Atal Pension Yojana
Atal Pension Yojana (APY) is a government-backed pension scheme for savings account holders aged 18–40 who are not income tax payers, guaranteeing a monthly pension of ₹1,000–₹5,000 from age 60 onwards. You choose your desired pension amount, and a small contribution is auto-debited from your savings account each month until you turn 60. Join through your bank's net banking, the NSDL eNPS portal at enps.nsdl.com, or by visiting your bank branch or post office.
About This Scheme
Atal Pension Yojana (APY) is a government-backed pension scheme for savings account holders aged 18–40 who are not income tax payers, guaranteeing a monthly pension of ₹1,000–₹5,000 from age 60 onwards. You choose your desired pension amount, and a small contribution is auto-debited from your savings account each month until you turn 60. Join through your bank's net banking, the NSDL eNPS portal at enps.nsdl.com, or by visiting your bank branch or post office.
Full official description
Atal Pension Yojana (APY) is an old age income security scheme for a savings account holder in the age group of 18-40 years who is not an income tax-payee. The scheme helps in addressing the longevity risks among the workers in the unorganized sector and encourages the workers to voluntarily save for their retirement.
Focus of APY
The scheme is mainly targeted at the poor, the under-privileged and workers in the unorganized sector.
APY Subscriber Contribution Chart -
https://www.npscra.nsdl.co.in/nsdl/scheme-details/APY_Subscribers_Contribution_Chart_1.pdf
Charges and fees and overdue interest under APY:
The charges and fees and the overdue interest for non-payment or delayed payment of prescribed contribution amount shall be levied on the subscribers of APY. These charges and their method of application shall be prescribed by PFRDA from time to time, in consultation with the Central Government.
Raising Grievance Under APY
A subscriber can raise grievance anytime free of cost from anywhere by visiting: www.npscra.nsdl.co.in
Home >> select: NPS-Lite or through CGMS Subscriber raising the grievance will be allotted a token number against the grievance raised. Subscriber may check the status of the grievance under “Check the status of Grievance / Enquiry already registered”.
Benefits
- Guaranteed monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 from age 60 until death
- After your death, your spouse receives the same pension amount until their death
- After both subscriber and spouse pass away, nominee receives the full accumulated pension corpus
- Contributions eligible for tax benefits under Section 80CCD(1) of the Income Tax Act
- Early exit: your contributions plus net accrued interest are refunded
Who Can Apply (Eligibility)
- Must be an Indian citizen with a savings bank account
- Age: 18 to 40 years at the time of joining
- Must not be an income tax payer (income tax payers are ineligible from October 1, 2022)
- Contributions continue via auto-debit from your linked savings account until age 60
- No minimum income requirement
Exclusions
From 1st October, 2022, any citizen who is or has been an income tax payer, shall not be eligible to join APY.
How to Apply
Process 1:
- One can also open an APY account online using one's Net banking facility.
- The applicant can login into his/her internet banking account and search for APY on dashboard.
- Customer has to fill basic and Nominee details.
- Customer has to give consent for auto debit of premium from the account and submit the form.
Process 2:
Visit website “https://enps.nsdl.com/eNPS/NationalPensionSystem.html “ and select “Atal Pension Yojana”.
Select “APY Registration”
Fill the basic details in the form. One can complete KYC through 3 options –
- Offline KYC – Where one has to upload XML file of Aadhaar
- Aadhaar – Where KYC is done through OTP verification on Mobile Number register with Aadhaar
- Virtual ID – Where Aadhaar virtual ID is created for KYC
Citizen can select either one of three options.
Once the basic details are filled, an acknowledgement number is generated.
- Citizen then has to fill personal details and decide the pension amount he/she wants after 60 years.
- The Citizen also has to decide the frequency of contribution for the scheme.
- Once the citizen “confirms” for personal details, he/she has to then fill nominee details.
- After submitting the personal and Nominee details, Citizen is redirected to NSDL website for eSign.
- Once Aadhaar is OTP verified, Citizen gets successfully registered in APY.
- One can also join digitally through e-APY portal or through web portal of banks providing such facility.
Visit website “https://enps.nsdl.com/eNPS/NationalPensionSystem.html “ and select “Atal Pension Yojana”.
Helpline Number - - Toll Free Helpline number for APY Scheme is 1800-110-069
One can visit the nearest Bank branch or Post Office where he/ she is having a saving bank account and submit the APY registration form for opening the APY account.
Frequently Asked Questions
When will I receive my Pension?
Age Of Start Of Pension is 60 Years.
I am a Swavalamban subscriber. Can I still, apply for APY?
Eligible Swavalamban Subscribers may be migrated to APY.
Is it required to furnish nomination while joining the scheme?
Yes.
Is there any provision of default nominee or blood relation?
If the subscriber is unmarried they can nominate any other person as nominee and they have to provide spouse details after marriage. If married, the spouse will be the default nominee. The Aadhaar details of spouse and nominees may be provided.
What will happen if the contribution gets delayed?
Subscriber will be charged overdue interest for the delayed period in case the APY contribution gets delayed beyond the due date.
How will I know the status of my contribution?
The periodical information to the subscribers regarding activation of PRAN, balance in the account, contribution credits etc. will be intimated to APY subscribers by way of SMS alerts on the registered mobile number or can be accessed through mobile/APY app launched by NSDL. The subscriber will also be receiving physical statement of account once in a financial year at their registered address.
Whether Aadhaar Number is compulsory for joining the scheme?
It is not mandatory as of now.
Whether an employee of Central/State Government or Public Sector Undertaking and/or a NPS subscriber can subscribe to APY?
APY is open to all citizens of India who have a savings bank account. The minimum age of joining APY is 18 years and maximum age is 40 years. Provided that from 1st Oct 2022, any citizen who is or has been an income tax payer, shall not be eligible to join APY.
Can I open APY Account without savings bank account?
No, the savings bank account/ post office savings bank account is mandatory for joining APY.
If I have completed 40 years, can I join Atal Pension Yojana?
A person can join APY till his/ her 40th birthday. For example, if person 'X' becomes 40 years old on 1st January 2023, then, he/she is eligible to join APY till 1st January 2023 and becomes ineligible from 2nd January 2023 to join the scheme.
Ready to apply?
Visit the official government portal to apply for this scheme.
Apply on myScheme.gov.in