Atal Pension Yojana (APY) Overview

The Government of India has introduced a pension scheme called the Atal Pension Yojana (APY), with effect from 1st June, 2015, pursuant to the announcement in the budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. 

Eligibility & Administration

• APY is available to all Indian citizens with savings bank account in banks or Department of Posts. 
• The minimum age of joining APY is 18 years and maximum age is 40 years.
• Provided that from 1st October,2022, any citizen who is or has been an income-tax payer, is not eligible to join APY. 

APY is being administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS). The scheme is being implemented through Public Sector Banks, Private Banks, Regional Rural Banks, Small Finance Banks, Payments Banks, Co-operative Banks and Department of Posts.

Features of APY

APY is a voluntary, periodic contribution based pension system, Under which, the subscriber is entitled to receive the following benefits (also called the triple benefits):

1. Central Government Guaranteed Minimum Pension Amount
Each subscriber under APY shall receive a Central Government guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until death.

2. Central Government Guaranteed Minimum Pension Amount to the Spouse
After the subscriber’s demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse.

3. Return of the Pension Wealth to the Nominee of the Subscriber
After the demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.

The subscribers are required to contribute the prescribed contribution amount from the age of joining APY till age 60 to enjoy the triple benefits. 

Join APY

An APY account can be opened by filling out the APY Registration Form, which is available at bank branches and post offices. After filling it out, submit the form to the corresponding bank branch or post office.

Alternatively, an interested subscriber can join online through eAPY. Click Here to open account online.