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The benefits of Atal Pension Yojana is that employees of the private sector can also subscribe to this scheme. Subscribers can select the amount of contribution as this affects the amount of returns as well. As an individual, you will be entitled a guaranteed pension amount of ₹1000|₹2000|₹3000|₹4000|₹5000 on attaining the age of 60 years. In case of death of the subscriber, the pension amount will be given to the spouse or nominee. Additionally, you are eligible for a tax benefit under Section 80CCD of the Income Tax Act, 1961.

The entire collected amount is managed and distributed by the Pension Funds Regulatory Authority of India (PFRDA). As an add-on to boost this scheme, the government declared to make a co-contribution of 50% or ₹1000 per annum to subscribers who joined between 1st June 2015 to 31st December 2015 for a period of 5 years. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.

APY is a regular contribution based pension plan which promises a guaranteed pension of INR 1,000/2,000/3,000/4,000 or INR 5,000. The monthly contribution will depend on the choice of pension you want and age when you enrol in the pension scheme. The pension will only start at the age of 60 years. So even if you start your contribution at the age of 40 years you will be needed to pay contribution for a minimum period of 20 years for your pension to start.

The amount of pension returns is determined by your monthly contributions. You can see the table below to evaluate your contribution with respect to age and pension plan.

The government of India has declared that it will co-contribute 50% of the total pension contribution amount or ₹1000 per annum for all subscribers. Additionally, the government will also reimburse the promotional and development activities including incentive to the contribution collection agencies.

In order to enroll in the Atal Pension Yojana, you will have to download an application form or visit any nationalized bank and submit the same. Ensure that you are carrying a self-attested photocopy of your Aadhaar as well as the original for verification. Next, mention the mode of payment such as monthly, quarterly and half yearly. Once you submit the application form along with KYC details, you have successfully subscribed to the APT.

• Get in touch with your bank or post office where you have a savings account. If you don't have a bank account you will have to open a bank account in order to be eligible for this scheme.

• You will need to fill the Atal Pension Yojana registration form and allow the bank to auto debit your contributions in the scheme as per your payment frequency mode selected- monthly, quarterly or half yearly instalment.

• Private Banks like SBI, Axis and ICICI banks are also offering online registrations in this scheme in case you are tech savvy.

Pension-drawing procedure from Atal Pension Yojana

Once you have completed the contribution term and attained the age of 60 you can get in touch with your bank or post office where you had enrolled in this pension scheme. You will need to submit the request for starting your pension. In case of death of subscriber after 60 years, the same pension amount will be payable to the spouse. If the spouse and the subscriber both die, the accumulated pension corpus will be given to the nominee.

Want to exit before attainting the age of 60 years?

Atal Pension Yojana does not permit to exit the scheme before the age of 60 years of subscriber under normal circumstances. Exceptional cases of terminal illness or death of the subscriber can be allowed. Even in case of death of the subscriber the spouse has the option to continue to make contributions in the scheme and get a monthly pension pay out after the term has been finished.