What this scheme offers
APY is a government-backed, guaranteed-benefit pension scheme regulated by PFRDA. Subscribers choose a target monthly pension — ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 — and contribute a fixed amount monthly, quarterly or half-yearly until age 60. Contributions are auto-debited from a linked savings account. The earlier you join, the lower your monthly contribution for the same target pension.
Who is eligible
- Indian citizen aged 18 to 40 at the time of enrolment (enrolment after 40 is not permitted).
- Must hold an active savings bank account or post office savings account, linked to Aadhaar and mobile number.
- Must commit to regular contributions until age 60.
Not eligible: since October 2022, anyone who is or has been an income-tax payer cannot join APY.
Documents required
- Aadhaar card
- Active savings bank account or post office savings account
- Mobile number linked to the account
How to apply
- Open APY through your bank's net banking, mobile banking app, or the e-APY portal — or visit your bank branch or post office in person.
- Fill out the APY registration form with your personal and bank details.
- Choose your desired monthly pension amount (₹1,000 to ₹5,000).
- Authorise auto-debit of contributions from your linked savings account.
- Submit the form and keep the acknowledgement — your PRAN (Permanent Retirement Account Number) will be issued.