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Home / IAS Preparation / Government Schemes of India / Atal Pension Yojana

Atal Pension Yojana - Overview, Features, Eligibility, Benefits, Achievements, Funding & More

Last Updated on Dec 04, 2023
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The Atal Pension Yojana focuses on providing pension benefits to the unorganized sector, constituting a significant portion of the country's labor force. It was introduced to replace the Swavalamban Yojana, which had limited applications due to the lack of guaranteed pension benefits at 60. The Atal Pension Yojana aims to offer social security to the elderly, particularly those who are poor or underprivileged. Unlike the Swavalamban Yojana, this scheme ensures returns during the retirement phase or at the end of the policy term.

Let us study more about all the other important government schemes announced by the Indian government for the country's citizens. Candidates planning to appear in UPSC IAS exams must read the following notes to understand the topic better.

Also, study important Government Schemes here!

What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a pension scheme launched by the Government of India in 2015. It aims to provide social security to citizens, especially the underprivileged and the unemployed. It is a guaranteed pension scheme that promises to give a fixed monthly pension after 60 years. It is available for citizens between 18-40 years of age. Senior citizens already covered by other pension schemes are not eligible. Contributions are made through savings bank accounts through recurring debit until the age of 60.

Overview of Atal Pension Yojana (APY)

Scheme

Atal Pension Yojana (APY)

Full-Form

Atal Pension Yojana

Date of Launch

9th May 2015

Concern Ministry

Ministry of Finance

Eligibility

Open to all Bank Holders ( Age limit 18 years to 40 years)

Scheme Objective

ABY known as Swavalamban Yojana is income security scheme created with view to provide income security to all indians – poor, underprivileged and the workers in the unorganised sector

Regulated By

Pension Fund Regulatory and Development Authority

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Major Features of Atal Pension Yojana
  • The scheme guarantees a monthly pension from Rs. 1,000 to Rs. 5,000.
  • The Government of India will contribute 50% of the subscriber's contribution or Rs. 1,000 per year, whichever is lower.
  • The government contribution is for those not covered by any pension scheme and who do not pay income tax.
  • The government will contribute to eligible subscribers for 5 years. Subscribers who joined from June 1, 2015, to March 31, 2016, qualify.
  • The 5-year government contribution includes migrated 'Swavalamban' beneficiaries. No subscriber gets the benefit for over 5 years.

Study Pradhan Mantri Mudra Yojana here!

Objectives of APY

Providing security and safeguarding citizens against various challenges such as illness, accidents, and diseases. This scheme primarily targets the unorganized sector within the country. Under the Atal Pension Yojana, beneficiaries will receive monthly payments based on their accumulated savings. In the unfortunate event of a beneficiary's demise, pension payments will be transferred to their spouse. If both the beneficiary and their spouse pass away, a lump sum payment will be disbursed to the nominee.

Eligibility for APY
  • The APY plan is open to all Indian citizens.
  • The subscriber should be between the ages of 18 and 40.
  •  Contribution levels would fluctuate depending on when a subscriber joined and would be lower if she joined early and more if she joined late.
  • He or she will be required to show proof of possession in addition to their Aadhaar number or undertake Aadhaar authentication.
  • The subscriber’s Aadhaar number should be recorded in both the APY pension and savings accounts.
  • The Aadhar number is required for the debiting of contribution installments and the crediting of government co-contribution.

Benefits of APY
  • If a subscriber joins and contributes between 18 and 40, he or she would receive a fixed pension ranging from Rs.1000 to Rs.5000.
  • Contribution amounts would fluctuate, starting low if a subscriber joined early and increasing as time passed.
  • After the death of the Subscriber, the Spouse receives the same pension.
  • After the spouse's death, the pension fortune is returned to the nominees.
  • Contributions to the Atal Pension Yojana (APY) are tax-deductible in the same way that contributions to the National Pension System (NPS).
  • The tax benefits include a Rs 50,000 extra deduction under section 80CCD (1).

Enrollment and Subscriber Payment

APY with auto-debit facility to accounts is available to all qualifying bank account holders, reducing contribution collecting charges.

Enrollment agencies

APY with auto-debit facility to accounts is available to all qualifying bank account holders, reducing contribution collecting charges.

Penalty Charges of Atal Pension Yojana

In the event of delayed payments, the Atal Pension Yojana (APY) imposes the following penalty charges on a monthly basis:

  • A penalty of Re.1 will be imposed for contributions up to Rs.100 per month.
  • A penalty of Rs.2 will be assessed for contributions between Rs.101 and Rs.500 per month.
  • A penalty of Rs.5 will be applied for contributions falling between Rs.500 and Rs.1,000 per month.
  • A penalty of Rs.10 will be levied for monthly payments exceeding Rs.1,001.
  • The APY penalty charges are set as fixed amounts depending on the pension contribution. 

Additionally, if payments are interrupted, the following conditions apply:

  • If no payments are made for a consecutive 6-month period, the account will be frozen.
  • The account will be deactivated after 12 months of non-payment.
  • If payments are not resumed for a continuous 24-month period, the APY account will be closed.

