Good news for Atal Pension Yojana investors! The government may raise the monthly pension amount under the scheme to Rs 10,000.
At present, individuals receive a maximum pension of Rs 5,000 per month. According to sources, the government may approve a proposal to raise the pension amount under the Atal Pension Yojana.
The proposal is in its final stage, and the government may announce an increase in the pension under Atal Pension Yojana in the upcoming budget.
Under Atal Pension Yojana, pension will be Rs 10,000 instead of Rs 5,000
A government official informed Moneycontrol that the proposal to raise the minimum pension guarantee to Rs 10,000 is nearing completion.
There is broad agreement on the matter, and it is likely to be announced in the budget.
The official also mentioned that the minimum pension amount could be increased further.
This scheme is designed to offer financial support to the country’s weaker sections after they reach the age of 60.
What is Atal Pension Yojana?
Atal Pension Yojana (APY) was launched by Prime Minister Narendra Modi on May 9, 2015.
This social security scheme aims to provide financial support to elderly individuals, particularly those from low-income groups and the unorganized sector.
Named after former Prime Minister Atal Bihari Vajpayee, the scheme offers pensions ranging from Rs 1,000 to Rs 5,000 after the age of 60 for those who invest in it.
7 Crore People Enrolled in Atal Pension Yojana
As of October 2024, over 7 crore people have enrolled in the Atal Pension Yojana in the financial year 2024-25.
During this period, 56 lakh new subscribers joined the scheme. The Pension Fund Regulatory and Development Authority (PFRDA) has been instrumental in promoting this initiative.
Benefits of Atal Pension Yojana
This scheme guarantees a monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 after the age of 60, depending on the contribution made.
For example, if a person starts contributing at the age of 18 for a ₹1,000 monthly pension, the monthly contribution will be just ₹42.
However, to get a ₹5,000 pension at the age of 40, the monthly contribution can go up to ₹1,454.
The scheme offers “complete security cover.” If the beneficiary passes away, the spouse will continue to receive the same pension.
After the spouse, the nominee will receive all the money deposited until the age of 60.
Eligibility
- The scheme is available to all Indian citizens aged 18 to 40 years.
- Applicants must have a bank account.
- Income taxpayers are not eligible for this scheme.
- The contribution amount depends on the chosen pension amount.
How to Apply for Atal Pension Yojana
Offline Method:
- Visit the bank where you hold a savings account.
2. Obtain the registration form from the bank or download it from the bank’s website.
3. Complete the form with the necessary details and select your preferred pension option.
4. Submit the form along with your Aadhar card and other required documents.
5. Once your application is accepted, you will receive a confirmation message on your registered mobile number.
Online Method:
1. Log in to your bank portal or mobile banking app.
2. Use your Login ID and password to access your account.
3. Search for ‘Social Security Scheme’ or ‘Atal Pension Yojana’.
4. Fill out the application form and provide all the necessary details.
5. Authorize auto-debit for your monthly contributions.
6. Verify all the information before submitting the form.
