Atal Pension Yojana (APY)
Understand and keep track of your APY contributions.
What it is
Atal Pension Yojana is a Government of India pension scheme, administered by PFRDA, aimed mainly at workers in the unorganised sector. Subscribers contribute regularly until age 60 and then receive a fixed monthly pension defined by the scheme.
Who it may be useful for
- Indian citizens aged 18 to 40 who have a savings bank account.
- People without an employer-provided pension.
- Families who want to keep a record of a member’s APY account.
Whether it suits you depends on your own goals and circumstances.
Benefits
- A defined monthly pension from age 60, in slabs from ₹1,000 to ₹5,000.
- Contributions are debited automatically from your bank account.
- The pension continues to the spouse after the subscriber.
Things to consider
- Income-tax payers are not eligible to open a new APY account (from 1 October 2022).
- Exit before 60 is permitted only in limited circumstances.
- Missed contributions attract a penalty, and the pension amounts are modest.
How Sahi Savings helps
- Keep your APY account with the rest of your retirement savings.
- See your contribution history.
- Compare APY with NPS to understand how they differ.
Steps
- Check that you meet the scheme’s age and eligibility rules.
- Add your APY details in the app.
- Keep track of contributions as they are debited.
Questions
Can I join APY through Sahi Savings?
APY accounts are opened through banks and post offices. Sahi Savings helps you understand the scheme and track an existing account.
How much pension will I get?
The scheme defines pension slabs of ₹1,000 to ₹5,000 a month. Your contribution depends on the slab you pick and your age at joining.
Can I hold both APY and NPS?
Yes, if you are eligible for both. They are separate schemes with different rules.
Track your APY account in the app
Download the app, enter your basic details and set a passcode. Then add your tax regime and investments to see everything together.
