Atal Pension Yojana - APY Last Updated : 24 Jan 2020

Atal Pension Yojana
Atal Pension Yojana

The Atal Pension Yojana (APY) scheme was announced by the Government of India in the 2015-2016 budget with the main aim of helping individuals who are working in the unorganised sector.

  • A pension of up to Rs.5,000 is paid per month
  • Tax benefits are provided
  • The Indian Government co-contributes towards the scheme
  • Risk-free scheme

The scheme was launched with the aim of helping poor people who work in the unorganised sector receive a regular income after retirement. The scheme encourages poor people to save for their retirement. All operations of the scheme are handled by the Pension Fund Regulatory and Development Authority (PFRDA). The APY scheme is a voluntary scheme that poor workers in the unorganised sector can opt for in order to save for their retirement.

For more information, Check out related articles Atal Pension Yojana Rules, Atal Pension Yojana Calculator & Atal Pension Yojana SBI

Process to Apply Atal Pension Yojana

The below-mentioned steps must be followed in order to avail the benefits of the scheme:

  • All nationalised banks offer the APY scheme. Individuals can visit these banks to open an APY account.
  • The account opening forms are available online on the bank websites as well. Individuals can download the application form online.
  • The application form is available in English, Telugu, Tamil, Odia, Marathi, Kannada, Gujarati, and Bangla.
  • The application form must be filled up and submitted at the bank.
  • In case a valid mobile number is not provided at the bank, individuals must provide the number.
  • The Aadhaar card photocopy must be submitted by the individual as well.

In case the application form of the individual has been approved, he/she will receive a confirmation message.

How to fill Atal Pension Yojana Form

Once you have procured the form for the Atal Pension Yojana Scheme, filling it up is simple.

Step 1: Address

You have to address the form to the Branch Manager. You can find out the name of your Branch Manager by calling or visiting the bank. Enter your bank name and branch.

Step 2: Bank details

You can start filling the form in BLOCK letters. First, you are required to provide your bank details. Enter your bank account number, bank name and bank branch. Filling up this field is compulsory.

Step 3: Personal details

  • Tick the box that is applicable that indicates whether you are “Shri”, “Smt” or “Kumari”. Tick “Shri” if you are a male applicant. Tick “Smt” if you are a married female applicant. Tick “Kumari” if you are a single female applicant.
  • Enter your full name, date of birth, and age.
  • Provide your mobile number, email address and aadhaar card number.
  • Tick the correct box to indicate if you are married or single. If you are married, you must provide your spouse’s name.
  • You can then nominate someone and state their relationship to you. A nominee will receive your contribution in case of your death.
  • If the nominee is a minor, you need to provide their date of birth and guardian's name.
  • You must also state if the nominee has any other statutory social security schemes and if they are income taxpayers.

Step 4: Pension details

You can opt to contribute towards a pension of Rs. 1000 up to Rs. 5000. The form gives you the option of ticking 1000, 2000, 3000, 4000 or 5000. The box below that is to be filled in by the bank titled “Contribution Amount (Monthly)”. Leave that space blank. The bank will calculate the amount you have to pay every month to receive the pension of your choice. This calculation is done on the basis of your entry age. For example, for a pension of Rs. 2000, if your entry age is 25 years, you will have to pay Rs. 151 per month.

Step 5: Declaration and Authorization

You need to fill in the date and place. You can either sign the document or put a thumb impression. By signing the document, you declare that you meet the Atal Pension Yojana eligibility criteria, and that you have read and understood the terms and conditions of the Atal Pension Yojana Scheme. You declare that all the information you have written is correct as far as you know. If any changes have to be made to the information provided, you will contact the bank immediately. You also declare that you do not have any account under NPS ( National Pension System). You will be held liable for any false and correct information knowingly provided, including the Aadhaar card.

Step 6: To be filled in by the bank

The last section of the Atal Pension Scheme form is to be filled in by the bank titled “Acknowledgement - Subscriber Registration for Atal Pension Yojana (APY)”. You should leave this box blank. It is an acknowledgment of the bank that they will subscribe to the Atal Pension Yojana Scheme for you. After you submit the form, the bank agent will fill it out.

