ATAL PENSION YOJANA TERMS & CONDITIONS
Details of the Scheme
Atal Pension Yojana (APY), a pension scheme for citizens of India focused on the unorganized sector workers.
the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given
the age of 60 years depending on the contributions by the subscribers.
The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS
specifically focused on all citizens in the unorganized sector. On successful registration into the scheme, a
(Permanent Retirement Account Number) will be allotted to the subscriber. Customer can download his / her Atal
Yojana statement based on this unique number, PRAN, that identifies his/her account.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019- 20 for the subscribers who
scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory
Security Schemes and are not income tax payers. The Government co-contribution is payable to eligible PRANs by
after receiving the confirmation from Central Record Keeping Agency once in a year. Government contribution will
be credited in subscriber’s Savings Bank account.
Beneficiaries who are covered under statutory social security schemes are not eligible to receive Government
For example, members of the Social Security Schemes under the following enactments would not be eligible to
The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per
available monthly pension amounts. However, the switching option shall be provided once in year as indicated by
The subscriber will receive periodic physical Statement of Account issued by NSDL once a year. Additionally,
can download APY app to view account details / contributions paid / transaction statement. Alternatively, you
also download your APY account statement, please
Steps to be followed for downloading the APY account statement –
- Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
- Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
- Seamens’ Provident Fund Act, 1966.
- Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
- Any other statutory social security scheme.
If subscriber is married then spouse by default will be nominee in this scheme. The subscriber can provide
The subscriber is advised to share mobile number details with the bank during enrolment to receive
registration & contribution
confirmation from NSDL.
Atal Pension Yojana (APY) Subscribers have an option to opt for physical PRAN Card by accessing eNPS portal.
An instruction Link has been provided to Subscribers to know how to Print APY PRAN Card. This link is available
once Subscriber clicks on Atal Pension Yojana menu available on eNPS portal. Link to Print APY PRAN Card – Click here
- Enter Name + Bank a/c No. + DOB & Print
- Enter PRAN* + Bank a/c Number & Print
*PRAN is available in the APY contribution debit narration in
your account (PRAN begins with “5” & is 12 digit)
Atal Pension Yojana (APY) is open to all saving bank account holders. The minimum age for joining APY is 18
maximum age is less than 40 years. Therefore, minimum period of contribution by any subscriber under APY would
20 years or more. The subscriber should not be holding any other APY account while applying from Airtel Payments
Contribution will be deducted from the customer’s saving bank account on an auto-debit basis. The demographic
of the customer will be taken from core banking. Thus the contribution will be deducted as per date of birth of
customer in core banking.
The contributions can be made at monthly / quarterly / half yearly intervals from savings bank account of the
First contribution will be debited at the time of enrollment; subsequent contribution will be debited on 15th of
every month or any other date of the month as per the frequency chosen by the subscriber. The quarterly and
contributions will happen in the first month of the financial year quarter/half year.
The subscribers are advised to keep required balance in their savings bank accounts to avoid any late payment
Table for contribution
The contributions under APY are invested as per the investment guidelines prescribed by Ministry of Finance,
Under APY, the monthly pension would be available to the subscriber in the associated bank account registered
NSDL, and after him to his spouse and after their death, the pension corpus, would be returned to the nominee of
The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from
Record Keeping Agency once in a year. Government contribution will be credited in subscriber’s Savings Bank
Also any false declaration about his/her eligibility for benefits under this scheme for whatsoever reason, the
government contribution shall be forfeited along with the penal interest.
Contributions under the pension scheme enjoy the same tax benefits as the NPS (National Pension System).
can be claimed under Section 80CCD (1B) of the Income Tax Act. The current limit for income tax deduction
80CCD (1B) is Rs. 50,000. This is over and above the Rs. 1.5 lakh allowed under Section 80C.
Penalty for default
Under APY, the individual subscribers shall have an option to make the contribution on a
basis. The monthly/quarterly/half-yearly contribution will be debited on 15th of every month/ 15th of first
of quarter/15th of first month of half year from the savings bank account. If there is a delayed payment then it
will be treated as a default and contribution will have to be paid in the subsequent month along with overdue
for delayed contributions. The fixed amount of interest/penalty will remain as part of the pension corpus of the
subscriber. Airtel Payments Bank shall collect additional amount for delayed payments. The penalty charged will
Re. 1 per Rs. 100 contribution amount. The below chart is an example of overdue interest collected.
More than one monthly / quarterly / half yearly contribution can be recovered subject to availability of the
funds. In all
cases, the contribution is to be recovered along with the overdue charges if any. The due amount will be
as and when funds are available in the account.
Overdue interest chart
||Contribution Amount Range (Rs)
||Overdue Interest to be paid per month (Rs)
Recovery of contribution for delayed payments
APY module will raise demand on the due date and continue to raise demand till the amount is recovered from
account. The due date for recovery of monthly contribution may be treated as 15th or any day in the calendar
for each subscriber. Bank can recover amount any day till the last day of the month. It will imply that
are recovered as and when funds are available any point during the month. Contribution will be recovered along
the overdue interest if applicable. All subscribers under APY remain connected on their mobile so that timely
alerts can be provided to them at the time of making their subscription, auto-debit of their accounts and the
in their accounts.
Exit and pension payment
Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the
minimum monthly pension or higher monthly pension, if investment returns are higher than the guaranteed returns
in APY. The same amount of monthly pension is payable to spouse (default nominee) upon death of subscriber.
will be eligible for return of pension wealth accumulated till age 60 of the subscriber upon death of both the
and spouse. Settlement of funds is subject to PFRDA approval.
In case of death of subscriber due to any cause after the age of 60 years, pension would be available to the
and on the death of both of them (subscriber and spouse), the pension wealth accumulated till age 60 of the
would be returned to the nominee. Settlement of funds is subject to PFRDA approval.
Exit before the age of 60 Years: Voluntary exit in APY is permitted. In case a subscriber, who has availed
co-contribution under APY, chooses to voluntarily exit APY at a future date, he shall only be refunded the
made by him to APY, along with the net actual accrued income earned on his contributions (after deducting the
maintenance charges). The Government co-contribution, and the accrued income earned on the Government
shall not be returned to such subscribers.
Death of subscriber before 60 years:
In case of death of the subscriber before 60 years, option will be available to the spouse of the subscriber
contribution in the APY account of the subscriber, which can be maintained in the spouse’s name, for the
vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the
shall be entitled to receive the same pension amount as the subscriber until death of the spouse.
- Or, the entire accumulated corpus under APY will be returned to the spouse / nominee. Settlement of funds
subject to PFRDA approval.
NOTE: In case of death of the customer, spouse / nominee can download the Account Closure Death form. Fill
in the details, attach proofs as mentioned in the form & post it at Customer Support – Airtel Payments Bank
Airtel Center Plot No.16 Udyog Vihar Phase IV Gurugram, 122015 – Haryana
Customer can contact the Airtel Payments Bank customer care numbers 400(Airtel) or 8800688006(Others) for any
related to Atal Pension Yojana.
Additionally, customer can also call at Toll Free Number 1800-110-069 of Atal Pension Yojana (PFRDA) to make
or get information at
Click here or download the APY app to view
account details / contributions
paid / transaction statement. Link to download the APY app -