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  • Guaranteed monthly pension.
  • Contributions can be monthly/quarterly/half yearly.
  • Tax benefits under section 80CCD.
  • Savings earned are tax exempted.
  • The GOI scheme for social security for the poor , under-privileged and the workers in the unorganized sector.
  • The contribution amount depends on age and pension amount.
  • The guaranteed monthly pension amount ranges from Rs.1000/- to Rs.5000/-.
  • The exit from APY is permitted on attaining the age of 60 years with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.
  • 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.
  • 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.
  • In the event of death of the subscriber, the spouse can continue the account for remaining vesting period.
  • A subscriber of the Atal Pension Yojana account can enjoy tax benefits, including the additional deduction of Rs. 50,000 under Section 80CCD (1) of the Income Tax Act.

A Citizen of India can join APY scheme fulfilling the following :

  • The age of the subscriber should be between 18 - 40 years.
  • He / She should have a savings bank account/ open a savings bank account.
  • Any citizen between the age of 18 and 40 years, who is income tax payer, shall not be eligible to join APY w.e.f 1st October, 2022. This amendment is not applicable to existing APY subscribers/ income tax payers who have already joined APY by 30.09.2022.
  • Duly filled Application form.
  • Identity proof of the depositor.
  • Address proof of the depositor.
  • Savings account details of the depositor.
  • Any other document required.

Indicative APY Contribution Chart (Agewise)

Age of

Entry

Years of

contribution

Monthly

pension of

Rs.1000

Monthly

pension of

Rs.2000

Monthly

pension of

Rs.3000

Monthly

pension of

Rs.4000

Monthly

pension of

Rs.5000

18

42

42

84

126

168

210

19

41

46

92

138

183

228

20

40

50

100

150

198

248

21

39

54

108

162

215

269

22

38

59

117

177

234

292

23

37

64

127

192

254

318

24

36

70

139

208

277

346

25

35

76

151

226

301

376

26

34

82

164

246

327

409

27

33

90

178

268

356

446

28

32

97

194

292

388

485

29

31

106

212

318

423

529

30

30

116

231

347

462

577

31

29

126

252

379

504

630

32

28

138

276

414

551

689

33

27

151

302

453

602

752

34

26

165

330

495

659

824

35

25

181

362

543

722

902

36

24

198

396

594

792

990

37

23

218

436

654

870

1087

38

22

240

480

720

957

1196

39

21

264

528

792

1054

1318

40

21

291

582

873

1164

1454

You can apply through following modes

  • Online Mode-
    • Internet Banking.
    • Mobile Banking App.
  • Internet Banking-
    • Visit nearest branch of Canara Bank.
    • To redirect on the login page, please Click Here.
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Last updated on 29-09-2023 11:30 AM

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