Atal Pension Yojana

Atal Pension Yojana


About Scheme

The Government of India is concerned for the income security of the elderly working poor. It is focusing on helping them save for retirement. To reduce the longevity risk of workers in the unorganized sector, and encourage them to save for retirement.
In 2015-16 budget, the Government of India announced a new scheme called Atal Pension Yojana. The APY targets all citizens who are part of the unorganized sector. Through NPS architecture, the Pension Fund Regulatory and Development Authority is responsible for administering the scheme.

Highlights from Atal Pension Yojana

The Atal Pension Yojana, a guaranteed monthly pension for all Indians over 60 years old, was created by the Government of India. It targets the poorest, most underprivileged and unorganized workers. It is regulated through the NPS architecture by PFRDA (Pension Fund Regulatory and Development Authority).

Subscribers will receive a guaranteed minimum monthly pension of Rs.1000 to Rs.5000 per months (in multiples 1000).
Government of India would guarantee minimum pension. This means that, if the realized returns on pension contributions are lower than the assumed returns of minimum guaranteed pension, during the period of contribution, the shortfall will be paid by Government. If the actual returns from pension contributions exceed the assumed returns for minimum guaranteed retirement pension, the excess shall be credited in the subscribers account. This will result in increased scheme benefits to subscribers

GOI will contribute 50% or Rs.1000/annum to the subscriber's contribution, whichever is less, for the first five years.
The benefit of contributions is valid for 5 years. It is available to those who opened the accounts between 1.06.2015 and 31.03.2016.


• All Indian citizens aged 18-40 years are eligible.
• Aadhaar will be the primary KYC.
• Aadhaar details can be submitted later if they are not available at the time you open an account.
• All bank account holders can join APY

Who isn't eligible?

These people are not eligible for Government contribution based on the following criteria.
• Who joined the scheme before or after 01.04.2016.
• If he pays income tax.
• If he is covered by any of the employee provident funds or social security programs.
• The account is not open to non-resident Indians (NRI). The account will be closed if an Indian citizen becomes NRI within the APS scheme's tenure. All contributions and returns will be paid to account holder.


At the age of 60
• Permitted at the age of 100% annuitisation pension wealth/Corpus The subscriber would have access to pension upon their exit.
• The spouse would have access to the subscriber's pension in the event of his death. On the death of the spouse (subscriber or spouse), the pension corpus would go to his nominee.
• It is possible to opt out of your subscription before the age of 60. Subscribers who have received Government co-contribution under APY will be refunded the actual accrued income from their contribution after deducting account maintenance fees. Subscribers who have not received the Government Co-contribution and accrued income on the Government co–contribution will not be reimbursed.


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NOTE: As this is a Govt. of India scheme, customers are advised to visit National Savings Institute website for latest instructions/ modification in the scheme.

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