Atal Pension Yojana is a central government retirement savings scheme for Indian citizens aged 18 to 40 years. It gives a guaranteed monthly pension of ₹1,000 to ₹5,000 after the age of 60. Ministry of Finance launched the scheme on 9 May 2015 for workers in the unorganised sector.
Registration is open now for people who are not income tax payers. The Central Recordkeeping Agency website has moved to Protean eGov Technologies. The scheme helps workers save a small amount regularly and get a fixed pension in old age.
Atal Pension Yojana Overview
Atal Pension Yojana is a pension scheme made for savings account holders between 18 and 40 years of age who are not income tax payers. The scheme handles longevity risks among workers in the unorganised sector and encourages them to save for retirement. It mainly targets poor and lower income families.
A subscriber picks a monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000. The monthly contribution depends on the age at entry, the pension amount chosen and the payment frequency. A person who starts early pays a smaller monthly amount.
The Central Recordkeeping Agency (CRA) website has moved from npscra.nsdl.co.in to npscra.proteantech.in. Protean eGov Technologies now manages the records. The eNPS portal for online registration has also moved to enps.nps-proteantech.in.
For delayed or non payment of contributions, subscribers are charged overdue interest and administrative charges as fixed by PFRDA. Any complaint can be raised free through the NPS CRA website. After raising a complaint, a token number is given to track the query under the Grievance/Enquiry section.
Key Information
| Detail | Information |
|---|---|
| Scheme Name | Atal Pension Yojana |
| Level | Central Government |
| Beneficiary States | All India |
| Nodal Ministry | Ministry of Finance |
| Regulator | PFRDA |
| Implementing Agency | Banks and Post Offices |
| Launch Date | 9 May 2015 |
| Pension Amount | ₹1,000 to ₹5,000 per month |
| Official Website | financialservices.gov.in |
Benefits
Subscribers get the following benefits on reaching the age of 60:
- Guaranteed Pension: A monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 is paid based on the contribution chosen.
- Spouse Benefit: After the subscriber's death, the spouse keeps getting the same monthly pension until their own death.
- Return of Corpus: After the death of both the subscriber and the spouse, the nominee gets the accumulated pension wealth.
Contributions to this scheme get tax benefits under Section 80CCD(1) of the Income Tax Act. On voluntary exit before 60 years, only the subscriber's contributions with net accrued income (minus maintenance charges) are refunded.
If a subscriber dies before 60 years, the spouse can continue the account to get pension later or claim the full accumulated corpus.
Eligibility
Following conditions must be met to join Atal Pension Yojana:
- Indian citizen aged between 18 and 40 years.
- Must hold a savings bank account or a post office savings bank account.
- Must give consent for auto debit of monthly, quarterly or half yearly contributions.
- Must not be an income tax payer as per the exclusion rule from 1 October 2022.
Who Cannot Apply
Any citizen who is or has been an income tax payer cannot join Atal Pension Yojana from 1 October 2022 onwards. Only one APY account is allowed per person.
Application Process
Online Application
STEP 1 - Open the eNPS APY registration page at enps.nps-proteantech.in/eNPS/ApySubRegistration.html and select New Registration.
STEP 2 - Confirm that you are not an income tax payer, select your bank and enter the bank account details, IFS code and branch details.
STEP 3 - Complete KYC through Aadhaar or Virtual ID, pick the pension amount and payment frequency, then authorise the auto debit mandate.
STEP 4 - Sign the form digitally using Aadhaar OTP and note the acknowledgement number for future tracking.
Offline Application
STEP 1 - Visit the bank branch or post office where you hold a savings account.
STEP 2 - Ask for the Atal Pension Yojana registration form, fill the required details and submit it to the branch official.
For support, call the toll free helpline at 1800-110-069.
Documents
KYC details are picked up from your active bank or post office savings account. Aadhaar is now required to join the scheme under Section 7 of the Aadhaar Act. New subscribers have to give proof of Aadhaar or undergo Aadhaar enrolment.
References
- Official APY Page - Department of Financial Services
- NPS CRA Website
- APY Contribution Chart PDF
- APY Subscriber Registration Form PDF
FAQ's
When will I receive my pension?
Pension payment starts when the subscriber reaches 60 years of age.
Is it mandatory to nominate someone?
Yes, naming a nominee is required while joining the scheme.
What happens if my contribution is delayed?
Overdue interest is charged for the period of delay if the contribution is not credited by the due date.
Can I join if I am exactly 40 years old?
Yes, a person can join till the day they turn 40. After that, they become ineligible.
Is Aadhaar mandatory?
Yes, Aadhaar is now required. APY is covered under Section 7 of the Aadhaar Act, so new subscribers have to give proof of Aadhaar or undergo Aadhaar enrolment.
Do I need a bank account?
Yes, a savings bank account or a post office savings account is required for auto debit of contributions.