Atal Pension Yojana (APY) - launched in the Union Budget of 2015-16, is a Government of India Scheme offering guaranteed Pension and is regulated by PFRDA. The features and benefits of APY offered through Utkarsh Small Finance Bank include guaranteed monthly pension from1,000/- to 5,000/-, an exclusive individual account, and monthly / quarterly / half yearly auto-debit feature.
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Minimum guaranteed monthly pension of 1,000, 2,000, 3,000, 4,000 or 5,000.
The subscriber gets the choice to increase or decrease contribution amount once in a year.
In the unfortunate event of death of the subscriber, his/her spouse and thereafter "Nominee" nominated by the spouse will be entitled to receive pension till his/her death.
Must be an Indian citizen.
Age should be between 18 and 40 years.
Have a savings bank account.
The periodic contribution will be deducted from the savings bank account.
Person joining APY should not be an Income Tax payer on or before the date of application.
Proof of identity
Residential address proof
Passport size photo
Date of birth proof
A savings bank account is required – details thereof to be furnished along with the registration form
|Charges for Delayed Contribution under Atal Pension Yojna:|
For monthly delayed contribution up to 100
For monthly delayed contribution from 101 to 500
For monthly delayed contribution from 501 to 1,000
For monthly delayed contribution above 1,001
Tenure ( )
Interest Rate (%)
20 Apr 2023
(Indicative interest rates for calculation only. click here for latest rates.)
APY will be applicable to all citizens of India, especially those in the unorganised sector those who do not have any formal pension provision. The scheme encourages people in the unorganised sector to voluntarily save for their retirement by providing them guaranteed pension benefit.
The minimum age for subscribing APY is 18 years and maximum is 40 years. He/she should not be an income tax payee (under Income Tax Act 1961) on or before the date of application and must have a savings bank account/ open a savings bank account. The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.
Individual need to approach, the nearest branch of the bank where he/she are having their savings bank account. Fill up the APY registration form along with Non- Tax Payee declaration. Provide Aadhaar /Mobile Number. Ensure keeping the required balance in the savings bank account for transfer of monthly / quarterly / half yearly contribution.
It is not mandatory to provide Aadhaar number for opening APY account. However, for enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
All contributions are to be remitted monthly / quarterly / half yearly through auto-debit facility from savings bank account of the subscriber.
The contribution may be paid to APY through savings account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half year, in case of half-yearly contributions however, Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum
The subscribers can opt to reduce or increase pension amount during the course of accumulation phase, as per the available monthly / quarterly / half yearly pension amounts. However, the switching option shall be provided once a year in April.
Yes, the physical statement of APY account will be provided to the subscribers annually at the registered address.
In case a subscriber, joining APY on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of application, his/her APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber.
The new notification is not applicable to existing APY subscribers/income tax-payers who have already joined APY and also it will not be applicable to prospective subscribers/income tax-payers who will be joining APY by 30th September, 2022.
APY subscriber joining APY on or after 1st October, 2022, who is not an income-tax payer on the date of application, subsequently becomes an income-tax payer, his/her APY account will not be closed.
Yes, a minor can be a nominee. In such case, subscriber will be required to provide details of minor's guardian and date of birth of the minor.
The periodical information to the subscribers regarding activation of PRAN, balance in the account, contribution credits etc. will be intimated to APY subscribers through SMS alerts on the registered mobile number or can be accessed through mobile /APY app launched by NSDL. The subscriber will also receive physical Statement of Account once a financial Year at their registered address.
The contribution may be paid to APY through savings account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half year, in case of half-yearly contributions however, Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum1 per month to 10/- per month as shown below:
1/- per month for contribution up to 100/- per month.
2/- per month for contribution up to 101/- to 500/- per month.
5/- per month for contribution between 501/- to 1000/- per month.
10/- per month for contribution beyond 1001/- per month.
In case of continuous default
Deduction would continue to be made in the subscriber's APY account for account maintenance charges and other related charges on a periodic basis till it becomes zero.
Yes, a subscriber can opt to decrease or increase pension amount during the course of accumulation phase, once in a financial year.
In the case of reduction in the amount of contribution, the excess amount of contribution collected from the subscriber earlier would be refunded to the subscriber along with the returns generated.
The request to upgrade /downgrade pension under APY will be chargeable. Bank charges of25 would be required to be paid by the subscriber upfront to the Bank while the CRA charges of 25 would be deducted from APY account.
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