So far in the current financial year, more than 40 lakh new subscribers have been added to the government pension scheme APY. According to the Pension Fund Regulatory and Development Authority (PFRDA), after the joining of these new subscribers, the Atal Pension Scheme (APY) now has 2.63 subscribers. This figure is from 1 April to 13 November in the current financial year. According to the PFRDA release, the maximum APY accounts are in SBI, more than 10 lakhs.
APY is a pension scheme under which the government provides triple benefits.
- 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.
Indian citizens of 18-40 years can register
Any Indian citizen who is 18-40 years old can register in APVI. 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.
Can apply in this way
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.
You can apply online in this way
If you use the facility of net banking, then you can start it right from home. Here we are telling you the stepwise way to open an APY account in SBI.
- Log in to SBI account and click on the e-Services link.
- The new window will open, a link on it will be in the name of Social Security Scheme. You have to click there.
- After that you will see 3 options, PMJJBY / PMSBY / APY. Here you have to click on APY i.e. Atal Pension Yojana.
- After that you will have to fill your complete details. In which information of bank account number, name, age and address etc. will have to be given.
- Choose one of the pension options, such as 5000 rupees monthly.
- After that your monthly contribution will be decided based on your age.
- Under the Atal Pension Yojana, the account will open within 1 day.
More benefit on subscribing 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. It can be understood that 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.
Instead, if you made the same contribution at the age of 39, then you would 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.