Atal Pension Yojana 2024: Benefits, Eligibility, Apply Now

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Atal Pension Yojana 2024: The Indian government is dedicated to ensuring the financial security of the elderly working population, particularly those with limited means. The focus is on promoting and facilitating their ability to set aside funds for retirement. The aim is to tackle the challenges of longer life expectancy among workers in the unorganized sector and to motivate them to proactively contribute to their retirement savings.

Atal Pension Yojana 2024

Atal Pension Yojana (APY) was launched in the year 2015 by the Government of India. It is a pension scheme designed to provide a guaranteed pension to individuals in the unorganized sector, focusing on ensuring financial security during their retirement years. The administration of the scheme is conducted by the Pension Fund Regulatory and Development Authority (PFRDA) using the architecture of the National Pension System (NPS). APY offers various pension slabs, making them accessible to a wide range of individuals, and encourages voluntary savings for retirement.

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Atal Pension Yojana 2024 Details

SchemeAtal Pension Yojana 2024

Benefits of Atal Pension Yojana 2024

  • Atal Pension Yojana (APY) ensures a guaranteed monthly pension between Rs. 1000 and Rs. 5000, backed by the Government of India.
  • The government also co-contributes 50% of the subscriber’s contribution or Rs. 1000 annually, favoring the lower amount.
  • This co-contribution is available to those not covered by Social Security Schemes and non-income taxpayers.
  • APY is open to all bank account holders, promoting inclusivity.

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Eligibility of Atal Pension Yojana 2024

Any Citizen of India can join the APY scheme. The following are the eligibility criteria:-

  • Subscribers must fall within the age range of 18 to 40 years.
  • He/She should have a savings bank account.
  • The prospective applicant may provide Aadhar and mobile number to the bank during registration to facilitate receipt of periodic updates on the APY account. However, Aadhar is not mandatory for enrolment.

How to apply for the Atal Pension Yojana 2024?

1. Ensure you meet the eligibility criteria, which includes being between 18-40 years old.
2. Have an active savings bank account as it is a requirement for enrollment.
3. Approach your bank, where you hold your savings account, to initiate the application process.
4. Complete the Atal Pension Yojana application form provided by the bank. Ensure all details are accurate.
5. Submit any required documents, such as Aadhar and mobile number, to facilitate updates on your APY account. Note that Aadhar is optional.
6. Select the desired pension amount from the available slabs based on your contribution capacity.
7. Authorize the bank for the automatic deduction of contributions from your savings account.
8. After successful enrollment, you will receive confirmation, and periodic updates on your APY account will be sent to the registered mobile number.

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Important link for the Atal Pension Yojana 2024

Official Website: Click here

Statewise Toll-Free Number: Click Here