Atal Pension Yojana Case Study

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The “Atal Pension Yojana” is aimed to provide financial benefits to the workers who work in unorganised sector which constitutes around 88% of the total workforce of the country. These workers do not have any formal provision of getting a regular pension payment on retirement. Moreover, due to increasing labour wages and better medical facilities, these people also face a risk of increasing longevity. So, this work force would require some kind of assured income guarantee to sustain itself in the coming years. To avail this benefit one needs to open an account under this scheme and monthly contributions needs to be made till the time of retirement after which a pension amount ranging from Rs 1,000 to Rs 5,000 per month would be paid to the…show more content…
Go to the bank where you have your saving bank account like SBI, ICICI, HDFC or any other bank. Fill up the form (download english form or hindi form) Make sure you fill all the fields Mobile number is compulsory, hence that needs to be filled If you have aadhar card, provide the number in the form (but it’s not compulsory) You also need to provide spouse details if applicable and nominee details, which is compulsory You will select the pension amount you need in future and based on that the bank official will write the monthly contribution required on the form Eligibility Criteria for Opening an account The age of the subscriber should be between 18 – 40 years. One should have a saving bank account or should open a new saving bank account One should be having a mobile number, which needs to be furnished at the time of filling up the form. Monthly contribution Note that the form itself contains a section which mentions that you are authorising the bank to deduct the monthly contribution from your account till the age of 60 yrs. So once the account is opened, your account will then get auto debited in future every month. If one does not have a bank account, then one can give their KYC documents along with account opening form with the Atal pension Yojna account

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