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How to be eligible for opening an Atal Pension Yojana account

  • Highlights

  • Have a valid savings account to open an APY account

  • Be within the age bracket of 18 to 40 to apply

  • It is mandatory to have your Aadhaar details

  • You can’t be a member of any other scheme when having an APY account

The Atal Pension Yojana is a unique retirement scheme initiated by the Government of India. With over 73 lakh Atal Pension Yojana accounts opened as of 2015, this scheme has seen much success thanks to the security and returns it offers. You can gain from these benefits too if you haven’t already. However, you need to ensure that you match the eligibility criteria to open an APY account.

Here’s a quick glance at some of the criteria that you need to meet to qualify for this scheme.

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You need to have a valid savings account

To avail the facilities of the Atal Pension Yojana, having a savings account is a mandatory requirement. Also having the account ready with net banking facilities is an add-on. This will allow you to utilise the auto-debit facility on your account, wherein your monthly contributions towards the pension gets automatically deducted at a fixed date. Additionally, opening the Atal Pension Yojana account is easier when you have access to online facilities on your savings account.

You should be within the age limit

The age bracket set by the government for Atal Pension Yojanais 18 to 40 years. The most important thing to remember here is that you will start receiving pension in the range of Rs.1000-Rs.5000 only when you are 60 years old. Thus, the minimum period of your contribution will be 20 years or more based on the age when you start the scheme.

You should have a mobile number

When you apply for the Atal Pension Yojana scheme the government sends your monthly payment and other notifications related to your account on your registered mobile number. Ideally, this is the number linked to your savings account. In case you want to enrol on a separate number you will have to provide your mobile number while opening the pension account.

You need to have an Aadhaar card

Your Aadhaar details is a mandatory requirement for this scheme. Your application will get dismissed if you do not provide it. Also, there is a separate consent form that you will have to sign to authorise the government to link your Aadhaar with your pension account. This declaration is mandatory too and allows the government to validate all your details for Atal Pension Yojana.

You cannot be a member of any other scheme

If you enrol with the Atal Pension Yojana scheme, then you cannot be a part of any other company provided pension scheme or any other programme that guarantees monthly pension, including NPS (National Pension Scheme). However, if you were holding the NPS Lite account or a pension account under the Swavalamban Yojana, then your existing account will automatically be transferred to the Atal Pension Yojana scheme account.

You can easily open a pension account equipped with this information alongside meeting the Atal Pension Yojana eligibility criteria. Plan your contributions according to your age and income and receive pension all through your retirement years.

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