Atal Pension Yojana (APY) This is how you will get the pension in 2023

Atal Pension Yojana is the new pension scheme of the government By government aim to provide pension to all people of the country who are above the age of 60 years. This scheme can also be called the universal pension scheme because through this scheme government connects every people in the country who belongs to the unorganized sector like – the Gardner, maids car drivers, delivery boys, and also the labour class who get paid on a daily basis and have not any savings for the future or they are also not secure it in their account. This Atal Pension Yojana comes in place of the

Swavalamban Yojana. The Swavalamban Yojana is not liked by the people so, that scheme is closed and now it’s replaced by the new Atal Pension Yojana scheme. This scheme is launched by Prime Minister Modi.

Brief Description of the Atal Pension Yojana:

Name of SchemeAtal Pension Yojana (APY)
Scheme BenefitsEveryone gets a pension after the age of 60 years.
ObjectiveTo provide future funds security to everyone.

Launch Date of the Atal Pension Yojana:

The launch date of the Atal pension yojana is 9th May 2015. This scheme is launched by the Ministry of Finance. But this scheme comes under a special institution made for it called PFRDA. The full form of the PFRDA is Pension Fund Regulatory and Development Authority. This body of government regulates this scheme.

Aim of Atal Pension Yojana:

The aim of every government scheme is to provide security or benefit to its people public. The aim of this scheme is also the same as the other scheme. The Atal Pension Yojana scheme’s aim is that all people in our country have their own future security amount which they will get after their retirement and they will not think about their monthly money for their monthly expenses after their retirement.

That’s why this scheme is launched by the government for the people who belong to some non-organized sectors like – Maids, Labour workers delivery boys all these people belong to the unorganized sector of society. So, people belonging to all these sectors can not have savings in the future and this will lead them toward poverty so that’s why the scheme was launched so that people have their own saving account under the scheme and Can at least starts saving money for their future.

Atal Pension Yojana 2022 Key Highlights

PortalAtal Pension Yojana (APY)
Launched byMr Narendra Modi
Objectiveto provide future security to everyone through pension
BenefitsEveryone will get a pension after 60 years of age.
BeneficiaryEveryone belongs to the unorganized sector or Those who also get a pension who becomes a subscriber.
Official WebsiteClick Here

Beneficiaries of Atal Pension Yojana:

In the Atal Pension Yojana, all the country’s citizens are the beneficiaries of this scheme. Because this scheme’s main focus is to encourage people to save money and deposit a small amount until 60 years of age after this Government will provide them with money in a pension form. This scheme is for every citizen of the country. But the main focus of this scheme is on the people of the unorganized sector. Those people who do not save money for the future can create their accounts here and become subscribers of this scheme.

Eligibility Criteria of Atal Scheme:

There are some eligibility criteria for everyone in every scheme. Every person who applied anywhere for something has to be eligible for that thing. The eligibility criteria for this scheme are given:

  • Every person who has a savings bank account in any bank can apply for this scheme. If a person has not had a savings bank account in the bank then you have first to apply to open a bank for opening a saving account in the bank and then have applied to the Atal Pension Scheme.
  • For applying to Atal pension Yojana You must have a minimum age of 18 years. If you or any Indian who has attained the age of 18 can become a subscriber under the Atal pension scheme. The maximum age decided under this (APY) scheme for everyone is 40 years. Forty years of age is the maximum age limit under this scheme. After this age, you can not apply for Atal pension Yojana.
  • You must have a mobile no. Because during the registration you should have to provide a mobile and Adhaar card also. But an Adhaar card is not mandatory in the registration for the Atal pension Yojana. This is confirmed in the official document of the government which is present on the official site of the Atal Pension Scheme. So, the only thing which you have during the registration for the Atal Pension Yojana is the mobile number.

Key Feature Of The (APY) Scheme:

The key feature of this scheme Will give you all the necessary information about the Scheme. So, All the key features of this scheme are given below:

  • In this scheme, you will get a pension ranging between Rs. 1000 /- to Rs. 5000/- by investing in the scheme. But, you can also get much more pensions, if you start investing in the system much more than you will get much more pensions in this scheme. This is not fixed by the government which can invest only a specified amount in the scheme. So, it’s all on you how much you want to invest in the scheme. A point comes in the scheme that if your expenses become much more that you can’t invest that small amount that you have invested in the previous months. So, can I change this amount in the scheme Yes, You can change this amount in the scheme but you can change this amount only once a year?

