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Here's how to open Atal Pension Yojana account

For people looking to invest for a fixed pension during their retirement, the guaranteed pension scheme of the government — Atal Pension Yojana (APY) — is an attractive option. APY is a scheme which is aimed at providing
financial security to people working in the unorganised sector such as delivery boys, maids etc. 

This social security scheme was launched to provide them with a defined pension from Rs 1,000 to Rs 5,000, depending on the contribution and its period. Any Citizen of India aged between 18-40 can join Atal Pension Yojana scheme. You should have a savings bank account or post office savings bank account to open the APY account.

Though Aadhaar is not mandatory for enrolment, you can provide your Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on your Atal Pension Yojana account.

Here how you can open Atal Pension Yojana account:

Step 1: Approach the bank branch or post office where you have your savings bank account. If you do not have one, you have to open a savings account to avail the benefits of Atal Pension Yojana.

Step 2: Provide your bank account number or post office savings bank account number.

Step 3: Fill up the Atal Pension Yojana registration form. (You can seek help from the bank staff to fill it).

Step 4: Provide your Aadhaar or mobile number. Although this is not mandatory, you can provide it to facilitate the communication regarding contribution.

Step 5: Make sure to keep the required balance in your savings bank account or post office savings bank account for the transfer of monthly or quarterly or half-yearly contribution based on your APY contribution plan.

It is worth mentioning that APY is a deferred pension scheme which means that one needs to keep contributing regularly till age 60 and, thereafter, a fixed amount of monthly pension will begin. The pension amount is a fixed amount that the subscriber is assured to receive from age of 60. However, the actual returns generated by the government may vary. 

Note that investment in APY qualifies for deduction under section 80CCD (1) of the Income-tax Act, 1961. The maximum amount that can be deducted from taxable income under this scheme is Rs 2 lakh in the financial year. 

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