How to be Eligible for Opening an Atal Pension Yojana Account

Here’s a list of the criteria to qualify for the Atal Pension Yojana scheme.
Opening a APY Account
4 mins
06 January 2024

The Atal Pension Yojana is a unique retirement scheme initiated by the Government of India. With over 73 lakh Atal Pension Yojana accounts opened as of 2015, this scheme has seen much success because of the security and returns it offers. However, to open the APY account, you need to ensure that you match the eligibility criteria.

What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a government-backed pension scheme in India, primarily aimed at unorganized sector workers. Launched by the Government of India, this scheme encourages individuals to save for their retirement. APY provides a fixed pension amount, depending on the contribution amount and age of the individual by the subscriber. The scheme is open to Indian citizens aged between 18 and 40 years, and the pension payments begin after the age of 60.

Eligibility for Atal Pension Yojana

Here’s a list of the criteria to qualify for the Atal Pension Yojana scheme.

1. You need to have a valid savings account

To avail of the Atal Pension Yojana facilities, having a savings account is a mandatory requirement. Having the account ready with net banking facilities is an add-on. This will allow you to utilise the auto-debit facility on your account, where your monthly contributions towards the pension get automatically deducted at a fixed date. Additionally, opening the Atal Pension Yojana account is easier when you access online facilities on your savings account.

2. You need to be within the age limit

The age bracket set by the government for Atal Pension Yojana is 18 to 40 years. The most important thing to remember here is that you will start receiving a pension in the range of Rs. 1,000 - Rs. 5,000 only when you are 60 years old. Thus, the minimum period of your contribution will be 20 years or more based on the age when you start the scheme.

3. You should have a mobile number

When you apply for the Atal Pension Yojana scheme, the government sends your monthly payment and other notifications on your registered mobile number. Ideally, this is the number linked to your savings account. If you want to enrol on a separate number, you need to provide your mobile number while opening the pension account.

Additional read: PF Balance Check With And Without UAN Number

4. You need to have an Aadhaar card

Your Aadhaar card details is a mandatory requirement for this scheme. Your application will get dismissed if you do not provide it. Also, there is a separate consent form that you will have to sign to authorise the government to link your Aadhaar card with your pension account. This declaration is mandatory too and allows the government to validate all your details for Atal Pension Yojana.

5. You cannot be a member of any other scheme

You cannot be a part of any other company provided pension scheme or any other programme that guarantees monthly pension, including NPS (National Pension Scheme). However, suppose you were holding the NPS Lite account or a pension account under the Swavalamban Yojana, your existing account will automatically be transferred to the Atal Pension Yojana scheme account.

You can now easily open a pension account while keeping these points in mind. Just plan your contributions according to your age and income to receive a pension all through your retirement years.

How to Apply for Atal Pension Yojana

  1. Visit any nationalized bank offering the scheme to open your APY account.
  2. Download the APY application form from the official website or obtain it from the bank.
  3. The application form is available in multiple languages like English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.
  4. Complete the form and submit it to your bank.
  5. Provide a valid mobile number (if not provided earlier) and submit a photocopy of your Aadhaar card.

How to Withdraw from APY?

Withdrawing from the APY scheme is generally not allowed before the age of 60. However, exceptions may be considered in cases of the beneficiary's death or terminal illness. The possible exit scenarios include:

  • Upon reaching 60 years of age: The subscriber's pension wealth is entirely annuitised.
  • In the event of the subscriber's death: The pension becomes available to the spouse, and if the spouse also passes away, the pension corpus is returned to the nominee.

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Frequently asked questions

Can I open an APY account if I am an NPS subscriber?

Yes, you can open an APY account even if you are an NPS (National Pension System) subscriber.

I have a post office savings bank account. Can I join APY?

Yes, individuals with a post office savings bank account are eligible to join Atal Pension Yojana (APY).

Can I apply for APY online?

Yes, you can apply for Atal Pension Yojana (APY) online. But you must need link your Aadhaar with your mobile number to avail of the online APY account opening facility.

What are the documents required to apply for the APY Scheme?

The documents required for applying to the APY scheme typically include a filled application form, a valid photocopy of your Aadhaar card.

How will I know if the pension scheme is activated?

Once your APY application is approved and the account is activated, you will receive a confirmation message on your registered mobile number.

How many APY accounts can I open?

As per the guidelines of Atal Pension Yojana (APY), an individual is allowed to open only one APY account.

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