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How to apply for Atal Pension Yojana and open an account

Atal Pension Yojana is a retirement pension scheme started by the government to make people from the unorganised sector financially secure. The scheme targets the unorganized sector of the country. Earlier, the government used to contribute an amount of Rs 1,000 every year for people who had their National Pension Scheme (NPS) accounts, which were funded by the grants by the government itself. Later, the National Pension Scheme got replaced with Atal Pension Yojna which allowed subscription to anyone who is a citizen of India and falls under the age group of 18 to 40 years. 

APY provides a pension of up to Rs 5,000 per month when a person reaches 60 years of age. You are eligible to avail the benefits provided to you by Atal Pension Yojana if you are a citizen of India and fall under the age group of 18 to 40 years. You can make contributions for at least 20 years. You must have a bank account that is linked to your Aadhar and you have a valid mobile number. Premature payment of pension and exit from APY is not allowed, except in situations like terminal disease or death of the account holder. It is advised to register sooner as you will have to make fewer contributions if you join in early.

Documents required to apply for APY:

A subscriber needs to have a savings bank account, an Aadhaar number, and a mobile number to register for the pension scheme.

How to apply for Atal Pension Yojana: 

  1. All the national banks provide the pension yojana which means that you can visit the bank with which you have your savings account and register yourself for APY.
  2. The registration forms are available online, as well as, at the bank branches. You can download the form, fill it at home and submit it at the bank branch or you can fill and submit it at the bank itself.
  3. Provide a valid mobile number.
  4. Attach the photocopy of your Aadhar card.
  5. Once your application is approved, you will receive a confirmation SMS on your registered mobile number.

Atal Pension Yojana contribution:

The amount that is to be contributed will depend on the age at which you register yourself for the pension yojana. The pension slab you opt for, ranging from Rs 1,000 to Rs 5,000 and the time of contribution you can choose amidst monthly, half-yearly, or quarterly.

If you register yourself at the age of 18 years, you will have to make a monthly contribution of just Rs 42. But, if you register yourself at the age of 40, you will be required to make a monthly contribution of Rs 291 to get pension benefits. In a similar manner, if you opt for joining the slab of Rs 5,000 pension per month at the age of 18 years, you will have to make a monthly contribution of Rs 210 and of Rs 1,454 if you join at the age of 40 years.

Contribution to APY:

The contribution for the scheme will be auto-debited from your bank account irrespective of whether the pension scheme account was opened via a bank branch or online. 

APY contribution chart:

In case of default in contributions, a penalty will be levied. A penalty will be levied as follows:

Rs. 1 per month for contribution up to Rs. 100 per month.

Rs. 2 per month for contribution up to Rs. 101 to 500/- per month.

Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.

Rs. 10 per month for contribution beyond Rs 1001/- per month.

If no contribution is made, then the following will happen to your APY account

After 6 months account will be frozen.

After 12 months account will be deactivated.

After 24 months account will be closed.

It is worth adding that earlier this year, the Pension Fund Regulatory and Development Authority (PFRDA) appointed an Ombudsman to resolve unaddressed complaints of National Pension System (NPS) and Atal Pension Yojana (APY) subscribers.  Any subscriber whose grievance has not been resolved within 30 days from the date of receipt of the grievance by any intermediary, or who is not satisfied with the resolution provided can register a grievance with the NPS Trust, against the intermediary.

The NPS Trust  shall follow up the grievance with the intermediary for redressal of the subscriber grievance. The NPST shall call for the resolution of the subscriber grievance and respond to the subscriber within 30 days from the date of receipt of the grievance. PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 requires every intermediary under NPS/APY to display the name/ address of the Ombudsman in its office premises prominently for the notice of the subscribers visiting their office premises.


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