Atal Pension Yojana (APY)

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Atal Pension Yojana (APY) was announced by Government of India during 2015-16 budget. Ever since, the Atal Pension Yojana has enabled many Indians to secure their future post retirement.

The Atal Pension Yojana scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS (National Pension System) architecture.

Kotak Mahindra Bank Ltd. is registered with PFRDA to provide Atal Pension Yojana. Contributions made by an individual under Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961, subject to the conditions specified therein.

  • Fixed pension by the Government ranging between Rs. 1000 to Rs. 5000 per month at the age of 60 years
  • Spouse will continue to draw pension in the event of death of Subscriber
  • Nominee to receive corpus up to Rs. 8,50,000/-# in case of death of both subscriber and spouse
  • Contribution to be remitted monthly through Auto Debit from linked Savings Bank Account
  • GoI will co-contribute* 50% of subscriber contribution or Rs. 1000 p.a. whichever is lesser for a period of 5 years
Exit and Pension Payment
Before 60 YearsNo withdrawal permitted except in the event of terminal disease or death of subscriber
After 60 YearsPension amount as selected by the subscriber
In event of death of subscriberBefore 60 years - Entire corpus to be returned to the Spouse/Nominee
After 60 years - Spouse will continue to draw monthly pension while Nominee will receive corpus amount in case of death of both subscriber and spous

Penalty in case of default payment

Penalty AmountMonthly Contribution
Rs. 1Upto Rs. 100
Rs. 2Rs. 101 to Rs. 500
Rs. 5Rs. 501 to Rs. 1000
Rs. 10Greater than Rs. 1001
Discontinuation of Payment will lead to
After 6 monthsFrozen
After 12 monthsClosed

Indicative APY Contribution Chart (Age wise)

Age of EntryYears of ContributionMonthly pension of Rs. 1000.Monthly pension of Rs. 2000.Monthly pension of Rs. 3000.Monthly pension of Rs. 4000.Monthly pension of Rs. 5000.

For more details refer FAQ's.


# Varies with age and fixed pension selected in AOF
* Available for those who are not covered under any Statutory Social Security Schemes & for non-tax payers who joins the scheme during the period 1st June, 2015 to 31st March, 2016. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.

  • Available only to Indian Citizen
  • Age should be between 18 to 40 years
  • Must have a valid Savings Bank Account

Contributions made by an individual under Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961. Maximum deduction allowed under section 80CCD(1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act. An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961. These deductions are subject to the fulfillment of the conditions mentioned in the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. This is not a legal advice or tax advice and users are further advised to consult their tax advisors before making any decision or taking any action

Apply through Net-banking "Click Here"
Visit Nearest Kotak Mahindra Bank Branch for more details.

To enrol under Atal Pension Yojana (APY) scheme:
  • Subscriber should be citizen of India
  • Mandatory to have an existing Savings Bank Account.
  • Age should be in the range of 18-39 years.

Would you be interested in opening a Savings Account with us. Please Click here

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