AWARENESS ABOUT THE ATAL PENSION YOJANA

by
SRI AJAY P

7376237MB156
of
BANNARI AMMAN INSTITUTE OF TECHNOLOGY
(Autonomous Institution affiliated to Anna University, Chennai
Approved by AICTE, Accredited by NBA, New Delhi and NAAC with ‘A+’ Grade)
Sathyamangalam - 638 401

UNDER THE SUPERVISION OF

Mr .S. NAGARAJAN
Assistant Professor-II

COMMUNITY CONNECT PROJECT REPORT-1

Submitted to the

SCHOOL OF MANAGEMENT STUDIES

in partial fulfilment of the requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

Of

ANNA UNIVERSITY,

CHENNAI

NOVEMBER 2023

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 BONAFIDE CERTIFICATE

Certified that this Community Connect Project report titled “AWARENESS ABOUT
ATAL PENSION YOJANA” is the bona fide work of Mr. SRI AJAY P (7376237MB156)
who carried out the work under my supervision. Certified further, that to the best of my knowledge
the work reported herein does not form a part of any other project report or dissertation on the basis
of which a degree or award was conferred on an earlier occasion to this or any other candidate.

Signature of the Supervisor Signature of the Director (SMS)

Submitted for the End Semester Examination (Viva-Voce) held on:

Signature of the Internal Examiner

Place: Sathyamangalam
Date:

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 DECLARATION

I, SRI AJAY P (2023PMB1037) hereby declare that the Community Connect Project
report titled “AWARENESS ABOUT ATAL PENSION YOGANA” submitted to the
School of Management Studies, Bannari Amman Institute of Technology,
Sathyamangalam, in partialfulfilment of the requirements for the award of the Degree of
Master of Business Administration of Anna University, Chennai is a record of original
and independent work done by me during the year 2023-24 under the supervision and
guidance of Mr. NAGARAJAN S, Assistant Professor-II, School of Management
Studies, Bannari Amman Institute of Technology, Sathyamangalam and it has not formed
the basis for the award of any Degree / Diploma / Associateship / Fellowship or other
similar title to any candidate of any University.

Signature of the Candidate

SRI AJAY P
2023PMB1037

iii
 ACKNOWLEDGEMENT

I am indebted to the Almighty God, who showered blessings upon me to

conduct and complete the community connect project successfully.
I would like to thank the Management of Bannari Amman Institute of
Technology for all the facilities provided to me to complete the community connect project
successfully.

I wish and express my sincere thanks to Dr. S, Murugappan, Director, School

of Management Studies (SMS), Bannari Amman Institute of Technology for his
valuable advice and timely encouragements throughout the community connect
project.

I express my sincere gratitude to my Community Connect Project Coordinator

Mrs.Basilea Catherine J, Assistant Professor-III, School of Management Studies,
Bannari Amman Institute of Technology for her valuable guidance in carrying out
the entire project.

I express my sincere gratitude to my Faculty Guide Mr. Nagarajan S,

Assistant Professor-II, School of Management Studies, Bannari Amman
Institute of Technology for encouraging me throughout the tenure and guiding me in
the preparation of the community connect project report.

I also wish to express my sincere thanks to the community at the tuition center
and the commoners who participated and contributed to this Community Connect
Project.
Last but not least, I would like to thank my Parents, Friends and Teachers for
all their moral support to complete the community connect project during this period.

SRI AJAY P

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 ABSTRACT
In the awareness program ,I have explained about “ATAL PENSION YOJANA” to
the people around Sathyamangalam. Many of the people don’t know about the pension
schemes which is offered by our government. All people thinks that pension is only for
Government employees but, this pension scheme is eligible for general public. The eligibility
age for applying this pension scheme is 18-40. Under this scheme, there is guaranteed
minimum monthly pension for subscribers ranging between Rs. 1000-Rs. 5000 per month. All
bank account holders may join this ATAL PENSION YOJANA.

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Table of Contents

CHAPTER-1 .............................................................................................................................. 7
INTRODUCTION .................................................................................................................. 7
1.1 OVERVIEW OF THE STUDY ....................................................................................... 8
1.2 OBJECTIVES OF THE STUDY ..................................................................................... 8
CHAPTER-2 .............................................................................................................................. 9
2.1 ELIGIBILITY FOR APY................................................................................................. 9
2.2 DOCUMENTS REQUIRED ............................................................................................ 9
2.3 HOW TO APPLY APY ................................................................................................... 9
2.3 MONTHLY CONTRIBUTION CHART ...................................................................... 10
2.4 BENEFITS OF APY ...................................................................................................... 12
CHAPTER-3 ............................................................................................................................ 13
METHODOLOGY ............................................................................................................... 13
3.2 SAMPLE SIZE............................................................................................................... 13
CHAPTER-4 ............................................................................................................................ 14
LEARNINGS ....................................................................................................................... 14
SUGGESTIONS................................................................................................................... 14
CHAPTER-5 ............................................................................................................................ 15
CONCLUSION .................................................................................................................... 15
REFERENCES ........................................................................................................................ 16
ANNERXURES ....................................................................................................................... 17

