Atal Pension Yojana (APY) Calculator

Rules, opening & closing

How to open, how to close, premature withdrawal rules, and main regulations for this scheme.

How to open an APY account?

APY is opened through your bank (where you have a savings account). Visit the branch or use net banking if the bank offers APY online. Fill the APY registration form, choose the monthly pension amount (₹1,000 to ₹5,000), and give consent for auto-debit of the monthly contribution from your savings account. No separate account number; it is linked to your savings account and PRAN is issued.

How to close or withdraw at maturity?

There is no lump-sum withdrawal at maturity. From the age of 60, you receive the guaranteed monthly pension (₹1,000–₹5,000 as chosen) for life. The pension is paid by the annuity service provider. On death of the subscriber, the spouse can continue to receive the same pension or receive the corpus; after the spouse, the nominee gets the corpus.

Can I close or withdraw prematurely? What are the rules?

Premature exit is allowed only in exceptional circumstances (e.g. death or terminal illness). In case of death, the spouse can continue the scheme or withdraw the corpus; if the spouse also dies, the nominee gets the corpus. If you exit before 60 for any other reason, only your contribution (without interest or government co-contribution) is returned. So effectively, early exit is discouraged and leads to loss of interest and government benefit.

What are the main rules and regulations?

Entry age 18–40. Monthly contribution is fixed by the government based on age and chosen pension; it is debited from the savings account. Government co-contribution of 50% of the subscriber’s contribution or ₹1,000 per year (whichever is lower) for 5 years for eligible subscribers (non-taxpayers, not covered by any statutory pension). Default in contribution attracts a penalty. Subscriber can increase or decrease the pension amount once in a financial year.

Who is eligible and what documents are needed?

Any Indian citizen aged 18–40 years with a savings bank account. Documents: Aadhaar, bank account details, and completed APY form. The scheme targets the unorganised sector. Those in statutory pension schemes or who are income taxpayers are not eligible for government co-contribution.