How To?

How to Apply for the Atal Pension Scheme

Personal Finance

To aid its citizens who are employed in the informal economy, the Government of India introduced the Atal Pension Yojana (APY) Scheme in its 2015-2016 budget. The retirement plan prioritises ensuring low-income workers have secure financial futures in old age.

Things You Need to Know About the Atal Pension Yojana Scheme

Here are some details regarding the programme that you should be aware of before applying:

  • The maximum monthly pension is Rs. 5,000.
  • The age range allowed is between 18 and 40 years.
  • You have to make payment for at least 20 years.
  • The retirement age is 60 years.
  • You can choose from five different monthly pension amounts.
  • Funding for the programme also includes contributions from the Indian government
  • Interest in APY is guaranteed.
  • The Pension Fund Regulatory and Development Authority manages the entire programme (PFRDA).
  • The APY programme is an opt-in retirement savings plan.

Downloading the Atal Pension Yojana (APY) Form

If you’re interested in signing up for the Atal Pension Yojana (APY) Scheme, you can do it in several different ways. The application is available at the local branch of any of the participating financial institutions. If a participating bank’s website allows it, you can download and print the form from there. Pension Fund Regulatory and Development Authority’s website features a downloadable application for an APY account.

The Atal Pension Yojana Application Procedure

This is what you need to know to reap the Atal Pension Yojana’s benefits:

  • The APY programme is available at all government-owned financial institutions. These financial institutions allow customers to open APY accounts.
  • Bank websites also have the necessary account opening forms. The application is available for download by interested parties.
  • Telugu, English, Tamil, Marathi, Kannada, Odia, Gujarati, and Bengali versions of the application form are also available.
  • You must present a completed application to the bank. A working mobile phone number is required. You must also provide a photocopy of your Aadhaar card.
  • When your application is accepted, you will be notified.

Application for the Atal Pension Yojana Scheme

The Atal Pension Yojana Scheme application form is easy to complete once you have obtained one.

  1. Fill in the Bank’s Address.

The paperwork must be addressed to the Branch Manager. Simply contacting your bank will allow you to speak with a customer service representative who can provide you with the name of your Branch Manager. Input your bank’s full name and location.

  1. Provide Financial Information.

Please use only CAPS LOCK for this form. Initial steps include giving over your banking information. Fill in your bank account information, bank name, and bank branch. 

  1. Fill in General Information.

To specify your gender, please select “Shri,” “Smt,” or “Kumari,” as appropriate. Indicate your gender by selecting “Shri” if you’re a male candidate. If you’re a woman and you are married, please check the “Smt” box. If you’re a single female applicant, please select “Kumari.” If you are married, your spouse’s name is required.  

  1. Fill Nomination.

Next, you’ll be able to nominate someone and specify your connection to them. In the event of your death, the pension will go to the person or organisation of your choice. In the case of a minor candidate, please include their birth date and the name of their legal guardian. You must also say if the candidate has additional social security systems and is a taxpayer.

  1. Fill in the Pension Information.

Pension contributions can be made in increments of 1,000, 2,000, 3,000, 4,000, and 5,000 rupees. The amount you need to put into the pension each month will be calculated by the bank, so you can leave that field blank. It will be determined by various factors at registration.

  1. Complete Authorization and Declaration.

Enter the time and location and put a thumbprint in place of a signature. By signing below, you confirm that you have read and fully recognize the policies and conditions of the Atal Pension Yojana Scheme. Also, you are declaring your eligibility to participate. By signing below, you confirm that the information you have provided is accurate.

You promise to notify the bank immediately if any of the details you have supplied need to be updated. Additionally, you confirm that you do not participate in the NPS (National Pension System) and do not have an account there. If you deliberately give false or inaccurate information, you would be held responsible.

  1. Wait for Acknowledgement from the Bank.

The final component of the Atal Pension Yojana Scheme application is for the bank to complete. It is named “Acknowledgement – Subscriber Registration for Atal Pension Yojana (APY)”. It confirms that the bank will subscribe to the Atal Pension Yojana for you. The bank representative will complete the form after it is submitted.

Applying in Person at a Bank

Your current bank is the best place to apply for this programme. The Atal Pension Yojana Scheme forms are available at most bank branches. The documents can be obtained in many different languages, including English, Hindi, Bengali, Gujarati, Marathi, Telugu, and Tamil. Anyone can request a copy of the form in his or her preferred language.

The bank requires a completed application. The bank account you have will serve as a copy of your KYC documents. You will be notified via your cell phone number through a text message after your application has been processed and your account has been opened.

In many ways, your bank is the best way to apply for the Atal Pension Yojana Scheme given that your account details are already present and will be easier to link. Hope this blog has provided some much-needed clarity and will make it simpler for you to make the right choice. Learn more about Piramal Finance and the products and services they offer on their website for more information.