For people working in the informal sector, the Atal Pension Yojana (APY) is a very useful social security scheme. You get the regular income you need after retirement by investing in APY. In May of 2015, the central government launched APY. Previously, there was no such programme for people who worked in the unorganised sector.

This scheme is a pension system for Indian citizens that focuses on workers in the informal sector. At the age of 60, a minimum pension of Rs 1,000 to Rs 5,000 per month will be paid based on the contributions of APY subscribers.

About Atal Pension Yojana

In order to qualify for this scheme, beneficiaries must be between the ages of 18 and 40. If a beneficiary is under the age of 18, he must pay a monthly premium of Rs 210, while those over the age of 40 must pay a monthly premium ranging from Rs 297 to Rs 1,454.

Beneficiaries must have a bank account that is linked to their Aadhaar card in order to participate in the Atal Pension Yojana. This scheme does not apply to those who are high-income taxpayers or who work for the government. He is a beneficiary, and he can open a yojana account at any national bank in India.

What is Atal Pension Yojana?

The government has introduced the Atal Pension Yojana (APY), a pension scheme aimed primarily at providing social security to all Indians. It is aimed primarily at the poor, underprivileged, and unorganised sectors, such as maids, delivery boys, and gardeners. The APY scheme took the place of the previous Swavalamban Yojana, which had a poor reputation.

A key goal of the scheme is to ensure that Indian citizens do not have to worry about illnesses, accidents, or diseases in their old age. Employees in the private sector or those who work for a company that does not offer a pension plan can also apply for the scheme.

At 60, you may receive a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4,000, or Rs 5000. The pension amount will be based on the amount of contributions made by the individual and his/her age. When a contributor dies, his or her spouse is entitled to the pension, and when both the contributor and his or her spouse die, the nominee is entitled to the accumulated corpus. Should the contributor die before reaching the age of 60, his or her spouse can choose to exit the scheme and claim the corpus or continue the scheme until it ends.

The collected amount under the scheme will be managed by the Pension Funds Regulatory Authority of India (“PFRDA”), according to the government of India’s investment pattern.

All eligible subscribers who joined between June 2015 and December 2015 for a period of 5 years, i.e. for financial years 2015-16 to 2019-20, will receive a co-contribution of 50% of the total contribution, or Rs. 1000 per annum, whichever is lower. 


Name of SchemeAtal Pension Yojana
Year of Launch2015
Conducting BodyCentral Government
Beneficiary CandidatesPeople from areas that are unorganised


The Atal Pension Yojana aims to:

  • Help the Housekeepers, gardeners, and delivery boys of the unorganised sector.
  • Assure citizens’ safety and protect them from accidents, illnesses, and diseases.

Benefits of Atal Pension Yojana

  • This scheme is only available to Indian citizens.
  • Only after reaching the age of 60 will the central government provide a monthly pension of 1,000 to 5,000 rupees under this scheme.
  • As with the PF account, the government will only contribute to this retirement plan.
  • If you are 18 years old and want a monthly pension of 1000 rupees, you must pay a 210 rupee premium every month for 42 years.
  • People over the age of 40, on the other hand, will have to pay a premium ranging from 297 to 1,454 rupees. 

Withdrawing Funds From Atal Pension Yojana: Detailed Guide

Reaching Age of 60You won’t be able to get 100% annual pension benefits under the APY Scheme until you reach the above-mentioned age. The participant will receive a pension in the future.
Beneficiary passes awayThe pension is granted to both the husband and wife upon the death of the subscriber, and the amount of the pension is returned to the candidate upon the death of (the subscriber and the husband).
Termination of the plan before the beneficiary turns 60 years of age.Except in exceptional circumstances such as terminal illness or the beneficiary’s death, it is not possible to leave the programme before reaching the age of 60.

Can you change your APY Pension Payout?

  • The subscriber can change the amount of the pension at any time during the contribution period. This can be done once a year, in the month of April.
  • If the contributor’s pension is downgraded, the difference will be refunded to them via direct credit to an APY-registered bank account.
  • For a fee, the APY account can be upgraded or downgraded. A one-time fee of Rs. 25 will be charged by the bank.
  • Because the subscription will last at least 20 years, the subscriber must be dedicated to the long term (in case the subscriber enters the scheme at the age of 40 years).

How can I contribute to the Atal Pension Yojana?

To contribute to the Atal Pension Yojana, set up an auto-debit instruction with your bank. This is the only way to help. If you don’t have sufficient finances in your bank account to cover the auto-debit, you will be penalised:

  • If your month-to-month contribution is less than Rs. 100, you will be charged a penalty of Rs. 1.
  • If your monthly contribution is between Rs. 101 and Rs. 500, the penalty is Rs. 2.
  • If your monthly contribution is between Rs. 501 and Rs. 1000, you will be charged Rs. 5.
  • If the month-to-month contribution is greater than Rs. 1,001, a penalty fee of Rs. 10 will be imposed.

What happens if you don’t contribute an APY?

