It is necessary to have full knowledge before making any investment in any scheme. Hence, we are providing some of frequently asked questions regarding Atal Pension Yojana (APY).

What is corpus amount?

Subscriber contribution (Accumulated) + Govt. of India contribution + Interest earned ( Returns) = Corpus Amount

Where will my savings be invested?

The contributions under APY are invested as per the investment pattern specified by GoI.

  • G-Securities-Min-45% and up to 50%
  • Debt Securities and term deposits of banks-Minimum 35% and up to 45%
  • Money Market Instruments-Up to 5%
  • Equity and related instrument- Minimum 5% up to 15%
  • Asset Backed Securities etc. – Up to 5 %.
What is the benefit in joining Atal Pension Yojana (APY) scheme?

In Atal Pension Yojana (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.

Can I open Atal Pension Yojana (APY) Account without savings bank account?

No. For joining Atal Pension Yojana (APY), savings bank account is mandatory.

What is the mode of contribution to the account?

All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.

What is the due date for monthly contribution?

The due date for monthly contribution will be as per the initial date of deposit of contribution into Atal Pension Yojana (APY).

What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date?

Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:

  1. Re. 1 per month for contribution upto Rs. 100 per month.
  2. Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
  3. Re 5 per month for contribution between Rs 501/- to 1000/- per month.
  4. Rs 10 per month for contribution beyond Rs 1001/- per month.

Discontinuation of payments of contribution amount shall lead to following:

  • After 6 months account will be frozen.
  • After 12 months account will be deactivated.
  • After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Is it required to furnish nomination while joining the scheme?

Yes. It is mandatory to provide nominee details in Atal Pension Yojana (APY) account. The spouse details are also mandatory wherever applicable. Their aadhaar details are also to be provided.

How many Atal Pension Yojana (APY) accounts I can open?

A subscriber can open only one Atal Pension Yojana (APY) account and it is unique.

Will there be any option to increase or decrease the monthly contribution for higher or lower pension amount?

The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.

What is the withdrawal procedure from APY?
  1. On attaining the age of 60 years:

    The exit from Atal Pension Yojana (APY) is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.

  2. In case of death of the Subscriber due to any cause:

    In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

  3. Exit Before the age of 60 Years:

    The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

How will I know the status of my contribution?

The status of contributions will be intimated to the registered mobile number of the subscriber by way of periodical SMS alerts. The Subscriber will also be receiving physical Statement of Account.

Will I get any statement of transactions?

Yes. Periodic statement of Atal Pension Yojana (APY) account will be provided to the subscribers.

If I move my residence/city, how can I make contributions to Atal Pension Yojana (APY) account?

The contributions may be remitted through auto debit uninterruptedly even in case of dislocation.