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Business News/ Money / Atal Pension Yojana (APY) 2023: How to apply? Eligibility, Benefits, age criteria, and other details here
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Atal Pension Yojana (APY) 2023: How to apply? Eligibility, Benefits, age criteria, and other details here

Atal Pension Yojana 2023: APY provides old-age income security to citizens, particularly those in unorganised sectors. Forms can be obtained online or at nationalised banks.

Atal Pension Yojana (APY)was launched in 2015 to create a universal social security system for the citizens. (iStock)Premium
Atal Pension Yojana (APY)was launched in 2015 to create a universal social security system for the citizens. (iStock)

Atal Pension Yojana (APY) 2023: The scheme was launched on 9 May 2015, with the objective of providing old age income security to all citizens, particularly to the people working in the unorganised sectors.

Atal Pension Yojana (APY) 2023:  How to apply

  • Atal Pension Yojana forms are available online and at the bank. 
  • 'All nationalised banks provide the scheme. You can download the form from the official website.
  • Currently, there are no provisions to apply for APY online. You need to go to your bank and fill out the forms.
  • Fill up the application form and submit it to your bank.
  • Submit a photocopy of your Aadhaar card.
  • You will receive a confirmation message on approval of the application.

Atal Pension Yojana (APY) 2023: Benefits

APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).

Retirement benefits

A subscriber would receive a minimum guaranteed pension of Rs1000 to 5000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. 

Death benefits

The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.

Atal Pension Yojana (APY) 2023: Age Limitations and Criteria

Any Indian citizen between the ages of 18 and 40 years can enroll in Atal Pension Yojana. The contributions need to be made by the enrolled member at least for 20 years. The pension returns are given after the subscriber turns 60.

Atal Pension Yojana (APY) 2023: Eligibility

  • Citizen of India.
  • Between the age of 18-40
  • Should make contributions for a minimum of 20 years.
  • Must have a bank account linked to Aadhar
  • A valid mobile number 

Earlier, in August 2022, the Finance Ministry in its notification said, "Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY." A taxpayer shall mean a person who is liable to pay income tax in accordance with the Income Tax Act, 1961, as amended from time to time.

Further, in the notification, the ministry said, "In case a subscriber, who joined on or after 1st October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber."

 

 

 

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Published: 28 Nov 2023, 11:08 AM IST
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