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Atal Pension Yojana (APY)
The Atal Pension Yojana (APY), regulated by the PFRDA, is an initiative by the Government of India, providing a secured pension scheme. Axis Bank's version of this scheme ensures a fixed monthly pension ranging from ₹1,000 to ₹5,000. It features a unique personal account for each subscriber, an automated monthly debit facility, and includes the provision for a co-contribution from the government.
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Features & Benefits
Find below the various features and benefits of Atal Pension Yojna.
Get a minimum monthly pension
The government of India guarantees a minimum monthly pension for APY subscribers ranging from ₹1,000 to ₹5,000 per month after the person
Read MoreObtain an individual scheme at Axis Bank
This scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA)
Read MoreMonthly auto debitt
The monthly payments are auto-debited from your account as soon as the APY form gets registered in the system.
Register for the scheme at any age
The scheme is open to all those between the ages of 18 and 40. The pension payment starts at the age of 60.
Fetch your Atal Pension Yojana statement
Click here to view the APY statement.
Get a minimum monthly pension
The government of India guarantees a minimum monthly pension for APY subscribers ranging from ₹1,000 to ₹5,000 per month after the person attains 60 years of age. The monthly payment amount for the pension plan depends on the age of joining the scheme. Click here to view the APY contribution chart.
Obtain an individual scheme at Axis Bank
This scheme is administered by Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture and is distributed through banks. One person is allowed to have only one pension account opened under the scheme. Only person with accounts with the Bank and their mobile number registered in the account can enroll for the scheme. Aadhaar number would be preferred KYC, but not mandatory.
Fetch your Atal Pension Yojana statement
Government of India guarantees a minimum monthly pension for subscribers ranging from Rs. 1,000 to Rs. 5,000 per month after the person attains 60 years of age. Monthly payment amount for pension plan depends on the age of joining the scheme. Click here to view the APY statement.
Eligibility for Atal Pension Yojana (APY)
Documentation for Atal Pension Yojana (APY)
Charges by Protean CRA
- PRAN opening (one time) - ₹15/-
- PRAN maintenance (per annum) - ₹20/-
- Per transaction (financial/non-financial) - NIL
Important Links
Frequently Asked Questions
Looking to know more about the Atal Pension Yojana (APY)? Find answers to all your queries covering pension, eligibility, benefits, investment details, and process to join APY below.
Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the workers in the unorganised sector. Under the APY, guaranteed minimum pension of Rs. 1,000, Rs. 2.000, Rs. 3,000, Rs. 4,000 or Rs. 5,000 per month will be given at the age of 60 years, depending on the contributions by the subscribers.
Guaranteed minimum pension of Rs. 1,000, Rs. 2,000 Rs. 3,000, Rs. 4,000 or Rs. 5,000 per month will be given at the age of 60 years, depending on the contributions by the subscribers
The contributions under APY are invested as per the investment guidelines prescribed by Ministry of Finance, Government of India. The APY scheme is administered by PFRDA/Government
Penalty will be levied on a subscriber's APY account if he/she fails to pay the required amount on the due date this would happen in the event of non-maintenance of required balance in the savings bank account. Contribution to Atal Pension Yojana Scheme will be drawn from the individual's linked savings bank account on the date specified and if the amount is unavailable, there will be a default in payment. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/-4 per month as shown below
- Rs. 1 per month for contribution upto Rs. 100 per month.
- Rs. 2 per month for contribution upto Rs. 101 to 500/- per month
- Rs. 5 per month for contribution between Rs 501/- to 1000/- per month
- Rs. 10 per month for contribution beyond Rs 1001/- per month.
The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber
A: Subscriber can visit any nearest Axis bank branch and submit the subscriber modification request form.
Terms and Conditions
Maximum loan amount
Loan upto Rs. 35 lakhs for locations with population above 10 lakhs and property value upto 45 lakhs. And loan upto Rs. 25 lakhs for locations with population less than or equal to 10 lakhs and property value upto 35 lakhs.
Minimum income norm
Minimum income norm varies from Rs. 8,000 p.m. to Rs. 10,000 p.m. depending on location.
Repayment
*Repayment period for home loans shall not exceed 30 years.
Security
Equitable mortgage of the property to be financed by way of deposit of title deeds.
Disbursement
The home loan will be disbursed in full or in suitable instalments, taking into account the requirement of funds and progress of construction, as assessed by the bank directly to the seller or builder or local development authority or supplier of materials etc.
Processing charges or admission fee
Processing fee equivalent to 1% or Rs. 10,000/- (whichever is higher) of the loan amount (applied for) will be collected along with the application form. Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).
Penalty for early closure
‘Nil’ on floating interest rate home loans
Other Conditions
The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at the bank's discretion.
*Terms and Conditions Apply
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