This Scheme was first published on ‘Pension Funds Regulatory Authority of India’ website and for more info, you can visit ‘Pension Funds Regulatory Authority of India’ website.

Description: A well-structured pension system for the poor and under-privileged depending upon their contributions and their time period.

Eligibility:

1. Any individual between the age of 18-40 years is eligible for the scheme.
2. Applicant must be an Indian citizen.

Process:

1. The applicant needs to visit her/his nearest branch of any nationalized bank which is assigned to accept the forms of this scheme.
2. Based on whether s/he has a bank account or not, the following processes may apply:
   (i) Bank account Holders- a.The applicant can approach a bank branch which are assigned with this task. b.The applicant needs to fill up an Atal Pension Yojana registration form. c.Provide the Bank account number, Aadhaar no. and Mobile number. d.First contribution amount will be deducted from the account itself and thereafter on monthly basis.
   e. Banks is to issue acknowledgement number / Permanent Retirement Account number on the counter foil slip against their subscription application.
   (ii) Non-Bank Account Holders - a.The applicant can approach a bank branch b.Open a bank account by providing KYC( proof of identity & address: Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI, and NREGA Card.) document and Copy of Aadhaar card (self-attested).
   c.Follow the process from section 1, i.e. for applying for the scheme once you have a bank account.

1.One person can hold only one APY account - Account holders signing up for the scheme need to ensure that sufficient balance is maintained in the account every month 2.Tax benefits premium amount paid can be claimed under section 80CCD(limit on deduction on account of contribution.

Benefit: Pension between Rs.1000 to Rs.5000 per month