When Will we start getting Pension in the Atal Pension:

If one becomes a subscriber of this scheme then he will get a pension. This pension is given on monthly basis to everyone. The pension is given to everyone after they have crossed the age of 60 years. After this, the money is directly starting transferred into your bank account which you have registered during the registration.

For How Many Years Do We have to Invest In the Scheme?

For getting a pension after the retirement age of 60 years, then you have to invest in the scheme. A certain period of time is given to everyone to invest money in the account. You have to invest or contribute for a minimum period of 20 years in this Atal Pension Yojana. To get the minimum Pension after 60 years of age.

  • If someone enrols under the scheme, they will get the government Co. contribution but this is for a certain period of time government co. you are contributing to the Account holder. But, this contribution is only valid till the 2020 year after this government will not contribute to anyone’s account.
  • If you have made anything False Declaration in the application then the government will fine you with a penalty and the government’s contribution to the pension will be taken back by the government.

How much is Government Co. contributing to the account holders?

When the scheme is started in 2015. The government start giving people benefits or trying to attract the public by declaring that the government is Co. contributing the money to the account holders. The government is contributing half of the money or Rs.1000 to the account holders’ accounts. This how government attract a lot of the public toward its scheme.

So, it has now 79 lakh open account holders or Yojana subscribers of the scheme. But if you are a part of any other benefit scheme of the government then you will not get the co-contribution of the government. Like if you are a part of the National pension scheme then you will not get the Co. contribution of the scheme.

  • Automatic Debit

The government has given the automatic debit facility by which you do not need to go to the Atal Yojana Centres. When you submit your account no. in this scheme then You have an automatic debit available if you are on this option then money from your account is directly deducted by the government. So, your monthly or quarterly or half-yearly amount is directly deposited into the scheme.

  • Tax Exemption

Tax exemption is also the key feature of this scheme. The tax exemption means that the government is not charging any tax on your pension or the amount which you are submitting for your pension scheme. This is the benefit of this scheme. This key feature of this scheme is also the same as the National Pension Scheme.

Penalty term of the Atal Pension Yojana

Some of the penalty terms of the APY scheme are given in below points. If you do not read these points Very carefully then you will regret this because you can also find this if you do not follow them carefully.

Some of the penalty points are given below for those who stop contributing to their account. The government will do this with them:

  • If you are contributing Rs. 100 to the account then Rs.1 will be deducted from your account.
  • If you are contributing an amount between Rs.101 to 500/- then Rs. 2 will be deducted from your account.
  • If you are contributing money ranges Rs.501 to Rs.1000 then Rs. 5 will be deducted from your account.
  • If someone contributes Rs. 1001/- then Rs. 10 will be deducted from your account.

If your contribution to the account will be stopped then this will happen to you. But if you are paying and change the amount which you are depositing then nothing will happen with your account.

Exit Procedure from APY Scheme:

So if someone wants to exit from this Atal Pension Yojana. Then you will have read the below procedures so, that you can understand all of the properly before doing this and you will not get confused during in between this procedure.

You can Exit From this policy at any time. But if you want to get out of this policy before 60 years of age then you have to submit an application to the bank then after submission bank will close your account and after give the amount which you have submitted to the account. Now you will get money but the government co-contributed money will be deducted from your account and the interest earned on it will be taken back and also some maintenance charges for this account will also be deducted from your account. This is how you can exit with this policy.

So, if you do not deposit money or amount in your account for a longer period then what will the Government do with your account?

  • If you do not pay the amount or have not submitted money in your account for more than 12 months then your APY subscriber account will be deactivated by the government.
  • If you have not deposited the amount from the 6 months then your APY account will be frozen by the government.
  • If you have had a non-payment account for more than 24 months then your account will be closed by the government.


In the above article, we have given full detail about the Atal Pension Yojana of the government. The Atal Pension Yojana is a very important pension scheme of the government. We try to give answers every through our article. But, if a query remains in your mind then you can ask directly by posting your question in the comment box. You can also visit the government site from there also by reading the official document of the government which they have provided for everyone to read. From these documents, you can get your answer also because in them the government has mentioned all the necessary information regarding your queries.

Thanks For Reading Our Article on Atal Pension Yojana.

How long do you have to pay APY?

You have to pay the amount or deposit it by the age of 40 years. Because this is the maximum age given in this Scheme.

How can I stop my APY account?

You can stop your APY account by submitting the application for the closure of the account into the bank account.

How do I join APY Online? 

You can join the APY account online by filling in the details in the form and submitting it online to the government’s official site on Atal pension Yojana OR you can open your account by visiting your local Cafes.

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