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Atal Pension Scheme 2024 (APY) Objectives, Eligibility & Benefits

Atal Pension Scheme (APY) Objectives, Eligibility & Benefits, Atal Pension Scheme (APY) was launched by the Narendra Modi government in 2015. The pension scheme is mainly focused on the unorganized sector and investors can get good money by investing a small amount. One has to start investing in a pension scheme between the ages of 18 and 40 to get at least a monthly return. Thereafter, he will receive monthly pension from Rs 1000 to Rs 5,000 per month.

Atal Pension Scheme 2024
Atal Pension Scheme 2024

Atal Pension Scheme (APY) Objectives, Eligibility and Benefits

  • The Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement
  • The GoI has therefore announced a new scheme called Atal Pension Yojana (APY)1 in 2015-16 budget. The APY is focused on all citizens in the unorganized sector.
  • The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.


• Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month. • The benefit of minimum pension would be guaranteed by the GoI. • GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who • are not covered by any Statutory Social Security Schemes and is not income tax payer. • GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The • benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries. • All bank account holders may join APY.


• APY is applicable to all citizen of India aged between 18-40 years. • Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.

Charges for default

Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below: Re. 1 per month for contribution upto Rs. 100 per month. Re. 2 per month for contribution upto Rs. 101 to 500/- per month. Re 5 per month for contribution between Rs 501/- to 1000/- per month. Rs 10 per month for contribution beyond Rs 1001/- per month. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber

Important information for subscriber:

Discontinuation of payments of contribution amount shall lead to following: • After 6 months account will be frozen. • After 12 months account will be deactivated. • After 24 months account will be closed. Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

Important Links

• Atal Pension Form : Click Here
• Gujarati Brochure : Click Here

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