The Atal Pension Yojana is a government-backed pension system for Indian residents that emphasises unorganized sector workers. Subscribers to the APY will get a guaranteed minimum pension of Rs. 1,000 per month, Rs. 2,000 per month, Rs. 3,000 per month, Rs. 4,000 per month, and Rs. 5,000 per month at the age of 60, depending on their contributions, which the age will determine at when they join the APY.
The minimum age to join APY is 18 years old, and the maximum age is 40. As a result, the minimum length of contribution for any APY subscriber would be 20 years or more.
Post Office Atal Pension Yojana Details
- The Atal Pension Yojana Post Office promises its users a minimum monthly income as a pension amount ranging between Rs. 1000 and Rs. 5000 when they reach the age of 60.
- Aside from the subscriber's voluntary APY contribution, the Government will contribute the lesser of 50% of the subscriber's contribution and Rs. 1000 per annum.
- The government's co-contribution to each eligible subscriber who joined the Atal Pension Scheme between 1 June 2015 and 31 December 2015 will be valid for five years.
- The Government's co-contribution does not apply to APY subscribers whether they are income taxpayers or beneficiaries of other Statutory Social Security Schemes such as the Employees Provident Fund (EPF).
- For all subscribers - including the ones who migrated from the Swavalamban scheme, the benefit of the Government's co-contribution under APY would not exceed five years.
Eligibility for APY Scheme in Post Office
The Atal Pension Yojana scheme is open to all Indian citizens. If you wish to apply - please review the eligibility requirements here.
- You should be between the ages of 18 and 40.
- You need to have a savings bank account or a savings bank account at the post office.
- During registration, provide your Aadhaar and mobile number to the bank to receive frequent updates on your Atal Pension Yojana account.
How to Apply for Atal Pension Yojana Online in Post Office
- Go to the post office where the individual's savings bank account is kept, or open one if the subscriber does not have one.
- Provide the bank account number/post office savings bank account number and fill out the APY registration form with the assistance of the bank personnel.
Balance Enquiry of Atal Pension Yojana in Post Office
How to Check the Balance of the Atal Pension Yojana Online
- Step 1: Visit the APY NPS CRA's official website.
- Step 2: Choose a transaction statement. Step 3: View the e-PRAN Transaction or APY it.
- Step 3: Select "Without PRAN" or "With PRAN."
- Step 4: Log in with your 12-digit Permanent Retirement Account Number if you choose "With PRAN."
Things to Remember About the Atal Pension Scheme in Post Office
There are some significant things that you need to know about the Atal Pension Yojana from the Post Office:
- The subscriber can increase the contribution amount by submitting a request to the relevant bank and the accompanying documents.
- Depending on the subscriber's contribution, the bank may levy an additional sum of up to Rs. 10 per month as a penalty if the subscriber fails to pay on time. This predetermined amount or penalty will be added to the subscriber's pension corpus.
- Any interruption in contributions by the subscriber will result in the APY account being frozen after six months, deactivated after 12 months, and closed after two years.
- Exit before the subscriber reaches the age of 60 is only permitted in rare circumstances such as the subscriber's death or terminal illness. If a subscriber leaves the Atal Pension Scheme before reaching the age of 60 for any reason, he or she will get only the corpus, which comprises his or her APY contribution and the income gained on it.