What you get

• Guaranteed minimum pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 a month from age 60, for life.
• After the subscriber dies, the spouse gets the same pension for life.
• After both die, the nominee gets the saved pension amount (indicatively ₹1.7 lakh to ₹8.5 lakh, depending on the pension chosen).
• If the subscriber dies before 60, the spouse can keep paying in and later get the same pension.
• Contribution depends on age and pension chosen: ₹42 to ₹210 a month if you join at 18; ₹291 to ₹1,454 a month if you join at 40.
• Late payments attract overdue interest of ₹1 per ₹100 per month.
• You can leave before 60 voluntarily, but you get back only your own contributions with earnings (minus charges).

Who can apply

• Indian citizen aged 18 to 40 (you can join up to your 40th birthday).
• Must have a savings bank account or post office savings account.
• Must not be, and must never have been, an income-tax payer on the date of applying (rule in force since 1 October 2022).
• Government and PSU employees and NPS subscribers can join if they meet these conditions.
• Only one APY account per person.

Who cannot apply

• Anyone who is or has been an income-tax payer cannot open a new APY account (from 1 October 2022).
• If someone who joined on or after 1 October 2022 is later found to have been an income-tax payer on or before the date of application, the account is closed and the money saved so far is returned.
• Minors cannot open an account.
• People past their 40th birthday cannot join.

Documents usually needed

• Savings bank account or post office savings account (mandatory)
• Nominee details (mandatory)
• Aadhaar number (desirable at enrolment; must be submitted later if not given)
• Mobile number (optional, for updates)

How to apply

1. Go to the bank branch or post office where you have your savings account (or open one first).
2. Fill in the APY form, choose a pension amount (₹1,000–₹5,000) and a payment frequency (monthly, quarterly or half-yearly).
3. Give consent for auto-debit of the contribution from your account.
4. Alternatively, enrol online through e-APY using Aadhaar-based details and e-sign.