Atal Pension Yojana (APY)

The Atal Pension Yojana (APY), is a government-backed pension scheme that ensures financial security, especially for those in the unorganized sector. Launched in 2015, it offers a fixed monthly pension ranging from ₹1,000 to ₹5,000 after the age of 60. Axis Bank offers a customised version of the scheme, which features a personal account for each subscriber, automatic monthly contributions, and government co-contribution for eligible individuals. The APY policy helps secure a stable and stress-free post-retirement income, ensuring financial peace of mind.

Features & Benefits
Eligibility & Documentation
Important Links
FAQs

Features & Benefits

Find below the various features and benefits of Atal Pension Yojna.

Minimum monthly pension

The Atal Pension Yojana (APY) guarantees a monthly pension ranging from ₹1,000 to ₹5,000 after you turn 60, depending on your contributions and when you join.

Obtain an individual scheme

Axis Bank makes it easy to enrol in the Atal Pension Yojana (APY). Simply set up your income, and start contributing to a monthly pension after 60.

Monthly auto-debit

The APY scheme offers a convenient monthly auto-debit option, ensuring your contributions are automatically deducted from your Axis Bank account.

Register at any age

The APY policy is open to everyone between the ages of 18 and 40. By starting early, you can maximise your contributions and increase your pension amount, ensuring a secure retirement income starting at age 60. It’s never too early to plan for your future!

Track your contributions

Easily track your APY scheme contributions with Axis Bank. You can quickly view your Atal Pension Yojana statement to stay updated on your investment and pension progress. Click here to view your APY statement.

Eligibility Documentation

Eligibility for Atal Pension Yojana (APY)

To qualify for the Atal Pension Yojana (APY), applicants must be Indian citizens, aged between 18 and 40 years, and have a savings bank account. Check your eligibility for APY to take advantage of its many benefits and secure your future:

Must be an Indian citizen.
The age should be between 18 and 40 years.
Must have a savings bank account or be willing to open one.
A mobile number is required but not mandatory, which needs to be provided during registration.
Only individuals who are not Income Tax payers are eligible.

Government co-contribution is available for members who joined between 1st June 2015 and 31st December 2015, are non-income taxpayers, and are not covered under any Statutory Social Security Schemes. This co-contribution is applicable for five years for eligible subscribers who were not covered by any statutory social security schemes and were not income taxpayers, from 2015-16 to 2019-20.

Documentation for Atal Pension Yojana (APY)

Information on the bank and branch holding the individual's savings account.
A fully completed APY registration form.
Aadhaar and/or mobile number.
Details of the savings bank account balance for the transfer of monthly contributions.

Did you know

Here are some more details about the APY Atal Pension Yojana that you should know:

The scheme is designed to provide retirement benefits to individuals in the unorganised sector who are unable to receive social security benefits.
Even after the death of the subscriber and the spouse, the nominee stands to receive the accumulated corpus of the APY account.
If the subscriber passes away before the age of 60, the spouse can continue the scheme by contributing towards it.
Although the minimum pension is guaranteed, the subscriber may receive a higher payout if the investment returns exceed the guaranteed amount.

Tips to know before applying for APY

Before you apply the APY scheme, here are some things to know:

The scheme applies only to Indian citizens who have a bank account in their name.
The minimum contribution period for subscribers is 20 years.
Withdrawal from the scheme is not allowed unless the subscriber passes away during the tenure.

Contribution is a must, and if you default, additional payments will be collected by the bank.
The periodic contribution to the APY yojana is debited automatically from your Savings Account. So, maintain adequate funds in the account for easier debits.
You can increase the contribution amount during the scheme tenure.

Charges by Protean CRA

PRAN opening (one time) - ₹15/-
PRAN maintenance (per annum) - ₹20/-
Per transaction (financial/non-financial) - NIL

Important Links

Apply Through Internet Banking

Apply Through e-KYC

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.

FAQs on Ombudsman for APY.

The APY (Atal Pension Yojana) is a retirement-oriented saving scheme initiated by the Indian Government. The scheme targets Indian citizens in the unorganised sector and offers them assured pensions after retirement.

You can receive a pension of ₹1000, ₹2000, ₹3000, ₹4000, or ₹5000, depending on your age and the contribution amount.

The minimum pension amount under the APY scheme is ₹1,000; however, you can opt to receive a higher amount based on your monthly contributions. The maximum pension amount can go up to ₹5,000 per month.

Yes, you must be between 18 and 40 years old to join the APY scheme. The earlier you enrol, the better, as it allows more time for your contributions to accumulate and increases your monthly pension.

Yes, you can easily enrol in the APY scheme online through Axis Bank's official website. Simply visit the site, provide your details, and complete the enrollment process. APY is available in IB/ MB App and GBM Lite.

The contributions are managed by the Pension Fund Regulatory and Development Authority (PFRDA). They are invested according to the Ministry of Finance's specifications.

Explore investment opportunities that will help you achieve your financial goals. Consider consulting with financial advisors to make informed decisions about your future.

The penalty can be ₹1, ₹2, ₹5, or ₹10 per month, depending on the contribution amount.

Yes, subscribers can change their nominee or personal details by requesting them through the bank that maintains the APY pension scheme.