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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 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 in a financial year

Yes, the CRA will provide the physical statement of APY account to the subscribers once in a financial year at their registered address by CRA.
     

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 minimum ₹1 per month to ₹10/- per month as shown below:

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 of ₹ 25 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.