Figure 1. Creating awareness about APY ............................................................................................. 17

Figure 2. Create awareness about how to investment in APY .............................................................. 17

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 CHAPTER-1

INTRODUCTION

Atal Pension Yojana is a pension scheme under the Government of India. This scheme
replaces the Swavalamban Yojana and was established to provide old age income security to
the workers belonging to the unorganised sector. The Atal Pension Yojana was launched by
PM Narendra Modi on 9th May 2015 in Kolkata. The scheme focuses on encouraging workers
of unorganised sectors to save for their future. APY is administered by Pension Fund
Regulatory and Development Authority (PFRDA). Under the APY, guaranteed minimum
pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the
age of 60 years depending on the contributions by the subscribers.

After the death of the subscriber, the spouse is eligible for availing the same benefits
provided by the pension. Subscribers can make contributions to APY on monthly/ quarterly /
half-yearly basis. Subscribers can voluntarily exit from APY subject to certain conditions, on
deduction of Government co-contribution and return/interest thereon.

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1.1 OVERVIEW OF THE STUDY
Atal Pension Yojana (APY) is a Pension Scheme for citizens of India, is focused on
unorganized sector workers includes weavers, handloom workers, fishermen, leather workers
etc. Under this scheme, individuals between the age group of 18-40 are allowed to get pension
after they attain the age of 60 by small contributions to pension fund. The amount of pension
depends on their contribution towards pension fund. Interested individuals can subscribe this
scheme from banks or post office. Number of customers for APY scheme is increases from
year to year. Thus the present study concentrated on study of awareness and knowledge on
APY scheme expected to spread knowledge about this scheme and increase subscribers in
Sathyamangalam.

1.2 OBJECTIVES OF THE STUDY

▪ To create awareness among individuals in relation to APY scheme.

▪ To find out reasons for non-awareness, if any.

▪ To know benefits and limitations APY scheme.

▪ To prepare the individuals to apply for APY Scheme on their own.

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CHAPTER-2

2.1 ELIGIBILITY FOR APY

Atal Pension Yojana (APY) is open to all bank account holders. The Central
Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum,
whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from
Financial Year 2015-16 to 2019-20, who join the NPS between the period 1st June, 2015 and
31st December, 2015 and who are not members of any statutory social security scheme and
who are not income tax payers. However the scheme will continue after this date but
Government Co-contribution will not be available.

2.2 DOCUMENTS REQUIRED

Following are the documents required for Atal Pension Yojana.

• Identity proof (Aadhaar card)
• Address proof (Voter ID card, Aadhaar card etc.)
• Documents to verify date of birth (SSLC Certificate)
• Account number of your savings bank.

2.3 HOW TO APPLY APY

• Step 1: Visit the official website of the bank where you hold a savings account. Log
in with your net banking credentials.
• Step 2: Now download the Atal Pension Yojana application form.
• Step 3: Fill in the form with relevant details. It includes bank account details,
personal information and contact number. Also, enter your Aadhaar card details.
• Step 4: Add the nominee and enter whether you are entitled under social schemes and
an existing taxpayer. Now, opt for the pension scheme ranging from ₹1,000 to ₹5,000.
• Step 5: Submit the duly signed form online. You can directly pay to APY from your
net banking account. Or else, link your account to the APY. It ensures that a fixed
amount will be auto-debited monthly.

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MONTHLY CONTRIBUTION CHART

Table of contribution levels, fixed monthly pension of Rs. 1,000 per month:

Age of Years of Indicative Monthly Pension Indicative Return of

Joining Contribution Monthly to the subscribers Corpus to the
Contribution and his spouse nominee of the
(in Rs.) (in Rs.) subscribers (in Rs.)
18 42 42 1,000 1.7 Lakh
20 40 50 1,000 1.7 Lakh
25 35 76 1,000 1.7 Lakh
30 30 116 1,000 1.7 Lakh
35 25 181 1,000 1.7 Lakh
40 20 291 1,000 1.7 Lakh

Table of contribution levels, fixed monthly pension of Rs. 2,000 per month:

