Atal Pension Yojana

Brief Objective

Atal Pension Yojana (APY), a pension scheme launched by Government of India is focused on the unorganized sector workers.

Benefits

Under the APY, minimum guaranteed pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will start after attaining the age of 60 years depending on the contributions by the subscribers for their chosen pension amount.

In the event of pre-mature death of the subscriber, Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years. 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. After the death 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.

Eligibility

Any Citizen of India can join APY scheme. The following are the eligibility criteria: -

• The age of the subscriber should be between 18 and 40 years.
• He / She should have a savings bank account/ post office savings bank account The prospective applicants may provide mobile number to the bank during their Enrolments under APY to receive periodic updates on their APY account as well as on APY scheme. Aadhaar may also be provided at the time of enrolment as APY scheme is notified for the same.
• From 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.
• In case a subscriber, who joined on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of  application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber.

How to apply

Approach the bank branch/ post office where individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.

Application Form

To get the forms, click here.

For more information, click here