Atal Pension Yojana (APY) is 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.

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Who can subscribe to APY?

Any Citizen of India can join APY scheme. The following are the eligibility criteria,

- The age of the subscriber should be between 18 - 40 years

- He / She should have a savings bank account/ open a savings bank account

- The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.

What is the benefit in joining APY scheme?

-In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme
during the period 1st June, 2015 to 31st December, 2015.

- The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.

What is the procedure for opening APY Account?

-Approach the bank branch where individual’s savings bank account is held.
- Fill up the APY registration form.
- Provide Aadhaar/Mobile Number.
- Ensure keeping the required balance in the savings bank account for transfer of monthly contribution

Whether Aadhaar Number is compulsory for joining the scheme?

- It is not mandatory to provide Aadhaar number for opening APY account.

-However, For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.