Atal Pension Yojana: Are you eligible? Find out!

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

As per the information provided by India Post, any citizen of India can join APY scheme. However, there are other social security schemes beneficiaries who are not eligible to receive Government co-contribution under APY.

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If you want to enroll for the scheme then here is all you need to know:

Who can subscribe to APY?

(i) The age of the subscriber should be between 18 - 40 years.

(ii) He / She should have a savings bank account/ post office 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.

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.