How to Open Atal Pension Yojana (APY) Account Online ?

Learn to Open Atal Pension Yojana account online with banks like Canara Bank, SBI, PNB, HDFC, ICICI and others. Atal Pension Yojna (APY) is a retirement pension scheme for unorganized sector to make them financially secure. Atal Pension Yojna which allowed subscription to anyone who is a citizen of India and falls under the age group of 18 to 40 years. 

APY provides a pension up to Rs 5,000 per month after the age of 60 years. You are eligible to avail the benefits provided to you by Atal Pension Yojana if you are a citizen of India and fall under the age group of 18 to 40 years. You can make contributions for at least 20 years. 

Documents required to apply for APY:

A subscriber needs to have a savings bank account, an Aadhaar number, and a mobile number to register for the pension scheme. You must have a bank account that is linked to your Aadhar and you have a valid mobile number.

Premature payment of pension is not allowed, except in situations like terminal disease or death of the account holder. It is advised to register sooner as you will have to make fewer contributions if you join in early.

How to Open Atal Pension Yojana account: 

  1. APY registration can be done at any of the bank. Many banks are providing the registration facility online.
  2. The registration forms are available online, as well as, at the bank branches. You can download the form, fill it at home and submit it at the bank branch or you can fill and submit it at the bank itself.
  3. Provide a valid mobile number.
  4. Attach the photocopy of your Aadhar card.
  5. Once your application is approved, you will receive a confirmation SMS on your registered mobile number.

What is the Atal Pension Yojana contribution amount :

The amount of contribution in APY is entirely depends on the age at which you register yourself. The pension slab you opt for, ranging from Rs 1,000 to Rs 5,000 and the time of contribution you can choose to pay premium monthly, half-yearly, or quarterly.

If you register yourself at the age of 18 years, you will have to make a monthly contribution of just Rs 42. But, if you register yourself at the age of 40, you will be required to make a monthly contribution of Rs 291 to get pension benefits.

In a similar manner, if you opt for joining the slab of Rs 5,000 pension per month at the age of 18 years, you will have to make a monthly contribution of Rs 210 and of Rs 1,454 if you join at the age of 40 years.

Also Read – Who Can Withdraw from EPS Account ?

How to pay Contribution to APY:

The contribution for the scheme will be auto-debited from your bank account irrespective of whether the pension scheme account was opened via a bank branch or online.

APY Chart

Penalty for non payment of premium :
  • Rs. 1 per month for contribution up to Rs. 100 per month.
  • Rs. 2 per month for contribution up to Rs. 101 to 500/- per month.
  • Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.
  • Rs. 10 per month for contribution beyond Rs 1001/- per month.
Dormant or Inactive APY account
  • After 6 months account will be frozen.
  • After 12 months account will be deactivated.
  • After 24 months account will be closed.
APY Ombudsman/Register Complaint

Pension Fund Regulatory and Development Authority (PFRDA) appointed an Ombudsman to resolve unaddressed complaints of National Pension System (NPS) and Atal Pension Yojana (APY) subscribers.  Any subscriber whose grievance has not been resolved within 30 days from the date of receipt of the grievance by any intermediary/banks/post office, or who is not satisfied with the resolution provided can register a grievance with the NPS Trust, against the intermediary.

The NPS Trust  shall follow up the grievance with the intermediary for redressal of the subscriber grievance. The NPST shall call for the resolution of the subscriber grievance and respond to the subscriber within 30 days from the date of receipt of the grievance. PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 requires every intermediary under NPS/APY to display the name/ address of the Ombudsman in its office premises prominently for the notice of the subscribers visiting their office premises.

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