APY Scheme 2023-24

APY Scheme 2023-24:- (Atal Pension Yojana) Eligibility, Objective, Details and Features

APY Scheme 2023-24:- The Indian government launched the Atal Pension Yojana, a pension plan, in 2015–16. The purpose of its implementation was to provide pension benefits to workers in the unorganized sector. The Pension Funds Regulatory Authority of India (PFRDA) oversees and controls this scheme. The institutionalized Swavalamban Pension Plan, which was not well-liked by the populace, has been replaced by this extension of the officially recognized National Pension Plan. All accounts opened during the program’s first year, or in 2015, qualified for five years of co-contributions from the Indian government.


What is the Atal Pension scheme?

APY Scheme:- The government of India launched the Atal Pension Yojana, a social security program designed to give all Indian citizens a reliable source of income beyond the age of sixty. Workers in the informal economy, such as delivery boys, maids, and garden maintenance staff, are the target audience for this pension plan. The scheme’s main objective is to provide Indian citizens with a sense of security by ensuring that they won’t have to worry about accidents, sudden illness, or chronic diseases as they age. The program is open to people who work for private businesses or organizations that do not provide pension benefits; it is not just for the unorganized sector.

APY Scheme 2023-24

Also Read:- Ladli Laxmi Yojana 2023-24

 The objective of the APY Scheme 2023-24

APY Scheme:- By promoting savings from a young age, this pension plan aims to lessen the basic financial obligations that people have when they reach retirement. An individual’s age and chosen monthly contribution amount directly affect the amount of pension they will receive. The Atal Pension Yojana (APY) beneficiaries will receive monthly payments according to their total corpus. If a beneficiary passes away, their spouse will continue to receive pension benefits; if both of them pass away, the beneficiary’s nominee will receive the money in one lump sum.

APY Scheme 2023-24 Eligibility

The following lists the Atal Pension Yojana’s eligibility:

  • You have to be a citizen of India.
  • You have to be between the ages of eighteen and forty.
  • You need to be using a working mobile number.
  • You need to link your Aadhaar number to a working bank account number.
  • It is necessary to enter all of the ‘Know Your Customer’ information.
  • You can’t already have an APY account.
  • Contributions to the APY scheme must be made for a minimum of 20 years.
  • You have to be ineligible for any other program of social welfare.
  • Also eligible to transfer to the APY scheme are those who were beneficiaries of the Swavalamban Scheme.

APY Scheme 2023-24Details and Features

This section discusses the attributes of the APY scheme:

Automatic debit

The automatic debit feature of the Atal Pension Yojana is one of its main advantages. The bank accounts of beneficiaries are connected to their pension accounts, and the monthly contributions are taken straight out of those accounts. In order to avoid penalties, participants in this program must ensure that their account has sufficient funds to cover this kind of automated debit.

Facility to increase contributions

As previously stated, the amount of pension that an individual is eligible to receive at age 60 is based on the contributions they have made. Different pension amounts are equivalent to different contributions.

Additionally, people may choose to increase their contributions to their pension accounts in order to increase their chances of receiving a larger payout at a later time in the plan, provided that they have the extra financial means to do so. The government offers the option to alter the corpus amount once a year by increasing or decreasing contributions, in order to facilitate this requirement.

Guaranteed pension

Depending on their monthly contributions, scheme participants can choose to receive a periodic pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000.

Age restrictions

Anyone over the age of eighteen but under forty years old may choose to invest in the Atal Pension Yojana. Thus, in order to build a corpus for their later years, college students can also invest in this scheme. Since contributions to this scheme must be made for at least 20 years, 40 years has been set as the maximum age to join the program.

APY Scheme 2023-24

Also Read:- Agneepath Scheme

Withdrawal policies

After closing the plan with the relevant bank, a beneficiary who has reached the age of 60 is qualified to annuitize the full corpus amount, or receive monthly pensions.

