Atal Pension Yojana (APY)

Atal Pension Yojana (APY) is one of the Social Security Schemes in the insurance & pension sector launched by the Govt. of India for all Indians to provide a defined pension between Rs. 1,000/- to Rs. 5,000/- depending on the contribution & its period.

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Atal Pension Yojana Benefits

An APY Account with HDFC Bank offers the following benefits:

  • Tax Benefit: ax benefit under Sec. 80 CCD for the contributions made.
  • Guaranteed Pension: Guaranteed minimum pension of Rs.1,000/- to Rs.5,000/- per month. If the actual returns on the pension contributions are higher then the pension will also be higher.

Atal Pension Yojana Eligibility

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Atal Pension Yojana Benefits

An APY Account with HDFC Bank offers the following benefits:

  • Tax Benefit : Tax benefit under Sec. 80 CCD for the contributions made.
  • Guaranteed Pension : Guaranteed minimum pension of Rs.1,000/- to Rs.5,000/- per month. If the actual returns on the pension contributions are higher then the pension will also be higher.
  • Pension to the Spouse : In case of death of the subscriber, pension would be available to the spouse.
  • Corpus to the Nominee : In case of death of the subscriber & the spouse both, then the pension corpus would be returned to the nominee.
  • To apply for APY, click here Apply Now

Atal Pension Yojana Eligibility

Contribution to APY

Click here for APY Contribution chart

To apply for APY, click here Apply Now

How to Apply for APY Account

On line Application : Convenient Paperless process

Application at a Branch

  • Existing account holders can approach any of the HDFC Bank branch to subscribe to APY
  • Provide the Bank A/c number to the bank staff who will help to enroll for APY.
  • Give personal and nominee details, pension amount and frequency.
  • Sign the form to confirm for enrolment

Click here to download Atal Pension Yojana application form

Ensure keeping the required balance in the savings bank account for debit of monthly / quarterly / half yearly contribution.

To apply for APY, click here Apply Now

How to down load APY account statement

Steps to be followed for downloading the APY account statement –

  • Click on Home & Select "Atal Pension Yojana (APY)"
  • Select "APY e-PRAN/Transaction Statement View"
  • Enter Name + Bank a/c No. + DOB & Print OR Enter PRAN* + Bank a/c Number & Print

*PRAN is available in the APY contribution debit narration in your account (PRAN begins with “5” & is 12 digit number)

To apply for APY, click here Apply Now

Terms & Conditions of APY

  • APY is open to all savings bank account holders.
  • The scheme is administered by the PFRDA through NPS architecture. The minimum entry age for joining APY is 18 years & the maximum age is less than 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more.
  • The demographic data of the customer will be taken from core banking.
  • The subscriber is advised to share mobile number details with the bank during enrolment to receive registration & contribution confirmation from the NSDL.
  • The contributions can be made at monthly/ quarterly/ half yearly intervals from savings bank account of the subscriber. First contribution will be debited at the time of enrolment & the subsequent debit would be as per the frequency chosen by the subscriber. The quarterly & the half yearly contributions will happen in the first month of the financial year quarter/ half year.
  • The contribution will be deducted from the subscriber’s savings bank account through auto debit facility.
  • The application is liable to be rejected if the balance for successful debit of contribution amount is not available at the time of enrolment.
  • The contribution will be deducted as per date of birth of the subscriber updated in the core banking system.
  • The subscribers would receive the guaranteed minimum pension of Rs. 1,000/- to Rs.5,000/- per month will be given at the age of 60 years depending on the contributions by the subscriber. The benefit of minimum pension would be guaranteed by the Government of India.
  • The subscribers are advised to maintain required balance in their saving bank account to avoid any late payment penalty.
  • The subscriber can opt to decrease or increase the pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in a year during the month of April only.
  • The subscriber will receive periodic physical statement of Account issued by NSDL on the address given in the core banking which has been submitted to NSDL.
  • The subscriber will be provided with an acknowledgement slip once registered for APY, which would capture the registration details along with the guaranteed pension amount, periodicity of contribution, contribution amount, PRAN etc.
  • The subscriber should not be holding any other APY account while applying from HDFC Bank net banking.
  • The subscriber should keep the required balance in their saving bank account to avoid any overdue interest for delayed contributions. Banks are required to collect Re.1/- per month for the contribution of every Rs.100/- or part thereof, for each delayed monthly contributions. The overdue interest amount collected will remain as part of the pension corpus of the subscriber. In all cases, the contribution is to be recovered along with the overdue charges, if any. The due amount will be recovered as and when funds are available in the account. This will be bank’s internal process.
  • Exit procedure
    • On attaining the age of 60 years:
      Upon completion of 60 years, the subscriber will have to submit the request to the associated bank for drawing the guaranteed minimum monthly pension or higher monthly pension, if investment returns are higher the guaranteed returns embedded in APY. The same amount of monthly pension is payable to spouse upon death of the subscriber. Nominee will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the subscriber & the spouse.
    • In case of death of the subscriber due to any cause after the age of 60 years:
      In case of death of subscriber, pension would be available to the spouse & the on the death of both of them (the subscriber & the spouse), the pension wealth accumulated till age 60 of the subscriber would be returned to the nominee.
    • Exit Before the age of 60 Years:
      Exit before 60 years of age is generally not permitted, it may be permitted by PFRDA only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease etc., in line with the provisions for pre mature exit under NPS.
    • Death of subscriber before 60 years
      The entire accumulated corpus under APY will be returned to the spouse/ nominee. However, pension shall not be payable to the spouse/ nominee.
  • To apply for APS, click here Apply Now