If you sign up for APY but don’t contribute to the pension scheme on a regular basis due to a failed auto-debit instruction, the following happens:

  • If you sign up for APY but do not make regular contributions to the pension scheme due to a failed auto-debit instruction, the following occurs:
  • The Atal Pension Yojana account is frozen after six months of non-payment.
  • The APY account will be deactivated after 12 months of non-payment.
  • The APY account will be automatically closed after 24 months of non-payment.
  • The outstanding balance must be collected by the bank by the last day of the month. Funds can be withdrawn at any time during the month, as long as funds are available in the APY-linked bank account.
  • Banks send periodic mobile alerts to APY subscribers to prevent late payments.

What Happens to APY Funds?

Because you get a guaranteed pension, the investment details matter less in the APY than in the NPS. Only if the investment return exceeds the guaranteed pension amount does the return matter. On the death of the subscriber, a higher pension amount or corpus return will be available for nominees.

Applying For Profit: Detailed Guide

  • Those interested in applying for the PM Atal Pension Yojana must first open a savings account with a national bank.
  • Then, on this scheme application form, fill in all of the required information, such as your Aadhar card number, mobile phone number, and so on.
  • Submit the application form to the bank manager after you’ve completed it.
  • Following that, all of your messages will be verified, and an Atal Pension Yojana bank account will be opened for you.

Toll-free Numbers: Atal Pension Yojana

State NameName Of SLBC Convenor BankToll-Free Number
Andhra PradeshAndhra Bank1800-425-8525
Andman & Nicobar IslandState Bank of India1800-345-4545
Arunachal PradeshState Bank of India1800-345-3616
AssamState Bank of India1800-345-3756
BiharState Bank of India1800-345-6195
ChandigarhPunjab National Bank1800-180-1111
ChhattisgarhState Bank of India1800-233-4358
Dadra & Nagar HaveliDena Bank1800-225-885
Daman & DiuDena Bank1800-225-885
DelhiOriental Bank of Commerce1800-1800-124
GoaState Bank of India1800-2333-202
GujaratDena Bank1800-225-885
HaryanaPunjab National Bank1800-180-1111
Himachal PradeshUCO Bank1800-180-8053
JharkhandBank of India1800-345-6576
KarnatakaSyndicate Bank-SLBC1800-4259-7777
KeralaCanara Bank1800-425-11222
LakshadweepSyndicate Bank1800-4259-7777
Madhya PradeshCentral Bank of India1800-233-4035
MaharashtraBank of Maharashtra1800-102-2636
ManipurState Bank of India1800-345-3858
MeghalayaState Bank of India1800 – 345 – 3658
MizoramState Bank of India1800-345-3660
NagalandState Bank of India1800-345-3708
OdishaUCO Bank1800-345-6551
PuducherryIndian Bank1800-4250-0000
PunjabPunjab National Bank1800-180-1111
RajasthanBank of Baroda1800-180-6546
SikkimState Bank of India1800-345-3256
TelanganaState Bank of Hyderabad1800-425-8933
Tamil NaduIndian Overseas Bank1800-425-4415
Uttar PradeshBank of Baroda1800-102-4455 1800-223-344
UttrakhandState Bank of India1800-180-4167
West Bengal and TripuraUnited Bank of India1800-345-3343

Important Points To Know About Atal Pension Yojana

  • Because you will be making regular contributions, your account will be debited automatically. Before each debit, double-check that your account balance is sufficient.
  • You have the option to increase your premium at any time. All you have to do now is go to your bank, speak with your manager, and make the necessary changes.
  • If you do not make your payments on time, you will be charged a penalty. A monthly penalty of Rs. 1 for each contribution of Rs. 100 or part thereof.
  • If you miss six payments in a row, your account will be frozen; if you miss twelve payments in a row, your account will be closed, and the remaining amount will be paid to the subscriber.
  • It is not permissible to withdraw early. Only in exceptional circumstances, such as death or terminal illness, will the subscriber or his/her nominee be reimbursed in full.
  • If you leave the scheme before reaching the age of 60 for any reason, only your contribution and interest earned will be returned. You will be ineligible for both the government’s co-contribution and any interest earned on that amount.


  1. What documents must be submitted in order to apply for the APY Scheme?

Fill out the form and attach a photocopy of your Aadhar card to apply for the APY scheme. There are no additional documents required.

  1. How to know if the pension plan is active?

When the pension scheme is activated, you will receive an SMS alert to your registered mobile number.

  1. When is the deadline to apply for the Atal Pension Yojana Scheme?

There is no deadline for joining the Atal Pension Yojana Scheme. To participate in the scheme for the coming year, submit your application by June 1st. Every year on June 1st, the scheme is renewed.

  1. What is the minimum and maximum age limit for this programme?

The legal age is 18 years old. College students are also welcome to take part in the programme. The maximum limit is 40 years old. The minimum contribution period is 20 years. When you reach 60, you will begin receiving your pension.

  1. Is my cash secure? When the government changes, will the scheme be altered?

During the budget session, the Indian Parliament passed the Atal Pension Yojana scheme. If the government changes, the scheme will not be terminated, and your contribution will be safe. The only thing that succeeding governments can do is change the name of the pension scheme.

Final Thoughts

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