Age of Years of Indicative Monthly Pension to Indicative Return of

Joining Contribution Monthly the subscribers and Corpus to the
Contribution his spouse (in Rs.) nominee of the
(in Rs.) subscribers (in Rs.)
18 42 84 2,000 3.4 lakh
20 40 100 2,000 3.4 lakh
25 35 151 2,000 3.4 lakh
30 30 231 2,000 3.4 lakh
35 25 362 2,000 3.4 lakh
40 20 582 2,000 3.4 lakh

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Table of contribution levels, fixed monthly pension of Rs. 3,000 per month

Age of Years of Indicative Monthly Pension Indicative Return of

Joining Contribution Monthly to the Corpus to the
Contribution subscribers and nominee of the
(in Rs.) his spouse (in subscribers (in Rs.)
Rs.)
18 42 126 3,000 5.1 Lakh
20 40 150 3,000 5.1 Lakh
25 35 226 3,000 5.1 Lakh
30 30 347 3,000 5.1 Lakh
35 25 543 3,000 5.1 Lakh
40 20 873 3,000 5.1 Lakh

Table of contribution levels, fixed monthly pension of Rs. 4,000 per month

Age of Years of Indicative Monthly Pension Indicative Return of

Joining Contribution Monthly to the subscribers Corpus to the
Contribution (in and his spouse nominee of the
Rs.) (in Rs.) subscribers (in Rs.)
18 42 168 4,000 6.8 Lakh
20 40 198 4,000 6.8 Lakh
25 35 301 4,000 6.8 Lakh
30 30 462 4,000 6.8 Lakh
35 25 722 4,000 6.8 Lakh
40 20 1164 4,000 6.8 Lakh

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Table of contribution levels, fixed monthly pension of Rs. 5,000 per month

Age of Years of Indicative Monthly Pension Indicative Return of

Joining Contribution Monthly to the subscribers Corpus to the
Contribution (in and his spouse nominee of the
Rs.) (in Rs.) subscribers (in Rs.)
18 42 210 5,000 8.5 Lakh
20 40 248 5,000 8.5 Lakh
25 35 376 5,000 8.5 Lakh
30 30 577 5,000 8.5 Lakh
35 25 902 5,000 8.5 Lakh
40 20 1,454 5,000 8.5 Lakh

2.4 BENEFITS OF APY

• 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.

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 CHAPTER-3

METHODOLOGY

To create a awareness about APY Scheme I have selected age between 18 to 40 years
peoples. In this awareness program I share my awareness of every individuals. Every single
individuals get benefited from this awareness program.

3.2 SAMPLE SIZE

A sample of 25 students were taken my awareness and get benefited.

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 CHAPTER-4
LEARNINGS
• From this awareness program, I came to know about there is some risk to invest the
money into the banks, because they are daily wages people they want to spend half a
day in a bank.
• From this program, I came know about the amount of Rs.1000 to Rs 5000 is not
enough after 60 years.
• I have learned about the social responsibilities and involvement in community service.
SUGGESTIONS

• Government may take efforts to reach this scheme among local people through
advertisements.

• Government may conduct public campaigns at schools, colleges, public places etc. for
making this scheme more vibrant.

• Banks has to give more awareness about APY scheme among their customers.

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 CHAPTER-5

CONCLUSION

Through the Community Connect Project, I get an opportunity to give them an

awareness about the Atal Pension Yojana for the people are not aware the scheme. The
Government of India is extremely concerned about the old age income security for employees
depending on unorganized sector. Thus, Central Government introduced Atal Pension Yojana
for satisfying those purpose. This scheme provides various benefits like Guaranteed pension,
tax benefit, pension to spouse and corpus to the nominee etc. but the problem is that maximum
number of individuals are not aware about the operations of APY scheme. Thus, they are not
joined for this. So, Government and banks jointly make effort to reach poor people and make
the scheme more transparent among the society.

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 REFERENCES

1. APY/Central Bank of India

;https://www.centralbankofindia.co.in/hi/node/1376.
Department of financial service;https://financialservices.gov.in/pension-
reforms-divisions/Atal-Pension-Yojana.
2. https://www.icicibank.com/personal-banking/accounts/pension-
schemes/atal-pension-yojana.
3. https://www.hdfcbank.com/personal/resources/learning-
centre/invest/check-how-apply-for-atal-pension-yojana-online-and-offline
4. https://www.indiapost.gov.in/Financial/DOP_PDFFiles/APY%20FAQ.pf
5. https://transformingindia.mygov.in/scheme/atal-pension-yojana/ .

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 ANNERXURES

Figure 1 Creating awareness about APY

Figure 2 Create awareness about how to investment in APY

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