Contributions towards Atal Pension Yojana

The monthly pension that an individual wants to receive and the age of the individual when he/she starts the scheme are the main factors that affect the monthly contribution towards Atal Pension Yojana. The below mentioned table shows the monthly contribution that an individual must make and the number of years the contribution must be made to receive a pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000:

Entry age Number of years of contributions Monthly pension of Rs.1,000 and a return of corpus of Rs.1.70 lakh (Rs.) Monthly pension of Rs.2,000 and a return of corpus of Rs.3.40 lakh (Rs.) Monthly pension of Rs.3,000 and a return of corpus of Rs.5.10 lakh (Rs.) Monthly pension of Rs.4,000 and a return of corpus of Rs.6.80 lakh (Rs.) Monthly pension of Rs.5,000 and a return of corpus of Rs.8.50 lakh (Rs.)
18 42 42 84 126 168 210
19 41 46 92 138 183 228
20 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752
34 26 165 330 495 659 824
35 25 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1,087
38 22 240 480 720 957 1,196
39 21 264 528 792 1,054 1,318

Atal Pension Yojana Withdrawal Procedure

Although initially this scheme did not permit exiting before the subscriber reached the age of 60, the Atal Pension Yojana withdrawl procedure have been slightly modified.

  • If the subscriber has attained the age of 60 then he/she can exit this scheme with a complete annuitization of the pension amount. The subscriber will have to visit the bank manager in this regard and apply for the same.
  • Exit before the subscriber attains the age of 60 is permitted only in exceptional circumstances such as terminal illness or death. In case the subscriber expires before the age of 60 then the pension amount will be provided to the spouse. In case both the subscriber and spouse have expired then the amount would be returned to the nominee.

Atal Pension Yojana Penalty Charges

In case of delayed payments, the below-mentioned (APY) penalty charges will be levied on a monthly basis:

  • Re.1 will be the penalty that will be levied in case of contributions of up to Rs.100 per month.
  • Rs.2 will be the penalty that is charged in case of contributions between Rs.101 and Rs.500 per month.
  • Rs.5 will be the penalty charges that are levied for contribution between Rs.500 and Rs.1,000 per month.
  • Rs.10 will be the penalty that is charged in case of payments above Rs.1,001 per month.

Depending on the pension amount, the APY penalty charges will be a fixed amount.

In case there is a stoppage in payments, the below-mentioned points apply:

  • If there are no payments made for a duration of 6 months, the account will be frozen.
  • The account will be deactivated if there are no payments made for a duration of 12 months.
  • The APY account will be closed if payments are not made for a duration of 24 months.

Atal Pension Yojana Eligibility

The eligibility of Atal Pension Yojana are mentioned below:

  • The individual must be an Indian citizen.
  • Contributions must be made for a span of 20 years.
  • Individuals must have an active mobile number.
  • The APY age limit for individuals to invest in the scheme is between the ages of 18 years and 40 years.
  • Individuals must have a valid bank account number and it must be linked with the Aadhaar number.
  • All ‘Know Your Customer’ details must be submitted by the individual.
  • In case an individual wants to apply for the scheme, he/she cannot have an already existing APY account.

Features & Benefits of Atal Pension Yojana

The main features of the APY scheme are mentioned below:

  • The Indian Government guarantees the minimum pension that will be paid to the individual after retirement.
  • Under Section 80CCD, individuals are eligible for Atal Pension Yojana tax benefits for the contributions made towards the scheme.
  • The Government of India co-contributes a maximum of Rs.1,000 or 50% of the individual’s contribution, whichever is lower, towards the scheme. The contribution made by the government is only for individuals who are not income taxpayers and are not covered by any Statutory Social Security Schemes.
  • All bank account holders are eligible to join the APY scheme.
  • The co-contribution made by the government is for a period of 5 years and are for individuals who join between 1 June 2015 and 31 December 2015.
  • Individuals will start receiving a pension once they reach the age of 60 years old.
  • Private sector employees who are not provided any pension benefits are also allowed to apply for Atal Pension Yojana scheme.
  • Individuals have an option of receiving a fixed pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000 once they attain the age of 60 years old.
  • In case the main account holder passes away during the duration of the scheme, the spouse can either claim the contributions or complete the duration of the scheme.


