Age Limit for Atal Pension Yojana

Retirement planning is particularly significant for professionals in the informal sector or with minimal access to the organised savings and pension systems. A stable, regular income after retirement ensures that you remain financially self-sufficient and stress-free in your golden years.

Before enrolling in the scheme, it is essential to understand its eligibility requirements to accrue its benefits. The following are the key criteria you need to meet:

1. Age Requirement:

The age limit for Atal Pension Yojana is a minimum of 18 years and a maximum of 40 years.

2. Savings Bank Account

To open an APY account, you need to have an active savings bank account or a post office savings account for the contributions to be automatically debited from the account.

3. Aadhaar and Mobile Number (Optional):

The applicant may be asked for Aadhaar and mobile number by the bank during registration to facilitate receipt of periodic updates on APY account. Although Aadhaar is required at the time of enrolment.

4. Citizenship:

You can apply for the Atal Pension Yojna scheme only if you are an Indian resident. This is a non-negotiable requirement for Atal Pension Yojana eligibility criteria.

5. No Statutory Pension Coverage:

Individuals already enrolled under other similar schemes like Employees Provident Fund (EPF), Public Provident Fund (PPF), etc. fall outside the Atal Pension Yojana eligibility. So, they are not entitled to enroll under this scheme.

6. Income Tax Payers:

6.Income Tax Payers: As per the mandate of 20 by Govt. of India, any person who is or have been an income tax payer from 1st October 2022 onwards is not eligible for fresh application under APY scheme.

The amount of contribution needed to be made under the APY depends on various factors, such as age, time of joining, and the pension amount you want to receive. The contributions are made monthly, quarterly, or half-yearly and are automatically debited from your linked bank account.

With the help of this table, you can easily plan your Atal Pension Yojana contributions based on your current age, contribution years and future retirement needs.

• Guaranteed Pension: The APY scheme is a defined benefits plan that ensures you get a monthly pension of ₹1,000 to ₹5,000 after the age of 60. The pension amount is guaranteed irrespective of market performance.
• Government Co-Contribution: Those who enrolled between June 1, 2015, and March 31, 2016, and were not income tax payers or part of any social security scheme, the government provides them 50% of the total contribution or ₹1,000 annually (whichever is lower) for 5 years.
• Flexibility in Contribution: You can choose your contribution frequency, such as monthly, quarterly, or half-yearly, as per your convenience given you are within age Limit for Atal Pension Yojana.
• Tax Benefits: Contributions made under APY are eligible for tax deductions under Section 80CCD of the Income Tax Act (as per respective tax regime), which ensures you can reap the tax benefits.
• Inflation Protection: While the pension is fixed, government support during a shortfall in returns ensures you don’t lose out due to inflation and market volatility.
• Ease of Access: You can open the APY account easily at all major Indian banks and post offices, making the enrollment process simple and accessible even in rural areas.

If you pass the eligibility criteria and are planning to apply for the Atal Pension Yojana, the following steps are provided to help you with easy enrollment:

1. Visit Your Bank or Post Office

Go to the bank branch or post office where you hold your savings account. If you don’t have one, open a savings account first.

2. Get and Fill the APY Form

Ask for the Atal Pension Yojana application form or download it from your bank’s website. Fill in your personal details, such as name, age, preferred pension amount, nominee details, Aadhaar, and mobile number.

3. Submit KYC Documents

Submit the correctly filled form along with the necessary documents to complete Know Your Customer (KYC) procedures.

4. Choose Contribution Mode

Decide how often you want to pay—monthly, quarterly, or half-yearly. Your bank will let you know the exact amount based on your age and chosen pension.

5. Enable Auto-Debit

Ensure your account maintains the required balance to auto-debit your contributions on the scheduled dates.

6. Receive Confirmation

Once the account is activated, you will receive a confirmation SMS on your registered mobile number. You can track your contributions through your bank or APY service portal.