How To Apply Atal Pension Yojana 2022 Benefit And Calculation

Atal Pension Yojana 2022-2023, How To Apply Atal Pension Yojana 2022, Every Month Atal Pension Rs. 5000 Today we are going to tell you about a pension scheme that gives you a guaranteed monthly payment of Rs. 3000 thousand will get a pension. Atal Pension Yojana means investment in youth and old age Rs. 1000 to Rs. 5000 can be taken as a pension. Let us tell you how you can join Atal Pension Yojana, what documents are required, and how to fill out the offline form.

Atal Pension Yojana 2022-2023

On June 1, 2015, Atal Pension Yojana was launched by the Prime Minister of our country, Narendra Modi. Atal pension scheme provides a pension on completion of 60 years of age. To avail of the benefits of this scheme, the beneficiary has to invest between the age of 18 years to 40 years. A monthly pension of ₹1000 to ₹5000 is provided to the beneficiaries through this scheme. The amount of pension is decided to keep in mind the investments made by the beneficiaries and their age. Also, in case of untimely death, the benefit of this scheme is given to the beneficiary's family.

What is Atal Pension Yojana?

The Government of India is concerned about the old age income security of the working poor and focuses on encouraging and enabling them to save for their retirement. It aims to eliminate life expectancy risks among unorganized sector workers and encourage unorganized sector workers to voluntarily save for their retirement.

Therefore, the Government of India has announced a new scheme called Atal Pension Yojana (APY) in the Budget 2015-16. APY targets all citizens of the unorganized sector. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS framework.

APY Yojana Details

Scheme Name:- Atal Pension Yojana

Launched:- Year 2015

Launched by:- Central Government

Beneficiaries:- People from unorganized sectors of the country

Objective:- To provide pension

Atal Pension Yojana Benefit / Benefits Of Atal Pension Yojna

The minimum pension under the Atal Pension Scheme will be guaranteed by the Government in the sense that if the actual return on pension contribution falls short during the contribution period, such shortfall will be funded by the Government. On the other hand, if the actual return on pension contribution is more than the return during the contribution period for the minimum guaranteed pension, such excess benefit will be credited to the subscriber's account so that the subscriber gets the benefit of the enhanced scheme.

The Government will co-contribute 50% of the total contribution or Rs.1000 per year whichever is less to each eligible consumer who joins the scheme between 1st June 2015 to 31st March 2016 and is a member of any other social security scheme. Beneficiary and not the income taxpayer. Government co-contribution will be provided for 5 years from FY 2015-16 to 2019-20.

Currently, subscribers under the National Pension System (NPS) are eligible for tax benefits for contributions and investment returns thereon. Further, the purchase price of the annuity is also not taxed on exiting NPS and only the pension income of the subscriber is treated as part of ordinary income and charged at the marginal rate applicable to the subscriber. Similar tax treatment applies to subscribers of APY.

Eligibility for Atal Pension Scheme

Applicable to all citizens of India between the age of 18-40 years.

Aadhaar will be its primary KYC.

If not available at the time of account opening, Aadhaar details can be submitted later.

All bank account holders can join APY

Apply for Atal Pension Yojana Online

You must have a savings account to fill out the Atal Pension Yojana form

Approach the bank branch/post office where the person has a savings bank account or open new savings account if there is no account

Provide bank/post office savings bank account number and fill the APY registration form with the help of bank staff

Provide Aadhaar/Mobile Number. This is not mandatory, but may be provided to facilitate communication about contributions.

Make sure to keep the required amount in the Savings Bank Account / Post Office Savings Bank Account for transfer of monthly/quarterly/half yearly contribution

atal pension yojana login

For this, you have to go to the official website of APY.
Its links are- www.npscra.nsdl.co.in
On the home page, you have to click on 'Registration Details'.
Then a new page will open in front of you.
In this, you have to click on the option of your choice.
After that, all the details will open on your display screen.

Documents Required for Atal Pension Yojana

Aadhar card
Bank details
Mobile number
Address proof
Email id
Passport-size photograph, etc.

Atal Pension Yojana Scheme Chart

To download it, visit the NSDL website.
After that, the home page of the website will open in front of you.
In this, you have to click on 'APY-Contribution Chart'.
After clicking, a chart will open in front of you.
You can easily check all the details in this chart.
Also, you can download this chart.

Atal Pension Yojana Calculation

First, use the Atal Pension Scheme Calculator to determine how much you will have to pay. Your monthly contribution depends on the age at which you start investing and the pension option you choose.

For example, if you start investing in this scheme at the age of 18, you are liable to fund it for 42 years to get your pension at the age of 60. If you opt for the ₹1,000 pension option at the age of 18, your contribution will be equal to ₹42.

However, to avoid manual errors, you can use Atal Pension Scheme Calculator online. Here are the steps to use the Atal Pension Yojana Calculator to get an estimate:

Visit this official link of NPS - http://npstrust.org.in/content/apy-calculator.

Now, select your age, pension, expected return, and annuity rate.

After opting, you will get your monthly, half-yearly, and quarterly contributions depending on your pension option. Also, you will get an approximate idea of the total funds and investments over the years.

How To cancel Atal Pension Yojana Scheme Online

1) Visit the official website of NPS CRA.

2) Select "Forms" and select the "Cancel and Continue" section.

3) Download the "APY Death and Spouse Continuation" or "Voluntary Exit APY Withdrawal Form" as per your requirement.

4) Fill the form with relevant information like PRAN, Name, etc. In case of voluntary exit, you must mention the proper reasons. It also includes:

Unable to pay a contribution

Urgent need for funds

Specify reasons for outstanding, other conditions, etc.

As mentioned earlier, submit your form along with the supporting documents to the bank officials. Once you know the process of closing Atal Pension Yojana, note the following documents that you must keep ready.

Original death certificate of the beneficiary.

Bank details of spouse or nominee.

Relationship Proof Certificate. It may include the legal heir certificate or a copy of the family member's certificate issued by the Executive Magistrate. It is valid only when the claimant submits a closure request other than spouse and nominee.