FAQs - Atal Pension Yojana (APY)

What is Pension? Why do I need it?
A Pension provides people with a monthly income when they are no longer earning.

Need for Pension:
i. Decreased income earning potential with age
ii. The rise of nuclear family-migration of earning members
iii. Rise in cost of living
iv. Increased longevity
v. Assured monthly income ensures dignified life in old age

What is Atal Pension Yojana?
Atal Pension Yojana (APY)1 a pension scheme for citizens of India focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

Who can subscribe to APY Scheme?
Any Citizen of India can join APY scheme. The following are the eligibility criteria,

i. The age of the subscriber should be between 18 - 40 years.
ii. He / She should have a savings bank account/ open a savings bank account.

The prospective applicant may provide Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on APY account. However, Aadhaar is not mandatory for enrolment

For how many Years Government will co-contribute?
The co-contribution of the Government of India is available for 5 years, i.e., from the Financial Year 2015-16 to 2019-20 for the subscribers, who have joined the scheme during the period from 1st June, 2015 to 31st March, 2016 and who are not covered by any Statutory Social Security Scheme and are not income tax payers. The Government co-contribution is payable to eligible Permanent Retirement Account Number (PRANs) by the Pension Fund regulatory and Development Authority (PFRDA) after receiving the confirmation from Central Record Keeping Agency to the effect that the subscriber has paid all the installments for the year Government co-contribution will be credited in subscriber’s savings bank account 50% of the total contribution subject to a maximum of Rs 1000/- at the end of financial year.

Who are the other social security schemes beneficiaries not eligible to receive Government co-contribution under APY?
The beneficiaries, who are covered under statutory social security schemes, are not eligible to receive Government co-contribution under APY. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution under APY:

i. Employees' Provident Fund and Miscellaneous Provision Act, 1952.
ii. The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
iii. Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
iv. Seamens’ Provident Fund Act, 1966.
v. Jammu Kashmir Employees’ Provident Fund and Miscellaneous Provision Act, 1961.
vi. Any other statutory social security scheme

How much pension will be received under APY?
Minimum guaranteed monthly pension of Rs 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given from the age of 60 years onwards depending on the contributions by the subscribers.

What is the benefit in joining APY scheme?
The benefit of minimum pension under Atal Pension Yojana would be guaranteed by the Government in the sense that if the actual realized returns on the pension contributions are less than the assumed returns for minimum guaranteed pension, over the period of contribution, such shortfall shall be funded by the Government. On the other hand, if the actual returns on the pension contributions are higher than the assumed returns for minimum guaranteed pension, over the period of contribution, such excess shall be credited to the subscriber’s account, resulting in enhanced scheme benefits to the subscribers. The Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, who joins the scheme during the period 1st June, 2015 to 31st March, 2016 and who is not a beneficiary of any social security scheme and is not an income tax payer. The Government co-contribution will be given for 5 years from the Financial Year 2015-16 to 2019-20. At present, a subscriber under the National Pension System (NPS) is eligible to get tax benefit for the contribution, upto a ceiling, and even for the investment returns on such contributions. Further, the purchase price of the annuity on exit from NPS is also not taxed and only the pension income of the subscribers are considered to be part of normal income and taxed at the appropriate marginal rate of tax, applicable to the subscriber. It is proposed that a similar tax treatment may be given to the subscribers of APY. However, presently, a similar tax dispensation, on par with that available under NPS, is yet to be accorded to subscribers under APY.

How are the contributions of APY invested?
The contributions under APY are invested as per the investment guidelines prescribed by PFRDA for Central Government / State Government / NPS-Lite / Swavalamban scheme / APY

What is the procedure for opening APY Account?
i. Approach the bank branch where individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.
ii. Provide the Bank A/c number and with the help of the Bank staff, fill up the APY registration form.
iii. Provide Aadhaar / Mobile Number. This is not mandatory, but may be provided to facilitate the communication regarding contribution.
iv. Ensure keeping the required balance in the savings bank account for transfer of monthly / quarterly / half yearly contribution.

