The guaranteed monthly pension for the beneficiaries under the Atal Pension Yojana may range from minimum Rs 1,000 to maximum Rs 5,000 and is credited after 60 years of age.

The Atal Pension Yojna Scheme is administered by the Pension Fund Regulatory and Development Authority. It is a Government of India scheme introduced in Union Budget of 2015-16 that is focused on the working poor in the unorganized sector, who are not income taxpayers, to enable them to save for their requirement.

The guaranteed monthly pension for the beneficiaries may range from minimum Rs 1,000 to maximum Rs 5,000. The GoI also contributes to the subscriber’s contribution at least 50 percent or Rs 1,000 per annum for a five-year period if they signed up for the scheme in 2015.

The contribution amount may be auto-debited from the savings bank or post office account of the subscriber depending on the age of the subscriber and the pension amount subscribed to. The premium is paid for at least 20 years.

If you wish to help your house help/driver/delivery boy/ employees in the unorganized sector avail benefits under the scheme but don’t know where to start, check out the FAQs below:

Who is eligible for Atal Pension Yojana?

To be eligible for the scheme one should

  • Be employed in the unorganized sector
  • Be between 18 and 40 years of age
  • Have an Aadhar card and a mobile number for KYC
  • Not be beneficiary of any other statutory social security schemes or a taxpayer

It needs to be noted that the banks are liable to charge a default amount in case a subscriber delay making payments. The charges may be from Re 1 to Rs 10 per month. In addition, account maintenance charges are also deducted by the bank.

How may one subscribe to the scheme?

Eligible persons need to take the steps below: 

  • Visit the nearest nationalized bank branch or the post office.
  • Fill out the APY form. One may alternatively opt for the scheme by downloading the APY form available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu through internet banking. The pension amount is based on the subscriber’s age and contributions made.
  • Submit the form with a photocopy of your Aadhar card and phone number at the bank.
  • Download the APY form to keep a tab on transactions and get your PRAN card.

When will the subscriber get the pension amount under APY?

The total pension will be made available to the subscriber on reaching 60 years of age. In case of death, the spouse, who is the default nominee, will receive the pension and in case of death of both, the nominee shall be entitled the pension beneficiary.

Are subscribers permitted to make modifications in the scheme?

By means of a written request, along with the requisite documents, to the APY-SP branch, a subscriber has the option to do the following:

  • Upgrade/degrade pension amount: This can be done once a year in the month of April
  • Change frequency of contribution: These can be monthly/quarterly/half-yearly
  • Exit from the scheme: In case of subscriber’s death or a terminal illness

Can one withdraw from the Atal Pension Yojana?

This is possible only in case of a terminal illness or if the subscriber dies.

The scheme may also be discontinued if the subscriber stops making due payments. In six months, the account will be frozen; in a year, the account will be deactivated; and in two years, it will be closed.

How can a subscriber check transactions made under APY?

A subscriber may be able to keep track of contributions made by downloading the APY app that allows viewing the last five transactions. Through the PRAN Card, the statements can also be printed