What is the eligibility to apply for the APY scheme?

The government of India has always supported the citizens of the country. It has helped promote equality, unity, justice, and liberty to every Indian. There is no discrimination between caste, class, creed, race, or religion. All the benefits are divided equally amongst every sector of society so that there are peace and harmony. For a nation to develop, the citizens are equally responsible as the government. Coordination and cooperation are essential for a country to progress.

The Indian government had introduced the Atal Pension Yojana scheme in the year 2015 as a part of the Union Budget. The Finance Minister Mr Arun Jaitley passed the programmer and put it to force. It is a pension scheme that aims mainly at the unorganized sector of employment, which includes maids, delivery boys, gardeners, etc. The objective is to ensure that no Indian worries about illnesses, accidents, or old-age disorders. It provides a sense of security to every individual, even if it includes private-sector employees.

Subscribers get the benefit to receive fixed pensions in various amounts ranging from INR 1,000 to INR 5,000 upon completing 60 years of their lives. The pension amounts are declared based upon the age of the subscriber and the investment amount towards the scheme.

The contributor’s spouse can claim the pension upon the contributor’s death. If both the contributor and the spouse do not survive, the nominee gets the accumulated corpus. However, if the contributor dies before the age of 60, the spouse has two options. He/she can either exit the scheme and claim the corpus or continue it for the balance period. As per the investment pattern set by the government of India, the Pension Funds Regulatory Authority of India (“PFRDA”) manages the collected amount under the APY scheme.

The eligibility criteria

The Atal Pension Yojana online facility is also available for those who want to save time and get the process completed as soon as possible. To get the benefits of this scheme, every individual must obey the eligibility criteria and follow all the regulations sincerely.

Following are the rules of this scheme:

  • The applicant should be a citizen of India
  • The age should be above 18 years and below 40 years
  • The contributions towards the scheme should be for at least 20 years
  • There should be a link between the bank account of the applicant and the Aadhaar card
  • The subscriber should have an active and functional mobile number

Those who are interested in applying for the Atal Pension Yojana should visit any nationalized bank or banking website and collect/download the form. The applicant will receive a confirmation message from the bank.

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