Atal Pension Yojana: There is great news for people investing in Atal Pension Yojana. The government can increase the money received under Atal Pension Yojana to Rs 10,000 per month. Currently, people get a maximum pension of Rs 5000 every month
Atal Pension Yojana: There is great news for people investing in Atal Pension Yojana. The government can increase the money received under Atal Pension Yojana to Rs 10,000 per month. Currently, people get a maximum pension of Rs 5000 every month. According to sources, the government can approve the proposal to increase the pension received under Atal Pension. This proposal is in the final stage. The government can announce the increase in the pension received under Atal Pension in the budget.
Under Atal Pension Yojana, pension will be Rs 10,000, not Rs 5,000
A government official told Moneycontrol that the proposal to increase the minimum pension guarantee to Rs 10,000 is in the final stage. Almost a consensus has been reached on this. It can be announced in the budget. The official said that the minimum pension amount can also be increased. This scheme has been created to provide financial assistance to the weaker sections of the country after 60 years.
What is Atal Pension Yojana?
Prime Minister Narendra Modi launched this scheme on 9 May 2025. Atal Pension Yojana is a social security scheme and its aim is to provide financial security to elderly people, especially the poor and those associated with the unorganized sector. This scheme was named after former Prime Minister Atal Bihari Vajpayee. Currently, by investing under this scheme, people get a pension of Rs 1,000 to Rs 5,000 after 60 years.
7 crore people joined Atal Pension Yojana
As per October 2024, the gross enrollment of Atal Pension Yojana during the financial year 2024-25 was more than 7 crore. During this period, 56 lakh new subscribers joined this scheme. So far 7 crore people have joined this scheme. The Pension Fund Regulatory and Development Authority (PFRDA) has played an important role in promoting this scheme.
Benefits of Atal Pension Yojana
Under this scheme, beneficiaries get a minimum guaranteed pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 every month after the age of 60. The amount of pension depends on your contribution. For example, if someone starts depositing money for a monthly pension of ₹1,000 at the age of 18, then he will have to pay only Rs 42 per month. At the same time, for a monthly pension of ₹5,000 at the age of 40, a maximum monthly contribution of ₹1,454 will have to be made. The specialty of this scheme is that it provides ‘complete security cover’. If the beneficiary dies, then his spouse gets the same pension. After the spouse, the nominee gets back the entire money deposited till the age of 60.
Eligibility
- This scheme is open to all Indian citizens aged between 18 to 40 years.
- The applicant must have a bank account.
- Income tax payers are not eligible for this scheme.
- The contribution amount varies according to the pension amount.
How to apply?
Offline Method
- Go to your bank where you have a savings account.
- Take the registration form from the bank or download it from their website.
- Fill the form with the correct information and choose the pension option.
- Submit your Aadhaar card and other required documents along with the form.
- Once the application is accepted, you will receive a message on your registered mobile number.
Online Process
- Go to your bank portal or mobile banking app.
- Login with login ID and password.
- Search for ‘Social Security Scheme’ or ‘Atal Pension Yojana’.
- Fill the application form and provide all the required details.
- Give consent for auto-debit for monthly contribution.
- Verify the details before submitting the form and then submit it.
