Atal Pension Yojana Benefits, and Application Process

It has been more than a decade since the Atal Pension Yojana (APY) was launched. It is an initiative of the Modi-led government, and is named after former Prime Minister Atal Bihari Vajpayee, who was a co-founder and senior leader of the Bharatiya Janata Party (BJP). 

The aim of APY is to create a universal social security system for all the Indians, especially the poor, the underprivileged and the workers in the unorganized sector.

In this blog post, we shall discuss Atal Pension Yojana scheme details and explain to our readers what exactly this scheme is, its benefits, eligibility and more.

What is Atal Pension Yojana?

Atal Pension Yojana, abbreviated as APY, is a pension scheme launched by the Government of India, on 09.05.2015, to ensure the old age income security of the working poor, so they can retire with financial stability. The scheme encourages individuals to make voluntary savings for their retirement by providing them a guaranteed minimum pension, ranging from Rs. 1,000 to Rs. 5,000, upon attaining the age of 60, depending entirely on the exact contributions that they make.

The pension benefit under APY is anticipated to begin from 2035 onwards. As on 31.10.2025, the overall gross enrollment under the scheme is 8,34,13,738. Out of this, the female gross enrollment is 4,04,41,135 which is 48% of the total enrollment. According to the PIB

The implementation of APY is being done through the Department of Posts and banking institutions including Public Sector Banks, Private Sector Banks, Regional Rural Banks, Small Finance Banks, Payments Banks and Cooperative Banks. 

These institutions are registered with PFRDA as ‘Points of Presence – APY (PoP-APY)’. They are responsible for distribution of APY as well as servicing of APY subscribers.

Benefits of Atal Pension Yojana 

The benefits of the scheme are mentioned in the points below. :-

• It provides a guaranteed minimum pension once the subscriber reaches the age of 60.
• APY scheme allows the subscribers to voluntarily exit early and receive a refund of their contributions and accrued interest (excluding fees).
• In the event of the demise of the subscriber, their spouse is eligible for receiving the same pension for life.
• In case of the demise of both the subscriber and their spouse, the nominee gets the accumulated pension capital under APY.
• The contributions made under APY are eligible for deduction under Section 80CCD(1) of the Income Tax Act 1961.
• In case of the demise of the subscriber before reaching the age of 60, the spouse can make contributions under APY and receive pension benefits. Alternatively, they have the option to withdraw the entire corpus.

Eligibility of Atal Pension Yojana 

Before you apply for Atal Pension Yojna, it is necessary to ensure you meet the scheme’s eligibility requirements. :-

• The applicant must be a citizen of India.
• Atal Pension Yojana age limit is between 18 to 40 years of age. Hence, the applicant must fall within this age bracket at the time of enrolment to be eligible to join the scheme.
• An individual who is or has been an income tax payer as of October 1, 2022, is not eligible to avail benefits of APY.
• The applicant must have a savings bank account or a post office savings bank account.
• Commitment for minimum contribution tenure of 20 years is necessary.

If you meet the above-mentioned APY eligibility criteria, you can go ahead and apply for the scheme.

How to Apply for Atal Pension Yojana?

You can apply for APY scheme online as well as offline. In this section, we have explained both online and offline processes.

APY Application Online Process 

To apply for APY scheme online, you need to follow the steps explained below. :-

Step 1 :- Log into your Net Banking account.

Step 2 :- After successfully login, search for APY on the dashboard.

Step 3 :- Now, begin filling out the APY application form with all the necessary details. Ensure they’re accurate and then click on the ‘submit’ button to submit the form successfully.

Step 4 :- While registering for APY via net banking, you can opt for an auto-debit facility. This facility will deduct your contributions automatically until you reach 60 years of age from the date of joining. Make sure your account maintains enough monthly balance to cover the scheme’s contributions.

It is important to note that not all banks offer the APY form online submission facility. You must check with your respective bank to learn whether it offers this facility via net banking. 

APY Application Offline Process

To apply for APY scheme offline, follow the steps outlined below. :-

Step 1 :- First, visit the bank branch or post office where you have a savings account.

Step 2 :- Then, you must go to the counter and request for the Atal Pension Yojana registration form. This form is available in multiple languages.

Step 3 :- In the form, fill in all the necessary details. You can seek assistance from the bank/post office staff in case of any confusion.

Step 4 :- Then, submit your aadhaar card and KYC documents for verification.

Step 5 :- Decide how frequently you want to contribute under the scheme, i.e., whether you want to contribute on a monthly, quarterly or half-yearly basis.

Step 6 :- Keep the filed form’s copy and wait for confirmation via SMS.

In case you face any issues at the time of application process, you can call on the Atal Pension Yojana customer care number @1800-110-069. 

How to Check Atal Pension Yojana Balance?

To check the APY balance, you need to download the APY statement. Here are the essential steps involved in the Atal Pension Yojana statement download process. :-

Step 1 :- Visit the official website of NSDL APY.

Step 2 :- Now, enter your PRAN (Permanent Retirement Account Number) as well as your registered mobile number.

Step 3 :- Then, enter the One Time Password you receive on your mobile number.

Step 4 :- Finally, you can view and download your APY statement. In this statement, you can check the APY balance.

Conclusion

The APY scheme was launched in 2015, and since then, millions of citizens have subscribed to this scheme. It offers guaranteed minimum pension to the subscribers upon attaining the age of 60. To apply for APY, you can complete the application process online by logging into your net banking account or offline by visiting your bank/post office branch. In case you have any queries related to APY, you can dial the Atal Pension Yojana customer care number. 

Also Read: Pradhan Mantri Viksit Bharat Rozgar Yojana

Frequently Asked Questions (FAQs)

Q1. When did the Government of India launch Atal Pension Yojna (APY)?

2015. The Government of India launched APY on 9 May 2015.

Q2. What is the APY age limit? 

To apply for APY, the minimum age limit for the applicant is 18 years of age. The maximum age to apply for the scheme is 40 years of age.

Q3. Can I enroll in APY if I do not have an Aadhaar card?

Yes, you can enroll in APY even if you do not have an Aadhaar card. 

Q4. What is APY minimum pension amount?

APY minimum pension amount is Rs. 1,000 after the age of 60. 

Q5. Which website do I need to visit for APY balance check?

For checking the APY balance, you need to visit the official website of NSDL APY.

Q6. From what age will I start receiving a pension under the APY scheme?

When you turn 60 years of age, you will start receiving a pension under the APY scheme.

Q7. How can I download APY statement?

For APY statement download, you need to visit the NSDL APY portal. Once you are on the portal, you need to enter your PRAN and registered mobile number. After that, enter the OTP you receive on your mobile phone. Finally, you can view and download APY statement PDF. 

Q8. What is the minimum contribution period for APY?

The minimum contribution period for APY is 20 years.