  1. Is the Atal Pension Yojana Government of India co-contribution available to beneficiaries of all other social security schemes?
  2. No, beneficiaries who fall under statutory social security schemes cannot receive the Government’s co-contribution. Beneficiaries of social security schemes under the below listed enactments are not eligible to receive the Government co-contribution.

    • Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
    • Seamens’ Provident Fund Act, 1966.
    • Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
    • The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
    • Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
    • Other applicable statutory social security schemes.
  3. If a subscriber wants to open an Atal Pension Yojana account, what is the procedure to be followed?
    • Customers have to fill-in the Atal Pension Yojana subscription form.
    • The Aadhaar number and a valid mobile number have to be provided.
    • The submitted APY form has to be submitted to the concerned bank and auto-debits have to be set in the customer’s bank account. It is mandatory that the subscriber maintains the required balance in his savings account for making regular contributions.
  4. Does the subscriber compulsorily have to submit the Aadhaar number while registering for the Atal Pension Yojana scheme?
  5. It is not mandatory for the applicant to provide the Aadhaar number while subscribing but, the Aadhaar card will be the primary KYC document required by banks to identify beneficiaries, nominees and the subscriber’s spouse.

  6. Can the Atal Pension Yojana account be opened without the subscriber holding a savings account?
  7. No, while joining the Atal Pension Yojana scheme, it is mandatory for applicants to hold a savings bank account.

  8. How is the due date for the monthly contribution decided?
  9. The due date for an Atal Pension Yojana account is decided based on the first deposit date.

  10. Is it mandatory for subscribers to give a nomination when they join the Atal Pension Yojana scheme?
  11. Yes, nominations are mandatory. The nominee details have to be provided along with spouse’s details while applying for the Atal Pension Yojana scheme. The Aadhaar details also have to be provided for the spouse and the nominee.

  12. How many Atal Pension Yojana accounts can a subscriber open?
  13. A single subscriber is allowed to open only one Atal Pension Yojana account, which will remain unique to him.

  14. Can an applicant join the Atal Pension Yojana scheme without holding an Aadhaar number?
  15. When opening the Atal Pension Yojana account an Aadhaar number is not required, but Aadhaar details would be needed for enrolling beneficiaries, spouse and while identifying nominees.

  16. Can members of the Employees Provident Fund (EPF) enroll for the Atal Pension Yojana scheme?
  17. Yes, Employees Provident Fund (EPF) subscribers are also eligible to enroll for the Atal Pension Yojana scheme.

  18. Can Atal Pension Yojana account holders enjoy any tax benefits from the scheme?
  19. No, subscribers cannot get any tax deductions on the monthly contribution amount done under the Atal Pension Yojana scheme.

  20. Are Atal Pension Yojana subscribers eligible to change their monthly contribution amounts?
  21. Yes, monthly contributions amounts can be decreased or increased, depending on the subscriber’s requirements, once a year, during April.

  22. How can a subscriber check his Atal Pension Yojana account balance?
  23. Atal Pension Yojana subscribers will receive periodic statements regarding the status of their accounts and the balance available. Instant information can be got through an SMS alert on the registered mobile number.

  24. If a subscriber changes his city of residence, can he still make monthly contributions to his Atal Pension Yojana account?
  25. Yes, he can continue to make monthly contributions to his Atal Pension Yojana account without any interruptions, as the amount is paid only through preset auto-debits.

  26. What happens if an Atal Pension Yojana account does not hold the required amount of funds for making the monthly contribution?
  27. If the required amount of funds are not available in the subscriber’s account, then the bank will impose a penalty amount for each delayed contribution.

