InvestorQ : How can I apply for Atal Pension Yojana(APY)? How can I receive a Pension from this scheme?
Chandralekha Desai made post

How can I apply for Atal Pension Yojana(APY)? How can I receive a Pension from this scheme?

Answer
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1 year ago


To make an application in Atal Pension Yojana (APY) one can:
Visit the nearest branch of any nationalized bank to begin an APY account.
Download the form APY form online from the official website.
Fill up the form and submit it to the bank, along with a photocopy of Aadhar Card.

In order to make a correct filing, one must ensure that he has provided a valid phone number to his bank during his application. Because a confirmation message would be received on this number once the application has been approved. The contribution to APY is deducted from one’s saving account, so he has to ensure sufficient balance in the account. In case of default in payment, a penalty of Rs.1 per month is levied on every Rs.100. These forms are available in English, Hindi and other vernacular languages. 

How to receive a pension? 
Once you reach the age of 60, you can submit a request to the bank to begin your pension. In case someone passed out before making this claim, their spouse can make this claim. In case of demise of both the spouses, the nominee is eligible to receive the accumulated amount.