Funding of APY
  • The APY scheme offers subscribers a guaranteed fixed pension, with the Central Government co-contributing 50% of the subscriber's contribution up to Rs. 1000 per year for 5 years, from 2015-16 to 2019-20.
  • To be eligible for APY, individuals must join before March 31, 2016, not be beneficiaries of any social security scheme, and not be income taxpayers.
  • The government will provide subsidies for promotional activities and development operations, including incentive payments to contribution collection firms, to encourage enrollment in APY.
  • Enrollment age, contribution levels, fixed monthly pension, and corpus return to subscribers' nominees determine the scheme's details.
  • For subscribers joining at 18, monthly contributions ranging from Rs. 42 to Rs. 210 can provide a fixed monthly pension between Rs. 1,000 and Rs. 5,000.
  • If a subscriber joins at 40, the contribution required for the same pension levels will range from Rs. 291 to Rs. 1,454.

Major Achievements of Atal Pension Yojana
  • Atal Pension Yojana has had a great five-year journey, with overall enrolment under the plan at 2,23,54,028 as of May 9, 2020.
  • Almost 50 lac subscribers were enrolled in the first two years, which doubled to 100 lac in the third year and 1.50 crore in the fourth year.
  • The scheme enrolled about 70 lacs participants in the previous financial year, 2020.
  • Apart from record enrollments, the scheme has been implemented nationwide, with a male to a female subscription ratio of 57:43 in all states and union territories.
  • The total number of NPS and Atal, Pension Yojana subscribers, has surpassed 3.46 crore as of 30 April 2020.

Study in detail about National Pension Scheme here!

Difference between NPS and APY

Difference between NPS and APY

National Pension Scheme

Atal Pension Yojana

Age

Individuals must be 18 years old to join the National Pension Scheme (NPS). The maximum age is established at 65 years in comparison.

The minimum admission age is 18 years, with a maximum age limit of 40 years.

Eligibility Criteria

All Indian citizens, whether residents or non-residents are welcome to participate.

Indian citizens have the ability to invest. They must have a bank or post office savings account to take advantage of this program.

Type of Account

A person can only have one account in his name.

Tier I and Tier II accounts are the two types of accounts available to an investor. The former is required, whereas the latter is an investor’s choice.

Nominee

A nomination is required. In addition, the nominee cannot be the spouse.

Without fail, a subscriber must provide the name of a nominee.

Account Number

A Permanent Retirement Account Number is assigned to NPS members.

The government does not provide an Atal Pension Yojana subscriber with a permanent account number.

Pension Slab

For NPS, there are no defined pension slabs.

Individuals can choose a set amount of pension that must be paid every month. The slab might be anything between Rupees 1000 and 5000

 

Some Frequently Asked Questions on Atal Pension Yojana

Q1.How to check Atal Pension Yojana balance?
To check your Atal Pension Yojana (APY) balance, you can conveniently visit the official website of the National Pension System (NPS) or utilize the mobile app. After logging in with your credentials, you will gain access to comprehensive details regarding your APY account, including the current balance. If preferred, an alternative is to visit the bank or post office where you initially enrolled in the scheme; the staff there can readily provide information regarding your APY balance. This accessibility ensures that subscribers can easily stay informed about their pension contributions and plan for their financial future.
 
Q2.Can I stop Atal Pension Yojana?
Yes, it is possible to discontinue the Atal Pension Yojana. However, specific conditions and considerations apply. To halt the scheme, you need to submit a formal request to the bank or post office where you have your APY account. It is important to note that premature exit from the Atal Pension Yojana may incur penalties, and there is a possibility of forfeiting the accumulated government co-contributions. Before deciding to stop the Atal Pension Yojana, it is advisable to thoroughly understand the terms and conditions, ensuring that the decision aligns with your financial goals and circumstances.
 
Q3.How does the Atal Pension Yojana work? 
Atal Pension Yojana operates as a government-backed pension scheme designed to provide a fixed monthly pension to subscribers during their retirement years. Geared towards workers in the unorganized sector, the scheme encourages systematic savings for old age. The pension amount is contingent on the individual's contributions and the age at which they commence contributing. Contributions are automatically deducted from the subscriber's bank account, streamlining the process. Additionally, the government offers co-contributions to eligible beneficiaries, enhancing the overall effectiveness of the scheme. 
 
Q4.How to apply and how to cancel the Atal Pension Yojana online?
Applying for the Atal Pension Yojana (APY) is a straightforward process that can be initiated online. Prospective subscribers can visit the official website of the scheme or approach the nearest bank or post office offering APY. The application typically involves filling out a form and providing the necessary documentation. On the other hand, to cancel or exit the APY, one needs to visit the bank or post office where the scheme was initially enrolled. It's crucial to be aware that premature exits may incur penalties, and there's a possibility of forfeiting government co-contributions. Understanding the online application process and the terms associated with cancellation ensures a seamless experience for individuals participating in the APY.

We hope all your doubts regarding the Atal Pension Yojana would have been addressed now. Testbook provides study material for various competitive examinations. Ace your UPSC preparation by downloading the Testbook App!

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FAQs regarding Atal Pension Yojana

The Atal Pension Yojana (APY) targets the working poor's retirement income security and the unorganized sector's longevity problems. It encourages workers in the unorganized sector to save for their retirement on their own time.

The scheme was launched on 9th May 2015 by Prime Minister Shri Narendra Modi.

It is regulated by Pension Fund Regulatory and Development Authority (PFRDA) under the Department of Financial Services, Government of India through the National Pension System (NPS). The nodal ministry of the scheme is the Ministry of finance.

The APY plan i early and more if she joined late.s open to all Indian citizens. The subscriber should be between the ages of 18 and 40. Contribution levels would fluctuate depending on when a subscriber joined and would be lower if she joined
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