Atal Pension Yojana Details & Benefits

Atal Pension Yojana: Atal Pension Yojana (APY) is a Government run pension scheme open to all citizens of India mainly focusing on the unorganised sector. APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS).

Under this scheme, a minimum monthly pension between Rs.1000 to Rs.5000 is guaranteed for the beneficiaries. Subscribers can opt for a monthly pension which could be 1000, 2000, 3000, 4000 or 5000 rupees, which will start after the age of 60 years. The amount of pension one receives is directly related to the age at which the individual has joined APY and the monthly amount which is contributed.

Atal Pension Yojana: Objective of the scheme

  • Unorganized sector such as House Help, Gardeners, Delivery Boys etc.
  • Ensure a sense of security and protect the citizens from accidents, illness, diseases

Atal Pension Yojana: Eligibility Criteria

  • The individual applying for the benefit of the scheme must contribute for at least 20 years
  • The individual enrolled under Swavalamban Yojana will be migrated under Atal Pension Scheme automatically

Atal Pension Yojana Details

  • Available for subscription to all Indians in the age group of 18 years to 40 years.
  • Pension will start after the subscriber attains the age of 60 years.
  • Pension amount can be selected as monthly Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000. Contribution amounts will be calculated accordingly.
  • Bank account is mandatory for the scheme and deposit amount is auto-debited from the account periodically.
  • Contributions made into the Atal Pension Yojana are eligible for tax deduction under Section 80CCD.

How to Open Atal Pension Yojana Account?

  • Fill up and submit the APY registration form, at your local bank branch
  • Provide your bank account number, Aadhar No. and Mobile number
  • Your first contribution amount will be deducted from your linked bank account at the time of account opening.
  • Your bank will issue acknowledgment No./PRAN No. to you.
  • Subsequent contributions will be automatically deducted from your bank account.

How to Download APY Form

The account opening form for Atal Pension Yojana can easily be obtained offline from you nearby bank branch that participates in the scheme. However, the APY application form can also be downloaded for free from various websites such as the Pension Fund Regulatory and Development Authority (PFRDA) Official Website. Alternatively, the Atal Pension Yojana subscription form is also available online on various banking websites that includes most major banks (private as well as public-sector ones) operating in India.

How to Fill Application Form

  • Section 1 – Bank details like Bank Account Number, Bank Name, and Bank Branch information.
  • Section 2 – Personal Details such as Name of the applicant, Date of Birth, Email ID, Marital Status, Name of the spouse, Name of the nominee, nominee’s relationship with the subscriber, Age and Mobile Number of the subscriber’s. Aadhar Card Details of spouse and nominee.
  • Section 3 – Pension Details to be provided like Pension Amount selected – Rs. 1000/Rs. 2000/ Rs. 3000/Rs. 4000/Rs. 5000
  • The Monthly Contribution Amount will be calculated and filled out by the bank.
  • Additional details required if nominee is a minor include –, Date of Birth, Guardian’s Name and answers to key information like ‘Is the minor a beneficiary of other statutory social security schemes?’ And ‘Is the minor an income tax payer?’

If the APY applicant does not have an account with bank they are applying through, they have to open a bank account with a scheduled bank with core banking platform. Once the bank account is up and running, the remaining steps are same as existing Bank Account holders.

Once filled out completely, the application form must be signed by the subscriber and submitted to the bank. The APY form also contains an Acknowledgement Section which reads – “Acknowledgement – Subscriber Registration for Atal Pension Yojana (APY)”. This will be filled out and signed/stamped by a Bank Official once the application is processed.


  • You have to provide savings bank account details, your mobile number and authorization letter allowing the bank to automatically deduct your contribution every month. This is called auto-debit system.
  • Contribution can be done monthly, quarterly or half-yearly and the instruction for auto debit should be made accordingly
  • Due date for monthly contribution is determined by the first date of contribution. All subsequent contributions will be based on this date. For example if you make your first contribution on the 14th of January, your next due date will be 14th February and so on.
  • Account should be sufficiently funded to execute the standing instruction for scheduled transfer of money to APY scheme
  • Also Aadhaar card must be submitted as this is used as the primary document for KYC to identify subscriber, spouse and nominee. Identification document is mandatory to avoid future disputes of rights and entitlements of pension and corpus.

Can you change your APY Pension Payout?

  • The subscriber can change the pension amount during the period the contribution is made. This can be done once in a year, in the month of April
  • In case of downgrade of pension, the differential amount will be refunded to the contributor through direct credit to bank account that is registered under APY.
  • Upgrading or downgrading of the APY account is chargeable. An upfront fee of Rs. 25 will be charged by the bank.
  • Long term commitment of the subscriber is imperative since the subscription will be made over at least a period of 20 years (in case subscriber enters scheme at age of 40 years).


  • Low risk retirement option as benefits guaranteed by Government of India.
  • Guaranteed pension of Rs. 1,000, Rs. 2000, Rs. 3000, Rs. 4000 or Rs. 5,000 depending on contributions made by the subscriber.
  • Contributions to APY qualify for tax benefits under Section 80CCD (1) of the Income Tax Act, 1961.
  • Easy to subscribe for Indian residents whether self-employed or salaried.
  • APY accepts subscription even from those contributing to other private/government-backed pension schemes.
  • Guaranteed benefits for spouse/nominee/next of kin as per applicable rules in case of demise of the APY subscriber.
  • Flexible subscription as pension amount can be upgraded or downgraded based on subscriber’s choice.
  • High flexibility for subscriber with option to subscribe on a monthly, quarterly or half-yearly basis.
  • APY subscription is open to both organized and unorganized sector workers.

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