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How to invest in the Atal Pension Yojana?

  • Highlights

  • You can open an Atal Pension Yojana account online and offline

  • Use your saving account to apply online via net banking

  • Visit a bank or post office for offline application

  • Fill relevant details & submit the Atal Pension Yojana form

The Atal Pension Yojana (APY) is a savings scheme that can help you save money and receive timely pension when you retire. The Pension Fund Regulatory and Development Authority administers this scheme and lets you invest even if you are self-employed or work in the private sector. In order to sign up for this scheme, you need to follow the steps listed below.

Steps for online procedure

Step 1: Download the online application form
Head to the bank website where you have a savings account. Log in to your online account using your net banking details. Now download the Atal Pension Yojana application form from your bank’s website. Alternatively, you can download the form in a language of your choice. Remember that online application is only possible for an existing savings account holder. In case you don’t have a savings account, you will first have to open it by visiting a bank branch and then continue with the online application.

Step 2: Fill in all your details
Once you have downloaded the form, accurately enter all important details asked in the form. These include your bank account number and other bank-related details and then your personal details including name, age, and mobile number. Next, you will need to input your Aadhaar number. If you are married, you will need to add your spouse’s name and Aadhaar number too. Then add the name of your nominee for this account. Next, mention as social scheme you fall under and if you are an existing taxpayer. In the last section, choose the amount of pension you would like between Rs.1000 to Rs.5000. Lastly, sign and date the form.

Step 3: Submit the form with other essential documents
Now, submit the form online via your net banking account and make a direct payment from your account towards your APY account. You will get a payment confirmation on the mobile number linked with your bank account. Instead of manually making deposits to your Atal Pension Yojana account, you can activate the auto-debit facility on your savings account. This will ensure that a fixed amount gets deposited into your pension account every month without fail.

Steps for offline procedure

Step 1: Visit your bank and get the form
Start by visiting the bank or post office where you hold a savings account. Alternatively, you can open a new savings account at a bank of your choice and then via further assistance from a representative at the bank open an Atal Pension Yojana account.

Step 2: Fill the application form and submit it to your bank
While at the bank, ask for the Atal Pension Yojana form, go through it carefully and examine all the fields. Enter all the relevant details such as your name, phone number, address, and date of birth, income parameters, etc. Be careful about typos and check your filled-out form once more before you submit it.

Step 3: Submit photocopies of the required documents
Once you are ready with the form, attach it with photocopies of all the prescribed documents such as your identity proof, address proof, bank account proof, etc. to the bank representatives along with the application from. The bank on successful receipt will hand you over an acknowledgement.

Follow either of these easy steps to apply and open an Atal Pension Yojana account. But before applying calculate your financial standing and decide how much you will want to contribute on a monthly basis towards your pension. Additionally, check to see if you are eligible to apply for APY.

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