Atal Pension Yojana

The Atal Pension Yojana is a government-backed pension scheme aimed at empowering individuals in India, especially those working in the unorganized sector. It ensures a guaranteed monthly pension of ₹1,000 to ₹5,000 after the age of 60, depending on the subscriber’s contribution.

Who Can Join? (Eligibility)

APY is accessible to all Indian citizens who meet the following criteria:

  • Age: 18 to 40 years.
  • Savings Account: Must have a savings bank account or a post office savings account.
  • Tax Liability: Any citizen who is or has been an income-tax payer, effective 1st October 2022, is not eligible to join APY.

Procedure to Enroll

  1. Visit your bank or post office to enroll using your savings account. Don’t have one yet? Opening an account at MDCC is quick and hassle-free!
  2. Fill out the APY Registration Form
  3. Share your Aadhaar and mobile number for updates (optional)
  4. Opt for monthly, quarterly or half-yearly payments based on your preference
  5. Ensure sufficient funds for auto-debit contributions.

Contribution Chart

How much you contribute each month depends on the pension amount you want and your age when you start.

Check out this table for an idea of what you’d need to save for a guaranteed ₹1,000 pension every month:

Age (To Start) Years of Contribution Monthly pension of Rs. 1000 Indicative return of corpus to the nominee of ₹1.7 Lakh Monthly pension of Rs. 2000 Indicative return of corpus to the nominee of ₹3.4 Lakh Monthly pension of Rs. 3000 Indicative return of corpus to the nominee of ₹5.1 Lakh Monthly pension of Rs. 4000 Indicative return of corpus to the nominee of ₹6.8 Lakh Monthly pension of Rs. 5000 Indicative return of corpus to the nominee of ₹8.5 Lakh
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 1087
38 22 240 480 720 957 1196
39 21 264 528 792 1054 1318
40 20 291 582 873 1164 1454

Why Do You Need Atal Pension Yojana?

APY is a step toward financial self-reliance in your retirement years.

  • Helps to cope with decreased earning potential with age
  • Support amidst the rise of nuclear families and migration of earners
  • Protection against rising costs of living
  • Assured monthly income post-retirement ensures a dignified life

Benefits at a Glance

  • Guaranteed Pension Monthly payouts of ₹1,000 to ₹5,000 based on your contribution
  • Government Support Backed by the Government of India, ensuring credibility
  • Flexibility Choose from monthly, quarterly or half-yearly contributions
  • Auto-Debit Facility Seamless contributions directly from your account
  • Ease of Access View statements, transaction details and PRAN (Permanent Retirement Account Number) cards online anytime atwww.npscra.nsdl.co.in

Frequently Asked Questions

  1. How can I request a physical PRAN card under the Atal Pension Yojana (APY)?

You can request a physical PRAN card by paying the requisite fee atthis website. Navigate to Atal Pension Yojana >> Print APY PRAN Card.

  1. Will I receive a physical transaction statement after enrolling in APY?

Yes, a physical transaction statement will be sent to your registered address once a year after enrolling in APY.

  1. Where should I address queries regarding my APY account or contributions?

All queries related to your APY account or contributions should be directed to the APY-SP branch.

  1. How will I get updates about my APY contributions?

The CRA-NSDL will send periodic SMS alerts to your registered mobile number to update you on the status of your contributions.

  1. How can I update my personal details, like address or phone number, in my APY account?

You need to submit a written request along with the required documents to the APY-SP branch to modify your personal information.

  1. Can I exit APY before the age of 60?

Yes, premature exit is allowed. You need to fill out the Account Closure Form (Voluntary Exit) and submit it to your APY-SP branch. The form is available onthis websiteunder Atal Pension Yojana >> Forms >> Withdrawal Form >> Voluntary Exit APY Form or can be obtained from the branch.

  1. What happens to the APY account if the subscriber passes away?

In case of the subscriber’s death:

  • The monthly pension will be paid to the spouse.
  • If the spouse also passes away, the pension corpus will be paid to the nominee (other than the spouse).
  • Alternatively, the spouse can choose to continue contributing to the APY account until the subscriber would have turned 60.
  1. Can I increase or decrease my pension amount under APY?

Yes, you can switch your pension amount once a year in April. Submit the Form to upgrade/downgrade pension amount availablehereunder Atal Pension Yojana >> Forms >> Maintenance >> Forms to upgrade/downgrade pension amount to your APY-SP branch.

  1. Can I change the frequency of my contributions (monthly, quarterly, or half-yearly)?

Yes, you can change your contribution frequency by submitting a written request to your APY-SP branch.

  1. How can I raise a grievance under APY?

You can raise a grievance free of cost throughthis portal. Navigate to NPS-Lite >> Raise Grievance. You’ll receive a token number to track the status of your grievance under Check the status of Grievance/Enquiry already registered.

Need more information? Find it here:

PFRDA Website: :https://www.pfrda.org.in/

NSDL Website:www.npscra.nsdl.co.in

NPS Trust Website:http://www.npstrust.org.in

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