Atal Pension Yojana: Guaranteed income will continue to be available at a young age, know how to register

APY Latest News: Atal Pension Yojana (APY) is one such scheme of the government, which will continue to have guaranteed income at the beginning of its young age. The family will get the benefit of security and insurance cover separately. About 40 lakh people have registered under this scheme so far during the current financial year 2020-21. According to the Pension Fund Regulatory and Development Authority (PFRDA), the total number of shareholders in the Atal Pension Yojana has crossed 2.63 crore.

Who can apply

People between the age of 18 to 40 years can apply under this government pension scheme. In this, there is a provision for giving a fixed pension amount to the contributors after the age of 60 years or the same guaranteed pension to their spouse after the death of the shareholder. Apart from this, there is also a provision to return the total accumulated pension fund to the nominee till the shareholder attains 60 years of age.

Also Read: Atal Pension Yojana’s joining figures crosses 2.63 crore, invest in it and take pension every month

For those who do not use NetBanking, opening an account will be easy

For those who have a bank account but do not use the net banking facility, it will soon be easier to open an account under the Atal Pension Yojana. To simplify the on-boarding process of the subscribers of the scheme, APFR-POP is being allowed by PFRDA to start an alternate channel for on-boarding of their existing savings account holders. Under the new channel, anyone can open an APY account without using net banking or mobile app.

Subscriber gets triple benefit in APY

• Subscriber gets minimum guaranteed pension at the age of 60 years.
• After the death of the subscriber, his spouse gets a guaranteed pension.
• Upon the death of both the subscriber and his / her spouse, the entire corpus will be given to the children.

Who can register

Any Indian citizen of 18-40 years can register in APY. Customers must have a savings bank account to register in APY. Apart from this, the Aadhar card should also be updated in the bank details. Apart from this, there should be a mobile number.

How to apply

• Under APY, you can apply both offline or online. PFRDA has introduced the option of using the web portal of banks for applying in an offline manner.
• The bank account holder will have to visit the portal of the banks which provides the facility to open the APY account online.
• After this, they have to register by entering customer ID or savings account number (any two) or PAN or Aadhaar. Registration will be completed through OTP based authentication.
• After the registration is complete, a web form will appear in front of the customer, in which some data will be pre-filled automatically.
• The person opening an APY account can fill in other data like pension amount, frequency of auto debit, nomination etc.
• The APY enrollment form will be submitted digitally to the bank through OTP authentication or e-signature.
• If someone cannot provide e-signature or OTP, then he can later sign the form directly and submit it to his bank branch.

How to get more benefits at a young age

Under the APY scheme, subscribers are required to invest for a minimum period of 20 years. Subscribers benefit from investing at a young age. You can understand this as if you start a monthly contribution of Rs 210 from the age of 18, then you will invest Rs 1,05,840 in it for 42 years and on completion of 60 years of age, you will get a pension of Rs 5000 every month. will get.

At the same time, if you make this contribution at the age of 39, then you will have to contribute Rs 1318 every month for 21 years. In 21 years, you will invest Rs 3,32,136 and on completion of 60 years of age you will get a monthly pension of Rs 5 thousand. Here you can see that the pension amount is the same when you start contributing at the age of 18 and start contributing from the age of 39, but there is a difference of more than three times the contribution amount.

 

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