities Depository Limited (NSDL) website.

Pension Slabs

There are 5 available pension slabs for the subscribers to choose from. Depending on the contributions made by the subscriber as well as their age, they can choose from slabs of Rs. 1,000 Rs. 2,000, Rs. 3000 Rs. 4,000 and Rs. 5,000.

Nominees

In the case of a married subscriber, the spouse becomes the nominee by default, whereas if the subscriber is unmarried or whose spouse has passed they can nominate a person of their choice to collect the pension amount.

Early Withdrawal

Early withdrawal is permitted for APY for individuals under 60 years old, after deducting account maintenance and investment management charges. The subscriber's contributions and net real accrued income will be returned, and early withdrawals do not result in co-contribution amounts received during the first five years of participation. APY service providers collect the "APY Account Closure Form" from subscribers, spouses, nominees, or claimants in the format specified by the Pension Fund Regulatory and Development Authority (PFRDA). Exit requests must be forwarded to the central recordkeeping agency (CRA) with a cover letter indicating processing.

How To Enroll In APY Online?

An Atal Pension account can be opened both online and offline, the process is as follows;

Online Mode: Here are the steps.

Primarily confirm that your bank provides the opening of an APY account

Log in to your Net banking app and search for APY

Select the auto-debit option to have contributions debited automatically until you reach the age of 60

Offline Mode: Here are the steps for the offline mode.

Visit your bank or post office to get the APY form

Fill out the form, attach a photocopy of your Aadhaar card and submit it

Following application processing, the bank will issue an acknowledgement receipt

You will receive a confirmation message to your registered mobile number after being authorised so make sure you supply the proper number