In shortAtal Pension Yojana provides a guaranteed monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 from age 60 for life. You choose the pension amount and contribute monthly until 60. After death, your spouse gets the same pension and your nominee receives the accumulated corpus.
Key facts
- Nodal ministry
- Department of Financial Services, Ministry of Finance, administered by the Pension Fund Regulatory and Development Authority
- Level
- Central
- Launched
- 2015
- Last date
- Open all year
Most people who work in shops, on farms, in homes or on daily wages have no pension waiting for them. Atal Pension Yojana is the government’s answer. You pick a pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 a month, and a small contribution is auto debited from your savings account every month until you turn 60. After that, the pension is guaranteed for life.
The younger you join, the cheaper it is, because your money has more years to grow. Anyone aged 18 to 40 with a bank account can enrol, but income tax payers have been barred since October 2022.
The guarantee extends to your family. When you die, your husband or wife receives the same monthly pension, and after both of you, the accumulated corpus goes to the nominee. Enrolment takes a few minutes at your bank branch or through net banking.
What you get
A guaranteed monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 from the age of 60 for life. The same pension continues to the spouse after the subscriber dies, and the accumulated pension wealth is then paid to the nominee. The contribution is auto debited from your savings account and depends on the pension you pick and the age at which you join.
Who is eligible
- Any Indian citizen aged between 18 and 40 years may join
- A savings bank account or post office savings account is compulsory for auto debit of contributions
- From 1 October 2022 anyone who is or has been an income tax payer is not eligible to enrol
- Contributions must be made for a minimum of 20 years to receive the guaranteed pension at 60
- Aadhaar and a mobile number are required for enrolment and for updates
- Only one Atal Pension Yojana account is permitted per person
Documents you need
- Aadhaar card
- Savings bank account or post office savings account details
- Mobile number for SMS confirmations
- Completed APY registration and auto debit mandate form
- Nominee and spouse details
How to apply
- Approach the branch where you hold your savings account, or use your bank's net banking or mobile app, or the e-APY facility
- Fill the APY registration form choosing your pension amount and contribution frequency, which can be monthly, quarterly or half yearly
- Give the auto debit mandate so the contribution is deducted from your savings account automatically
- Keep enough balance in the account on the due date to avoid penalty charges for delayed contribution
- From the month you turn 60, apply to the same bank to start drawing the pension
Frequently asked questions
Who is eligible for Atal Pension Yojana
Any Indian citizen aged 18 to 40 years with a savings bank account or post office savings account. Income tax payers have been barred from enrolling since 1 October 2022. You need Aadhaar and a mobile number for enrolment.
How much pension will I get under APY
You can choose a guaranteed monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000, payable from age 60 for life. The pension amount you select determines your monthly contribution.
How long do I need to contribute to APY
You must contribute for a minimum of 20 years to receive the guaranteed pension at age 60. Contributions are auto debited from your bank account monthly, quarterly or half-yearly as you choose.
What happens to my APY pension after I die
After you die, your spouse receives the same monthly pension for life. After both of you pass away, the accumulated pension wealth is paid to your nominee as a lump sum.
How do I enroll in Atal Pension Yojana
Visit your bank branch where your savings account is held or use net banking or mobile app. Fill the APY registration form, choose your pension amount, and authorize auto debit. Enrollment takes a few minutes.
Is there any fee to join Atal Pension Yojana
There is no enrollment fee. You only pay the monthly contribution amount based on the pension you choose and your age at joining. The younger you are, the lower your contribution.
Before you apply: confirm every date, fee and eligibility rule on the official website linked on this page. Public and Policy is an independent portal, not a government body, and details change without notice.
