Administered by the Pension Fund Regulatory and Development Authority (PFRDA), the Atal Pension Yojana is specially launched to help people who are poor, and needy and work in the unorganized sector of our economy. The interested subscribers, who will choose to invest money in this scheme will get money after their retirement and thus, will give them financial security after their working days are over.
About The Scheme
This scheme is open to all Indians who have access to a bank account and the eligible age group for the APY is 18 to 40 years. Based on their contributions, their pension amount will be allotted. If the subscriber dies prematurely, before the age of 60, their spouse will get the choice to continue to contribute the money for the vesting period that will remain after the death of the subscriber. The spouse will get the money plus the interest back after the time when the late subscriber would have turned 60 years old.
Application Process
Eligible candidates must take the form from their nearby bank or download the form from the official website of the bank or PFRDA.
How To Download Application Form
The APY application form can be downloaded by the following processes:
- The form can be collected by an interested subscriber from any nearby participant bank branch.
- If the participant bank has the facility to collect the form via their online website, the subscriber can go to the internet and collect a form from the official website and then download it to fill that up.
- There is an alternative website that is the official website of the Pension Regulatory and Development Authority (PFRDA). Forms can be downloaded from this website.
Step by Step process of Form Fill Up
Let us discuss the correct process for filling out the APY form. The step-by-step process is mentioned in detail below;
- Step 1- After getting the form, it is mandatory to address the form to the branch manager of your nearby bank. The name of the bank manager can be obtained by visiting or calling the branch during office hours.
- Step 2- Enter your bank details as per the requirements of the form. This field must be filled properly as any mistake will lead to the rejection of the application. The main details will include your bank account and details related to your bank branch.
- Step 3- Now, you have to fill in your details again as per requirement. All the boxes that instruct you to give your details must be filled and no spelling mistakes should be made. Details such as spouse name (for married subscribers), relationship with the nominee (if anyone other than your spouse is nominated by you), your name, date of birth, age, mobile number, email address, etc. must be filled in.
- Step 4- This step is related directly to the details of the pension itself. In this section you have to mention the amount that you are willing to pay and, in this section, you have to confirm what is the amount that will be your monthly contribution amount as per legal eligibility criteria and your willingness. You must decide beforehand what amount you want to pay monthly or quarterly or yearly to the bank. The decision must be based on your income and future financial planning.
- Step 5: Declaration and Authorization- You have to agree to the terms and conditions of the APY. You must read all the information properly. You must be aware of any incorrect information and clear all doubts before signing the form. It is mandatory that you do not have an account under the current NPS or National Pension System otherwise, your application will be rejected. You should recheck all information and your personal and bank details because if any wrong information is discovered later, you will be held accountable in the future.
- Step 6- Acknowledgment and other formalities will be drafted by the bank now. Subscribers will receive receipts or slips.