Name of the Scheme - Atal Pension YojanaName of the Scheme

Scheme Category – Pension

Scheme Description - Under this scheme, an 18-years old investor will have to contribute Rs. 42 every month and a 40 years old investor have to pay a monthly installment of Rs. 291 for a period of 20 years. At the time of maturity, one can earn a pension amount of Rs. 1,000 to Rs. 5,000 every month. Anybody within the age group of 18 to 40 years, can contribute towards this scheme until the age of retirement.


To avail benefits from the Atal Pension Yojana, you must fulfil the below requirements:

  • 1) Must be a citizen of India.
  • 2) Must be between the age group of 18-40.
  • 3) Should make contributions for a minimum of 20 years.
  • 4) Must have a bank account linked with your Aadhar.
  • 5) Must have a valid mobile number.
[Note: Those who are availing benefits of Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.]

Procedure to apply for the scheme:

  • 1) All nationalized banks provide the scheme. You can visit any of these banks to start your APY account.
  • 2) Atal Pension Yojana forms are available online and at the bank. You can download the form from the official website.
  • 3) The forms are available in English, Hindi, Bangla , Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.
  • 4) Fill up the application form and submit it to your bank.
  • 5) If you haven’t already provided a valid mobile number to the bank, Provide it.
  • 6) Submit a photocopy of your Aadhaar card.
  • 7) You will be sent a confirmation message when the application is approved.

Important Facts to know about APY:

  • 1) Since you will be making periodic contributions, the amount will be debited automatically from your account. You need to make sure that you have sufficient balance in your account.
  • 2) You can increase your premium at your will. You just have to visit your bank and talk to your manager and make the necessary changes.
  • 3) In case you default on your payments, a penalty will be levied. A penalty of Rs. 1 per month for a contribution of every Rs. 100 or part thereof.
  • 4) In case you default on your payments for 6 months, your account will be frozen and if the default continues for 12 months, the account will be closed and the remaining amount will be paid to the subscriber.
  • 5) Early withdrawal is not entertained. Only in cases like death or terminal illness, the subscriber, or his/her nominee will receive the entire amount back.
  • 6) If you close the scheme before the age of 60 for any other reason, only your contribution and thevinterest earned will be returned. You will not be eligible to receive the government’s co-contribution or the interest earned on that amount.

Compiled and Edited by Lead Optimist(PFA) - Shilpa

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Disclmer - We have created this article basse on officiaI circulars and clarifications from officials. However the scheme related details are subjecte to change and we do not guarantee any promoises. All the information in this article in intended for informational purpose only an greating awareness among citizens