Atal Pension Yojana (APY)

What is Atal Pension Yojana (APY)?

Atal Pension Yojana (APY) is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). Banks are required to get registered with PFRDA to provide APY related services. It has been named after the ex-prime minister of India, Atal Bihari Vajpayee. The primary idea of launching this scheme is to provide a definite pension to all Indians particularly those employed in unorganized and rural sectors. The more one contributes in this scheme, the more pension he can get during old age.

Key Features

  • Guaranteed monthly pension for subscribers, ranging from Rs. 1000/- to Rs. 5000/- per month.
  • Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1000/- per annum, whichever is lower.
  • Government of India's co-contribution to each eligible subscriber for a period of 5 years who joins the scheme in the period June 1, 2015 to December 31, 2015.
  • The contribution amount is minimal and is not worrisome for the subscriber.
  • Swavalamban Yojana will get automatically converted to Atal Pension Yojana (APY).
  • Submission of Aadhar Card is mandatory at the time starting of pension.
  • This pension is taxable.

The subscribers who will not get governments contribution are:

  • An income tax payer
  • State or government employee
  • Person working in a private company and have EPF or EPS account.

Above employees can join the scheme but will not be eligible for the government contribution.


  • Any Indian national within the age group of 18 to 40 years.
  • He should have a savings bank account a savings bank account. The subscriber should be in possession of mobile number whose details are to be provided to the bank at the time of registration. The subscriber should ensure an uninterrupted contribution until attainment of the retirement age i.e. 60 years of his age as any break in the payment of contribution amount can result into closure of the account.


The premiums to the pension account are based on age of the person & how much pension he is opting for. The premium will be paid through his bank account under auto-debit facility.

A person has following 3 modes to pay the premium:

  • Monthly
  • Quarterly
  • Half Yearly

Switching between the modes is possible but only once a year.

Indicative APY Monthly Contribution Chart (Age wise)

Age of EntryYears of ContributionMonthly pension of Rs. 1000/-Monthly pension of Rs. 2000/-Monthly pension of Rs. 3000/-Monthly pension of Rs. 4000/-Monthly pension of Rs. 5000/-

Status of contribution

It will be given periodically to the registered mobile number of the subscriber through SMS. He will also get physical Periodic Account Statement.


  • If a subscriber joins the scheme and pays the required premium according to the chart, he will start getting pension after attaining 60 years of age till he is alive.
  • If subscriber dies after attaining the age of 60 years, his/her spouse is eligible to get the pension same as that subscriber was getting. After both die, the nominee will get the corpus amount of Rs 8.5 lakh.


Nomination is very important in this scheme. However, the spouse is considered the default nominee.

Tax benefits

One can claim the premium paid in this scheme for tax rebate under section 80CCD of Income Tax Act.

Upcoming Bank Holidays

2017 February 24 is a bank holiday in Chandigarh due to Mahashivratri.
2017 February 27 is a bank holiday in Sikkim due to Losar.
2017 March 03 is a bank holiday in Mizoram due to Chapchar Kut.
2017 March 12 is a bank holiday in Jammu And Kashmir due to Holi (Jammu Province Only).

 Quick IFSC Search
 Quick MICR Search
 Quick BSR Search
AB Bank Ltd ABN-AMRO Bank N.V Abu Dhabi Commercial Bank Airtel Payments Bank Limited
Allahabad Bank American Express Banking Corp Andhra Bank Antwerp Diamond Bank NV
AXIS Bank Bandhan Bank Limited Bank Of America Bank Of Bahrain & Kuwait B.S.C
Bank Of Baroda Bank Of Ceylon Bank Of India Bank Of Maharashtra
Bank Of Nova Scotia Bank Of Tokyo Mitsubishi Limited Barclays Bank Bharatiya Mahila Bank
BNP Paribas Calyon Bank Canara Bank Catholic Syrian Bank Limited
Central Bank Of India Chinatrust Commercial Bank Limited Citi Bank City Union Bank Limited
Corporation Bank DBS Bank Ltd DCB Bank Limited Dena Bank
Deutsche Bank Dhanalakshmi Bank Equitas Small Finance Bank Limited Exim Bank Export Import Bank Of India
ICICI Bank IDBI Bank IDFC Bank Limited Indian Bank
Indian Overseas Bank IndusInd Bank Jammu And Kashmir Bank Limited JP Morgan Bank
JSC VTB Bank Karnataka Bank Limited Karur Vysya Bank Kotak Mahindra Bank Limited
Krung Thai Bank Public Co. Ltd Laxmi Vilas Bank Mashreqbank Psc Mizuho Corporate Bank Limited
Oman International Bank SAOG Oriental Bank Of Commerce Punjab And Sind Bank Punjab National Bank
RBL Bank Limited SBM Bank Mauritius Limited Shinhan Bank Societe Generale
Sonali Bank South Indian Bank Standard Chartered Bank State Bank Of Hyderabad
State Bank Of Patiala State Bank Of Bikaner And Jaipur State Bank Of India State Bank Of Mysore
State Bank Of Travancore Syndicate Bank Tamilnad Mercantile Bank Limited The Nainital Bank Limited
UBS AG UCO Bank Union Bank Of India United Bank Of India
Vijaya Bank Yes Bank Limited