Whether Aadhaar Number is compulsory for joining the APY scheme?
It is not mandatory to provide Aadhaar number for opening APY account. It is however desirable to provide Aadhaar Number for proper identification of the subscriber

Can I open APY Account without savings bank account?
No. For joining APY, savings bank account is mandatory.

What is the mode of contribution to the APY account?
The contributions can be made at monthly / quarterly / half yearly intervals through autodebit facility from savings bank account of the subscriber.

What is the due date for monthly contribution?
The contribution may be paid to APY through savings bank account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half year, in case of half-yearly contributions

What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date?
The subscribers should keep the required balance in their savings bank accounts on the stipulated due dates to avoid any overdue interest for delayed contributions. The monthly / quarterly / half-yearly contribution may be deposited on the first date of month / quarter / half year in the savings bank account. However, if there is inadequate balance in the saving bank account of the subscriber till the last date of the month / last date of the first month in a quarter / last day of the first month in a half year, it will be treated as a default and contribution will have to be paid in the subsequent month along with overdue interest for delayed contributions. Banks are required to collect Rs. 1 per month for contribution of every Rs. 100, or part thereof, for each delayed monthly contributions.

Overdue interest for delayed contribution for quarterly / half yearly mode of contribution shall be recovered accordingly. The overdue interest amount collected will remain as part of the pension corpus of the subscriber.

More than one monthly / quarterly / half yearly contribution can be recovered subject to availability of the funds. In all cases, the contribution is to be recovered along with the overdue charges if any. This will be bank’s internal process. The due amount will be recovered as and when funds are available in the account.

What will happen to APY account in case of continuous default?
Deduction would be made in the subscribers account for account maintenance charges and other related charges on a periodic basis. Once the account balance in the subscriber’s account becomes zero due to deduction of account maintenance charges, fees and overdue interest, the account would be closed immediately. For those

subscribers, who have availed Government co-contribution, the account would be treated as becoming zero when the subscriber corpus minus the Government co-contribution would be equal to the account maintenance charges, fees and overdue interest and hence the net corpus becomes zero. In this case, the Government co-contribution

How much to contribute towards APY?
The monthly / quarterly / half yearly contribution depends upon the intended / desired monthly pension and the age of subscriber at entry. The details may be referred to in Annex I.

Is it required to furni sh nomination while joining the APY scheme?
Yes. It is mandatory to provide nominee details in APY account. If the subscriber is married, the spouse will be the default nominee. Unmarried subscribers can nominate any other person as nominee & they have to provide spouse details after marriage. The Aadhaar details of spouse and nominees may be provided

How many APY accounts I can open?
A subscriber can open only one APY account and it is unique. Multiple accounts are not permitted.

Will there be any option to increase or decrease the monthly contribution for higher or lower pension amount??
The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.

What is the withdrawal procedure from APY?
i. On attaining the age of 60 years:
Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed minimum monthly pension or higher monthly pension, if investment returns are higher than the guaranteed returns embedded in APY. The same amount of monthly pension is payable to spouse (default nominee) upon death of subscriber. Nominee will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the subscriber and spouse.

ii. In case of death of the subscriber due to any cause after the age of 60 years:
In case of death of subscriber, pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension wealth accumulated till age 60 of the subscriber would be returned to the nominee.

iii. Exit Before the age of 60 Years:
Exit before 60 years of age is generally not permitted, it may be permitted by PFRDA only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease etc., in-line with the provisions for pre-mature exit under NPS.

In case a subscriber, who has availed Government co-contribution under APY, chooses to voluntarily exit APY at a future date, he shall only be refunded the contributions made by him to APY, along with the net actual accrued income earned on his contributions (after deducting the account maintenance charges). The Government co-contribution, and the accrued income earned on the Government co-contribution, shall not be returned to such subscribers.

iv. Death of subscriber before 60 years
The entire accumulated corpus under APY will be returned to the spouse / nominee. However, pension shall not be payable to the spouse / nominee

How will I know the status of my contribution?
The physical statement of APY account will be provided to the subscribers annually

If I move my residence/city, how can I make contributions to APY account?
The contributions may be remitted through auto debit uninterruptedly even in case of dislocation.

What will happen if a subscriber becomes non-citizen of the country?
The scheme is open to the Indian citizens only. Hence, in that event the APY account will be closed and contribution will be returned to the subscriber as mentioned above in the case of voluntary exit before the age of 60 years

If I am an existing subscriber of APY, can I change my monthly auto debit facility to Quarterly or Half Yearly as per my convenience?
Yes, the subscriber can change the mode (monthly/ quarterly/half yearly) of auto debit facility once in a year during the month of April

If I have completed 40 years, can I join Atal Pension Yojana?
No, a person who is in age group of 18 years to 39 years 364 days can join Atal Pension Yojana.

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