Dec 092015
 

Documents required for Pradhan Mantri Atal Pension Yojana

Hon’ble Prime Minister of India Shree Narendra Modi has launched an unique pension scheme for the common people of India named Atal Pension Yojana (APY). This scheme is targeted for the poor and lower middle class sections of citizens. These targeted citizens basically work in unorganized sectors with no job security, economic security and pension security. These people after retirement suffer tremendously as they have no pension benefits. So keeping them in mind this pension scheme was launched.

Documents required Atal Pension Yojana

The idea was to provide them basic economic security by securing their pension life with a pension policy. The Prime Minister wants every Indian citizen to join this and be a part of National Pension System (NPS).

Atal Pension Yojana gives various slabs of pension depending on the age and contribution made. This scheme will give monthly pensions after 60 years of age. The monthly fixed pensions are Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000. This will depend on the amount deposited under the scheme and the age.

The minimum age to join this scheme is 18 years and the maximum is 40 years. That means a citizen can make deposits in the scheme for minimum 20 years and maximum 40 years. It is wiser to join the scheme as early as possible to get maximum benefits.

Having a savings bank account is compulsory for joining this scheme. The contribution to the pension scheme will be automatically debited from the user’s bank account every month till he attains the age of 60 years. A mobile number is mandatory to be given along with the pension scheme. This will help the subscriber to get SMS alerts and information about the APY account.

Sufficient balance is to be kept every month in the savings account linked with the APY pension scheme. If the balance is insufficient, then penalty will be charged as per the contribution limit. If payments are not done for 6 months, the pension account will freeze. After 12 months of discontinuation, the account will get deactivated. And after 24 months, it will finally be closed.

To join APY pension scheme, one must visit any nationalized bank or post office and fill the APY registration form. Proof of identity, proof of address, photo, document having date of birth, a savings bank account number with branch name and bank name, etc are the documents required along with the registration form. A nominee is to be made with this scheme. A mobile number is to be given along with the registration form to receive updates through SMS and get account balance information.

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