  28. What happens to an Atal Pension Yojana account if the subscriber becomes an NRI?
  29. Only Indian citizens are eligible to open an Atal Pension Yojana account. If an Atal Pension Yojana subscriber becomes an NRI, then the account will be closed. The accrued contribution amount will be given to the subscriber and this will be treated like a voluntary exit done before the age of 60.

News About Atal Pension Yojana

  • Atal Pension Yojana age limit may increase from 40 years to 50 years

    Hemant Contractor, chairman of Pension Fund Regulatory and Development Authority (PFRDA), said on 18 February 2019 that they have requested the Indian Government to increase the upper age limit for the Atal Pension Yojana (APY) scheme from 40 years to 50 years. However, the government is yet to give a response regarding the issue.

    Currently, people between 18 years and 40 years of age, who have an active mobile number and a savings bank account can open an APY account. On attaining the age of 60 years, individuals are guaranteed a regular pension between Rs.1,000 and Rs.5,000. In December 2018, the government decided to increase its contribution from 10% to 14% for central government employees under the National Pension System (NPS). Hemant Contractor further added that he hopes the government increases its contribution for state government employees as well.

    19 February 2019

  • PFRDA to Digitize the Services of the Atal Pension Yojana

    The Pension Fund Regulatory and Development Authority (PFRDA) has been working towards digitizing the services that it offers to the subscribers of the Atal Pension Yojana (APY). The PFRDA is looking to extend the benefits of online services to make transactions more convenient and less time-consuming.

    The PFRDA has introduced a number of online features including a grievance redressal module, the option of upgrading or downgrading pension amount and seeding Aadhaar details with the APY account. Additionally, a mobile application has also been launched to provide subscribers with the real-time information on their accounts.

    The PFRDA has also launched the APY@eNPS that offers users digital enrollment to the APY and does not require submission of any physical forms.

    The number of subscribers to the APY has been growing steadily and is now close to crossing the 1 crore mark.

    30 March 2018

  • Aadhaar card mandatory for Atal Pension Yojana subscribers

    On January 1, 2018, the PFRDA announced that linking one’s Aadhaar card will be made mandatory for all those wishing to subscribe to the Atal Pension Yojana. The organisation made the decision aligning to the Government of India’s push for all citizens to enroll in the Aadhaar card scheme. In fact, now when subscribing to the Atal Pension Yojana now subscribers will have to fill in their Aadhaar card details in the account opening form. As per the form, it states that - I hereby authorize PFRDA to use my Aadhaar details for APY and authenticate my identity through the Aadhaar Authentication system in accordance with the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act,2016 and rules and regulations notified there under.

    1 January 2018

  • PFRDA aims at 1 crore subscribers for the Atal Pension Yojana by the end of the financial year

    Already having 75 lakh subscribers enrolled to the Atal Pension Yojana, the PFRDA is aiming at touching 1 crore subscriber by March 2018, in the focus of making India a pension society. According to PFRDA Chairman Hemant Contractor, we have fixed a target of 1 crore for APY to be achieved by this fiscal-end. When we can achieve huge success in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), we see no reason why can’t the APY target be achieved. According to an official, the  objective of the PFRDA is to cover the maximum possible population uncovered by any pension scheme under the APY scheme so that India as a nation could move from a ‘pension-less’ to a ‘pensioned society’. And in a bid to meet its objective, PFRDA has already taken lots of initiatives to increase the subscriber base under the Atal Pension Yojana.

    29 November 2017

  • Atal Pension Yojana mobilisation campaign to expand reach

    To expand its reach across the country, the PFRDA has organised the Atal Pension Yojana mobilisation campaign. According to the PFRDA chairman, Hemant Contractor, we are launching state-specific APY campaigns. We have started off with Uttar Pradesh and will be running this campaign across 5-6 big states in order to get as many people in the state as possible to join APY. In the first three days, more than 15,000 APY accounts have been sourced in UP.

    20 November 2017

  • PFRDA, Centre Targets 1 Crore Atal Pension Yojana Accounts by March

    The pension regulator (PFRDA) along with the Central Government are hoping to bring in at least 1 crore subscribers under Atal Pension Yojana (APY) by March 2018. APY is a flagship scheme of the Centre and is overseen by PFRDA.

