Atal Pension Yojana
Atal Pension Yojana (APY) is a pension scheme for citizens classified under the unorganized sector. APY scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Features & Benefits- APY is a periodic contribution-based pension plan, based on the monthly assured amount of ₹1,000/-, ₹2,000/-, ₹3,000/-, ₹4,000/- and ₹5,000/- pension after the age of 60 years.
- The premium will be auto debited from the customer's account on periodic intervals i.e., Monthly/Quarterly/ Half-Yearly, based on the customer's option to pay the premium.
- A monthly pension amount starting from ₹1,000/-, ₹2,000/-, ₹3,000/-, ₹4,000/- and ₹5,000/- can be received by subscribers, every month after their retirement at the age of 60 years, until the death of the subscriber.
- After the death of the account holder, the spouse will be entitled to get the exact same pension amount as the subscriber was entitled for, until the death of the spouse.
- After the demise of both spouse and subscriber, the nominee will be entitled to receive the Corpus amount.
APY is open to all citizens of India who have a savings bank account including BSBD account. The minimum age for joining APY is 18 years and maximum age is 40 years.
From 1st October 2022, any citizen who has been an income-tax payer (under Income Tax Act, 1961), shall not be eligible to join APY.
How to enrol in the scheme?APY subscriber forms are available in all our Bank Branches. Our customers can also approach the nearest branch / Business Correspondents and join the scheme.