Atal Pension Yojana (APY)

A guaranteed pension scheme for the unorganised sector.

The Atal Pension Yojana (APY) was launched on 9 May 2015. It is a government-backed, guaranteed pension scheme primarily aimed at workers in the unorganised sector. Subscribers receive a fixed monthly pension after the age of 60, based on their contributions.

Scheme at a Glance

Launched 9 May 2015
Lead Ministry Ministry of Finance
Regulator PFRDA (Pension Fund Regulatory & Development Authority)
Eligible Age 18 to 40 years
Pension Amount ₹1,000 to ₹5,000 per month after age 60

Key Features

  • Guaranteed minimum pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 per month.
  • The earlier a person joins, the lower the monthly contribution required.
  • On the subscriber's death, the spouse receives the pension; the corpus is returned to the nominee thereafter.
  • Contributions can be made monthly, quarterly or half-yearly through auto-debit.
Related Data & Facts:
  • APY is administered by PFRDA through the National Pension System (NPS) architecture.
  • Income-tax payers are not eligible to join the scheme (from a notification effective October 2022).
  • A subscriber needs a savings bank account and Aadhaar to enrol.

Practice MCQs

Q1. In which year was the Atal Pension Yojana launched?

a) 2014   b) 2015   c) 2016   d) 2017

Answer: b) 2015

Q2. Which body regulates the Atal Pension Yojana?

a) RBI   b) SEBI   c) PFRDA   d) IRDAI

Answer: c) PFRDA

Q3. What is the eligible age range to join APY?

a) 18-40 years   b) 21-50 years   c) 25-45 years   d) 18-60 years

Answer: a) 18-40 years

Q4. The maximum guaranteed monthly pension under APY is:

a) ₹2,000   b) ₹3,000   c) ₹5,000   d) ₹10,000

Answer: c) ₹5,000

Q5. At what age does the APY pension begin?

a) 55 years   b) 58 years   c) 60 years   d) 65 years

Answer: c) 60 years