    Atal Pension Yojana is a very important component of the government’s plan to include those 60 years and above in age in pension benefit schemes. Since its launch 2 years ago, the scheme has attracted 69 lakh customers.

    The Secretary of Financial Services Department, Rajiv Kumar, remarked that pension coverage in India is quite low, still at around 10% to 12%. He opined that since other government pension programmes have been huge success in the past, the Atal Pension Yojana will be no different in achieving its target.

    The Financial Services Department is closely watching the progress in APY enrolment. In the period April to September 2017, 20 lakh APY new accounts were opened.

    Since its inception in June 2016, the pension had 25 lakh accounts opened in 2015-16, and an additional 25 lakh APY accounts were registered in 2016-17.

    15 October 2017

  • 62 lakh citizens have enrolled with the Atal Pension Yojana

    Despite the Atal Pension Yojana being launched only two years back by the Modi-led Government, the scheme has already achieved a subscriber base of 62 lakh. Jubilant with the feat, the PFRDA said, when the interest rate on various financial instruments including savings bank is declining, Atal Pension Yojana as a pension scheme offers a guaranteed rate of 8% assured return for the subscribers and also the opportunity of higher earnings in case the rate of return is higher than 8% at the time of maturity after staying invested in the scheme for 20-42 years. The organisation added by saying that increasing enrolment is attributed to financialisation of assets and driving the people to pension products which has government implicit guarantee to give an assured pension to the subscriber, spouse and return of corpus to the nominee. They ended the statement by saying that their objective is to cover the maximum possible population uncovered by any pension scheme under the APY scheme so that India can move from a pension-less to a pensioned society and the citizens can live a life of dignity in their vulnerable years.

    4 September 2017

  • More than 58 lakh subscribe to the Atal Pension Yojana

    The government-backed pension scheme which was relaunched by Prime Minister Narendra Modi has crossed a subscriber base of 58 lakh members. According to a survey carried out by the Ministry of Finance, more than 58 lakh citizens have subscribed to the Atal Pension Yojana (APY). As on July 22, 2017, the APY subscriber base stood at 58,08,071 as against 34,84,895 on March 31, 2016. For this, the government, under APY has allocated a fund of Rs 155 crore in 2017-18.

    22 August 2017

  • Government provides social security cover for the unorganized sector

    A measure to reach out to people in the country who are less fortunate, the government enacted the Unorganised Workers' Social Security Act, 2008, to aid people from the rural areas and the unorganized sector. The welfare schemes falling under this act are: life and disability cover, old age protection and health and maternity benefits, while benefits under the National Social Security Board also fall under this act. To care for the senior citizens who are often neglected, the government launched the Atal Pension Yojana (APY). Here, senior citizen subscribers would get a fixed minimum pension, provided that the senior citizen is not an Income Tax payer or has any other statutory social security benefit from other schemes.

    5 December 2016

  • Rs.500 and Rs.1,000 Not Legal Tender

    PM Narendra Modi address the nation with an announcement that quite shocked the citizens. In efforts to curb black money in the economy, on 8th November, Modi declared all Rs.500 and Rs.1,000 notes to not be legal tender from midnight. People have the option to deposit all Rs.1,000 and Rs.500 notes into their bank or post office accounts, or they can exchange it for other denominations. All other denominations of notes and coins will be valid in the country including Re.1, Rs.2, Rs.5, Rs.10, Rs.50, and Rs.100. The deadline for depositing the invalid denominations falls on 30th December. Between 31st December and 31st March, people can still deposit or exchange the money at RBI branches with a declaration.While assuring the government that the PFRDA has the infrastructure in place to facilitate the merge, he iterated that consolidation will propel the growth of subscribers for pension products. In addition, he also requested the government to look into forming parity between the EPF and the NPS schemes, as the former is tax-free while in the case of the latter, only upto 40% is tax-free, while considering the consolidation.

    28 November 2016

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