Atal Pension Yojana (APY) is a pension scheme launched by the Government of India aimed at providing a minimum guaranteed pension to workers in the unorganized sector.

Any citizen of India between the age of 18-40 years, who has a savings bank account, can open an APY account.

Aadhaar is not mandatory for enrolling in APY, but it is recommended to provide Aadhaar and mobile number to the bank during registration for receiving periodic updates.

NRIs in the age group 18-40 years having a bank account with APY POP (branch) are eligible to open an APY account. However, if the NRI becomes a non-citizen of India, the APY account will be closed.

In APY, the default nominee is the spouse of the subscriber. If the subscriber is unmarried, they can nominate any other person as a nominee and provide spouse details after marriage.

The subscriber shall receive a guaranteed minimum pension amount after the age of 60 until death. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber after the subscriber's demise. After the demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth.

Income taxpayers are not eligible for enrolling in APY from 01.10.2022 onwards. However, tax benefits available for existing APY subscribers under the NPS scheme are the same under the APY scheme.

The co-contribution of the Government of India is available for 5 years from the Financial Year 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June 2015 to 31st March 2016, who are not covered by any Statutory Social Security Scheme and are not income tax payers.

Yes, the subscriber has the option to change their monthly pension amount and the mode (monthly/quarterly/half-yearly) of the auto-debit facility once in a financial year.

Upon the death of the subscriber and the spouse, the nominee of the subscriber shall be eligible for the return of pension wealth accumulated till the age of 60 years of the subscriber. The wealth details depend on the chosen monthly pension.