The Atal Pension Yojana aims to provide pension to workers in the unorganised sector. Under APY, the government contributes 50% of the subscriber's contribution or `1,000, whichever is lower, for 5 years for persons who join the scheme between June and December 2015. The APY guarantees a minimum monthly pension of `1,000 to `5,000.
Prerequisites
The APY is applicable to all citizens in the age group of 18 to 40 years. To join the APY, the applicant must have a bank account.The applicant should also have a mobile number to be furnished to the bank.
Form
The APY subscriber registration form needs to be filled up by the applicant. The form can be obtained from the bank offering Atal Pension Yojana and submitted there itself.Personal details, bank details and monthly contribution amount needs to be filled and signed by the applicant.
KYC
The bank account to be linked for APY is required to be KYC compliant. This KYC is sufficient for enrolling under the APY.Furnishing Aadhaar details is recommended at the time of registration. If Aadhar is not available, they may be submitted at a later stage.
Existing subscribers of NPS Swavalamban Yojana
All registered subscribers under Swavalamban Yojana of the NPS aged between 18-40 years are automatically migrated to APY with an option to opt out.However, the benefit of 5 years of government co-contribution under APY would be available only to the extent availed by the Swavalamban subscriber already.
It is important to maintain a balance in the savings account to provide for the monthly contribution under APY.
If the subscriber fails to contribute to the scheme for a period of 6 months from the due date, the account is frozen. If the peri od exceeds 24 months, the account is closed.
Beneficiaries who are covered under statu tory social security schemes are not eligi ble to receive government co-contribution.
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