Atal Pension Yojana (APY): Check Benefits, Age Limit, & Form Details

What is Atal Pension Yojana Scheme?

To start with the Atal Pension Yojana details, it is a government-backed scheme for workers of the unorganized sector that was started in 2015 as a replacement for the Swavalamban Yojana. The intent behind bringing the scheme into effect was to provide financial support to the unorganized sector workers after their retirement, in form of a pension.

Eligibility for Atal Pension Yojana: Atal Pension Yojana (APY) Age Limit

To join the Atal Pension Yojana scheme, one has to meet certain eligibility criteria. The Atal Pension Yojana eligibility criteria are as follows:

• To Atal Pension Yojana(APY) age limit is between 18 and 40 years
• The applicant for the APY scheme needs to have a valid savings account
• The applicant must have a mobile number that has to be registered while applying for the scheme
• The individual has to contribute for at least 20 years.

Contribution Chart for the Atal Pension Yojana (APY) Scheme in Details

Age at Entry (Years)	Total Years of Contribution	For Monthly Pension of INR 1000	For Monthly Pension of INR 2000	For Monthly Pension of INR 3000	For Monthly Pension of INR 4000	For Monthly Pension of INR 5000
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1087
38	22	240	480	720	957	1196
39	21	264	528	792	1054	1318
40	20	291	582	873	1164	1454

Benefits of Atal Pension Yojana

Atal Pension Yojana benefits are many. Here are some of them mentioned below:

• This scheme is also available for private sector employees to subscribe
• Subscribers are allowed to select the contribution amount
• Once the subscriber attains the age of 60 years, a guaranteed pension amount is offered to him/her, which can be INR 1000, INR 2000, INR 3000, INR 4000, INR 5000
• If the subscriber passes away, the spouse or the nominee of the scheme receives the amount
• Under Section 80CCD of the Income Tax Act, 1961, one is eligible for tax benefits.

How to Download Atal Pension Yojana Application Form?

To get the Atal Pension Yojana application form, you can choose from the following three options.

• You can reach out to the nearest bank to get an Atal Pension Yojana application form
• The other option is to visit the official website of the Pension Fund Regulatory and Development Authority (PFRDA) and download the form
• The third option is to visit the official website of any public or private sector bank and download the form.

Steps to Open an Atal Pension Yojana Account

The steps to open an Atal Pension Yojana Account are mentioned herein below:

Step 1

You have to get the Atal Pension Yojana application form. You can get it from the nearest bank branch, download it from any official website of a bank, or download it from the official website of the Pension Fund Regulatory and Development Authority.

Step 2

The form is available in various languages of India such as English, Bangla, Telugu, Tamil, Odia, Marathi, Kannada, and Gujarati. You can choose your preferred language, fill out the form correctly, and submit the same at the bank. In the form, you would be required to mention your registered mobile number and attach a photocopy of the Aadhar Card along with other mandatory documents.

Step 3

As your application form is approved, you will receive a confirmation message.

Penalties for Delay in Contribution

Amount to be contributed	Penalty
Up to INR 100 per month	INR 1
Up to INR 101 to 500 per month	INR 2
Up to INR 501 to 1000 per month	INR 5
Beyond INR 1001 per month	INR 10

Pension Payment of APY Scheme

To draw the guaranteed pension amount, the subscribers as they attain the age of 60 years, would be required to submit a request to the bank. In case the subscriber passes away, the corpus amount is paid to the beneficiary. In case the beneficiary is also not alive, the amount is provided to the nominee.

What if a subscriber wants to exit before attaining the age of 60 years?

Under normal circumstances, you cannot exit before attaining the age of 60 years. However, it is possible in case of the death of the subscriber, or if he/she has been diagnosed with a terminal disease.