Atal Pension Yojana (APY)

Atal Pension Yojana gives you a government-guaranteed pension of ₹1,000 to ₹5,000 every month after age 60. You join between 18 and 40, pay a small fixed amount regularly, and after you, your spouse gets the same pension. It is meant mainly for workers in the unorganised sector.

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What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a pension scheme of the Government of India, started on 1 June 2015 and run by the Pension Fund Regulatory and Development Authority (PFRDA). You choose the monthly pension you want after 60, and pay a fixed contribution from your savings account until you turn 60.

Triple benefit

1. Your pension: a guaranteed minimum pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 per month from age 60 for life.
2. Spouse pension: after your death, your spouse gets the same pension for life.
3. Money to nominee: after both of you, your nominee gets the pension wealth built up till age 60 – about ₹1.7 lakh to ₹8.5 lakh depending on the pension you chose.

Who can join?

• Any Indian citizen aged 18 to 40 years.
• Must have a savings account in a bank or post office.
• From 1 October 2022, anyone who is or has been an income-tax payer cannot join. People who joined before that date can continue.

How much do you need to pay?

The earlier you join, the less you pay. Monthly contributions for some ages (from the official APY chart). For your exact age, use our Atal Pension calculator.

You can also pay quarterly or half-yearly. The full chart for every age from 18 to 40 is in the official scheme document linked below.

How payment works

• Contributions are taken by auto-debit from your savings account (monthly, quarterly or half-yearly).
• Keep enough balance on the due date. If a payment is late, the bank collects a small overdue charge of ₹1 for every ₹100 per month, which is added to your own pension account.
• You can increase or decrease your pension amount once a year.

Exit before 60

• Death of subscriber: the spouse can continue paying until the subscriber would have turned 60 and then get the same pension, or close the account and take the money.
• Serious illness: the money built up can be taken out early.
• Voluntary exit: allowed, but you get back only your own contributions plus the net interest earned on them. Any government co-contribution is not returned.

Documents needed

• Savings bank or post office account
• Aadhaar card (recommended for KYC)
• Mobile number
• Nominee and spouse details

How to join

At your bank or post office

1. Visit the branch where you have a savings account.
2. Fill in the APY registration form, choose your pension amount and give your nominee details.
3. Submit it with your Aadhaar and mobile number. The first contribution is debited and you receive a confirmation (PRAN).

Online

Many banks let you open APY through net banking or their mobile app. You can also use the eAPY facility listed on the PFRDA / NSDL websites.

Frequently asked questions

Sources

• Atal Pension Yojana – Details of the Scheme, with contribution chart (PDF)
• PFRDA: Atal Pension Yojana