The Atal Pension Yojana is a National Pension Scheme (NPS) that was launched in the 2015-2016 Union Budget. This pension scheme's target population is people who work in the unorganized sector.
It is also open to private-sector employees who do not have pension benefits. For example, when someone reaches 60 - they can opt to receive a pension of Rs.1,000, Rs.2,000, Rs.4,000, or Rs.5,000, depending on their contribution to the system and the age at which they began subscribing to the scheme.
The spouse can also claim the pension if the contributor dies or by the nominee if both the contributor and spouse die. The Pension Funds Regulatory Authority of India (PFRDA) manages the scheme's collected funds.
Features of the APY Scheme Axis Bank
The Axis Bank Atal Pension scheme has the following characteristics:
- Contributions can be made monthly, quarterly, or semi-annually, with the amount decided by age, frequency of installments, and desired amount after 60 years. The contribution, on the other hand, grows in proportion to the contributor's age.
- The APY pension scheme provides five monthly pension alternatives depending on instalments: Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, and Rs. 5,000.
- One of the most crucial components to remember is that the contributor cannot withdraw funds before the scheme's termination, except for contributions and interest earned on them, which can be taken in extreme circumstances such as terminal sickness.
- Applications for APYs can be submitted both online and offline.
- For offline applications, applicants must travel to their local bank branch and fill out a form.
- Account maintenance fees are the subscriber's responsibility.
- These and any interest earned on investments will be deducted from the account.
- Non-compliance would result in a penalty of Rs 1 for every Rs 100 of monthly contribution.
Eligibility of the Atal Pension Yojana Axis Bank
Any Indian national citizen between the ages of 18 and 40 is able to contribute under APY. On the other hand, any member of the statutory social security scheme is ineligible to receive the government contribution for this pension scheme.
However, he will receive all of the standard APY perks. For example, if you are 40 years old, you are eligible; but if you are 40 years and one day old, you are not.
Documents Required for the Axis Bank Atal Pension Scheme
The documentation for the Atal Pension Yojana includes:
- The bank and branch of the individual's savings account.
- The APY registration form, the Aadhaar/mobile number, and the savings account balance.
- Information on the bank and branch is stored in an individual's savings bank account.
- The individual completed the APY registration form.
- Aadhaar Card and Mobile Number.
- A minimum balance in the savings bank account is required to transmit the monthly payment.
Atal Pension Yojana Online Apply Axis Bank
To use the Atal Pension Yojana Scheme's benefits, follow the procedures below.
- Step 1: All Axis bank branches provide an APY scheme. Individuals could also register for the Atal Pension Yojana and open an account at the bank's branch office.
- Step 2: The Atal Pension Yojana application form can be obtained online by visiting Axis bank's official website. The application form for the scheme can be downloaded from the website by account holders.
- Step 3: The application form is accessible in Tamil, English, Telegu, Bangla, Marathi, Odia, Gujarati, and Kannada.
- Step 4: Complete the Atal pension yojana online form and send it to Axis bank.
- Step 5: In addition to the fully completed form, the account holder must give a valid phone number and a photocopy of the Aadhaar card.
- Step 6: After the Atal pension yojana application form is approved, the individual will receive a confirmation message.
In most cases, Axis Bank will not ask you for the KYC operations since you already have an account with the bank.
APY Application Form Axis Bank
You can use and download the Atal Pension Yojana English Application from the portal of Axis Bank. Details about nominees are critical in this approach. Because the spouse is regarded as the default nominee, please make a nominee different from your spouse.
Benefits of the Atal Pension Scheme
- The automatic deduction feature is one of the best aspects of the Atal Pension Yojana. As a plan beneficiary, you can link your bank account to your Atal Pension Yojana account, and your monthly payment is automatically debited. The Axis bank account you link to your APY account should have a sufficient balance to prevent automatic debits from failing, which can result in a penalty.
- When you reach 60 as a beneficiary of the APY program, you can annuitize the entire corpus amount, which means you can get a monthly pension after completing this scheme with your Axis bank account.
It needs to be mentioned that you can leave the plan before age 60 only if you have a fatal disease or die. In the event of death before the age of 60, the spouse is entitled to the pension. In such a circumstance, the spouse can choose pension benefits or exit the APY with the accumulated corpus.
- If you leave the Atal Pension Yojana before reaching 60, you will only get your cumulative contributions and earned interest.