Only in certain situations, such as a terminal illness or death, can a person leave this scheme before turning sixty years old.

In the event that a beneficiary passes away before turning 60, their spouse will be eligible to receive a pension. Because of this, the spouse can choose to keep receiving pension benefits or leave the scheme with the corpus.

However, people will only receive a refund of their total contributions plus any interest accrued if they decide to leave the program before turning 60.

Terms of penalty

Should the recipient fail to make contributions on time, the following penalties will be imposed:

  • Re. 1 for contributions up to Rs. 100 per month.
  • Monthly contributions between Rs. 101 and Rs. 500 are worth Rs. 2.
  • Monthly contributions between Rs. 501 and Rs. 1000 are worth Rs. 5.
  • Rs. 10 for payments made each month totaling Rs. 1001 and more.

If an individual fails to make payments for six consecutive months, their account will be frozen. If they fail to make payments for twelve consecutive months, their account will be deactivated and the amount accumulated, including interest, will be refunded to them.

Tax exemptions

Under Section 80CCD of the Income Tax Act of 1961, contributions made by individuals to the Atal Pension Yojana are exempt from taxes. The maximum exemption permitted under Section 80CCD (1) is 10% of the concerned person’s gross total income, up to a maximum of Rs. 1,50,000. Section 80CCD (1B) permits an additional exemption of Rs. 50,000 for contributions made to the Atal Pension Yojana Scheme.

For these exemptions, however, it is best to speak with an expert as these tax advantages are contingent upon meeting certain requirements outlined in the Income Tax Act.

How to Download the APY Scheme 2023-24 Form?

One of the following ways can be used to obtain the Atal Pension Yojana (APY) account opening form:

  • You can pick up the form from any participating bank’s local branch office.
  • Provided the participating banks have the capability, you can obtain a copy of the form by downloading it from their official websites.
  • The APY account opening form is available for download on the Pension Fund Regulatory and Development Authority’s (PFRDA) official website.

The process to Apply for the APY Scheme 2023-24

To gain access to the scheme’s benefits, you must take the following actions:

  • APY is available at all nationalized banks. People can open an APY account by visiting these banks.
  • Additionally, the bank websites offer online account opening forms. The application form is available for download by individuals.
  • The following languages are available on the application form: Bangla, Gujarati, English, Telugu, Tamil, Odia, Marathi, and Kannada.
  • It is necessary to complete the application and send it to the bank.
  • You must supply a working mobile number.
  • It is necessary to turn in photocopies of Aadhar cards.
  • Following the approval of your application, you will receive a confirmation message.
APY Scheme 2023-24

Also Read:- Seva Yojana


The Atal Pension Yojana is a lifesaver for those in the unorganized sector when it comes to financial planning. It enables investors to contribute at a reasonable rate and receive retirement pensions as a result. Individuals who work for private companies or in industries without pensions or other retirement benefits stand to gain a lot from the Atal Pension Yojana (APY).


Q. Can I apply for APY online?

Ans- No, you are not able to apply for APY online at this time. You must go to your bank and complete the necessary paperwork.

Q. What are the documents required to apply for the APY Scheme?

Ans- You must complete the application and send in a photocopy of your Aadhar card in order to apply for the APY scheme. Additional documentation is not required.

Q. How will I know if the pension scheme is activated?

Ans- Upon activation of the pension scheme, you will receive an SMS alert on the registered mobile number.

Q. When is the last date to join the Atal Pension Yojana Scheme?

Ans- There is no final enrollment date for the Atal Pension Yojana Scheme. In order to participate in the program for the upcoming year, submit your application by June 1st. Each year, on June 1st, the program is renewed.

Q. What are the minimum and maximum age to join this scheme?

Ans- The age requirement is eighteen. College students are also eligible for the program. The age limit is forty years old. This is a result of the 20-year minimum contribution period. You will begin receiving your pension when you turn sixty.

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