Advertisement

Atal Pension Yojana [APY] in Post Office | Features & Benefits | Application Form

APY POST Office Online

What is Atal Pension Yojana-APY in Post Office?

Atal Pension Yojana – APY in Post office, a pension scheme for citizens of India, is focused on the unorganized sector workers.
Pension means providing people with a monthly income when they are no longer earning.
Under this scheme, guaranteed minimum pension of INR
1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

The premium will be deducted from the subscriber’s savings account through the auto-debit facility.
In case of an upgrade, one needs to intimate the Post office by filling up a contribution form and giving authorization to the Post office for the extra contribution to be paid for the Upgraded pension account.
One can also downgrade the pension amount by intimating the Post office.

Recommended Articles

Post Office Schemes for Sr. Citizens
Post Office Savings Account

PO Fixed Deposit | Interest Rates
Post Office Monthly Income Scheme (MIS)
Senior Citizen Savings Scheme
National Savings Certificates India (NSC)
Kisan Vikas Patra: Double the Money
Pradhanmantri Sukanya Samriddhi Yojana (PM-SSY) Account
Atal Pension Yojana
Loan Against Public Provident Fund
Doorstep Banking Services for Senior-Citizens
India Post Gold Coin

Eligibility

Advertisement
  • Any individual or existing Swavalamban Yojana subscriber who has completed 18 Years of age and is below 40 Years of Age on the day of applying can open APY account in any authorized CBS Post Office.
  • Post office savings bank account

Also Read – Post Office Savings Account | Online | Interest Rate | Features |

  • Though Aadhaar card is not necessary for enrollment, you can provide your Aadhaar and mobile number to the CBA Post office during registration to facilitate receipt of periodic updates on your APY account.

What are Atal pension Yojana Features and Benefits?

Contribution

The contribution can be made monthly/quarterly/half yearly.
The amount of contribution depends on the age of the subscriber, frequency and the amount of pension that is desired after reaching 60 years of age. The contribution grows as the age of the contributor increases.

There are 5 type of monthly pension options Rs 1,000/-, Rs 2,000/-, Rs 3,000/-, Rs 4,000/- and Rs 5,000/- and the contribution increases as the monthly pension amount increases.
These contributions can't be withdrawn from the plan before the plan is over. Partial withdrawal is prohibited. Only in exceptional condition, such as terminal illness, the contributions and interest earned thereon will be allowed to be withdrawn.
Opening Account

Offline applications have to be done by filling up a Post office form and submitting it to the respective branch as required.

The APY subscriber will pay a sum as account maintenance charges and these will be charged from the account and the gains made on investments.
In a condition of default in contribution,
a penalty will be charged as Rs 1 per Rs 100 of contribution/month.
Tax Benefit

Investment or contributions made to the APY are eligible for deduction under Section 80CCD to the tune of Rs 50,000 over and above the deduction under Section 80C.
Withdrawn

Death of the contributor after the age of 60 years, the spouse will get a monthly.
Death of contributor before 60 years,
the spouse has an option to continue contributions or to close the account and withdraw the contribution and earnings on it.
In the matter of death of the spouse and the contributor after pension is started,
the nominee will get the predefined corpus marked for the pension slab chosen.

Also Read – Benefits of Atal Pension Yojana

Download Form

Advertisement


How to Open Atal Pension Yojana in Post Office?

Time needed: 5 minutes.

Here are the steps you should know to open a Post Office APY account.

  1. Visit nearby Post Office

    You need to approach the CBA post office where you have your account.
    If one doesn’t have an account then have to open a savings account to enjoy the benefits of APY.

  2. Savings Account

    You need to provide your post office savings account number.
    Also Read – Post Office Savings Account | Online | Interest Rate

  3. Registration Form

    You have to fill up the Post Office APY registration form.

  4. Mandatory fields

  5. Communication Channel

    You can share your Aadhaar card along with your mobile number.
    This is not mandatory, but you can provide it to facilitate the communication regarding contribution.

  6. Balance

    Kindly ensure keeping the required balance in your PO savings accounts for the transfer of monthly or quarterly or half-yearly contributions based on your scheme.

Charges and Penalty

Advertisement
Point of PresenceRegistration of APY Subscriber.Rs.120 to 150, which depends on the number of subscribers.
Recurring Charges Per Annum.Rs. 100 per subscriber.
Central Recordkeeping AgenciesAPY Account opening charges.Rs. 15 per account.
Account maintenance charges.Rs. 40 per account per annum.
CustodianInvestment maintenance Fee (p. a.).0.0075% for electronic  & 0.05% for physical segment of Assets under Management.
Pension Fund ManagersInvestment maintenance Fee (p. a.).0.0102% of Assets under Management.
Source – PFRDA

The subscribers shall have an option to make the contribution on a monthly basis.
The post office is required to collect additional amounts of delayed payments, such amount will vary from minimum INR 1 to INR 10/- per month as shown below:

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

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

Exit Procedure

  • The subscriber can submit the Account closure request in the specified format to the concerned Post office.
  • The Subscriber should fill up account closure form completely, including the reason for closure.
  • Post office shell verifies the form and signature of the subscriber.
  • On acceptance of request post office shall provide an acknowledgement to the subscriber.
  • The post office will require to initiate the account closure request.
  • The redeemed amount (based on the units available in APY account) will be transferred to the subscriber’s bank account

Post Office Atal Pension Yojana Calculator

Advertisement

Also Read Atal Pension Yojana Calculator

Frequently Asked Questions

If I have completed 40 years, can I join Post Office APY?

No, a person who is in the age group of 18 years to 39 years 364 days can join the APY scheme.

If I am an existing subscriber of Atal Pension Yojana, can I change my monthly auto-debit facility to Quarterly or Half Yearly as per my convenience?

Yes, the subscriber can change the mode (monthly/ quarterly/half-yearly) of the auto-debit facility once a year during the month of April

Will I get an APY statement of transactions?

The physical statement will be provided to the subscribers annually.

How many Atal Pension Yojana accounts I can open?

A subscriber can open only one account and it is unique. Multiple accounts are not permitted.

Can I open APY Account without a Post Office savings account?

No, The post office savings bank account is mandatory for joining APY

What is the due date for contribution?

The contribution may be paid to APY through post office savings
bank account on any date of the particular month, in case of monthly contributions or any day of the first month of the quarter, in case of quarterly contributions or any day of the first month of the half-year, in case of half-yearly contributions.

Advertisement
Advertisement