Atal Pension Yojana has been started by the Government of India for senior citizens. Under this scheme, elderly people get pension up to ₹ 5000, which helps them to support their old age. In this scheme, investors need to invest till the age of 60, after which the pension starts. If you want to invest in this scheme, then you have to open a bank account of the concerned scheme, the complete information of which we have provided in this post.
Atal Pension Yojana 2024
This scheme has been launched by Prime Minister Shri Narendra Modi, which is named after former Prime Minister Atal Bihari Vajpayee. Through this scheme, pension is being provided to the workers of the unorganized sector. Under the scheme, beneficiaries are given a monthly pension of ₹ 1000 to ₹ 5000, which helps in their financial security. In this scheme, investors have to invest for about 20 years, after which they get age-related pension on completion of 60 years of age. This scheme is being operated by NPS i.e. National Pension System.
Objective of Atal Pension Yojana
The objective of this scheme is that any elderly woman or man can ensure their financial security, for which they can invest their money and not depend on anyone else after completing their age of 60 years. The Government of India is dedicated to those citizens through this scheme, who can invest in it and get pension in old age after completing their age limit. The amount invested in this scheme can be withdrawn only after completing their age of 60 years. If death occurs due to any accident or illness, the investor’s amount is made available to their spouse. Apart from this, pension is provided to the applicant after completing the age of 60 years.
Atal Pension Yojana Defaulter Charges
Under this scheme, if successful the director will have to pay the following fee:
- A fee of ₹1 will be paid for a contribution of ₹100 per month.
- A fee of ₹2 will be charged for contribution of ₹101 to ₹500 per month.
- A fee of ₹5 will be charged for contribution of ₹501 to ₹1000 per month.
- A fee of ₹10 will be charged for contributions above ₹1001.
7th Pay Commission Update 2024
Eligibility for Atal Pension Yojana
As per this scheme, the applicant needs to fulfil the following conditions:
- The applicant must have Indian citizenship.
- The age of the applicant should be minimum 18 years and maximum 40 years.
- Applicants must be eligible to receive pension under the scheme on completion of 60 years of age.
- Applicants have to make regular contributions for 20 years during this scheme.
- The applicant must also have his/her own bank account.
Documents for Atal Pension Yojana
- Aadhar card
- domicile certificate
- caste certificate
- Ration card
- PAN card
- Bank Account
- mobile number
- Passport size photo
Old Pension Scheme 2024
How to open a bank account under Atal Pension Yojana?
To open a bank account for the concerned scheme, follow the following steps:
- Go to your nearest bank.
- Get the application form of Atal Pension Yojana from there.
- Fill all the information asked in the application form carefully.
- Enter the pension details, the bank will calculate the monthly contribution amount and enter it in the form.
- After filling the application form, sign it and submit it along with all the required documents.
- After submitting the application form, you will be given a receipt and your application will be verified.
- After verification, your bank account will be opened under Atal Pension Yojana.