Atal Pension Yojana (APY) Calculator
Calculate APY monthly pension amount, government contribution, and retirement corpus growth. India calculator with pension slabs and yearly breakdown charts.
About This Calculator
Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015 to provide social security to workers in the unorganized sector. The scheme offers a guaranteed minimum pension between ₹1,000 and ₹5,000 per month after the age of 60.
Our APY calculator helps you estimate your monthly pension, total contributions, government contribution, and corpus at retirement based on your current age and monthly contribution amount.
Key Features of APY:
- Guaranteed minimum pension of ₹1,000-₹5,000/month after 60
- Government co-contributes 50% up to ₹1,000/year for 5 years
- Open to all Indian citizens aged 18-40
- Pension guaranteed for lifetime of subscriber
- Spouse receives 50% pension after subscriber's death
- Tax benefit under Section 80CCD(1)
Pension Slabs:
- ₹1,000/month - Contribution starts from ₹42/month (age 30)
- ₹2,000/month - Contribution starts from ₹84/month (age 30)
- ₹3,000/month - Contribution starts from ₹126/month (age 30)
- ₹4,000/month - Contribution starts from ₹168/month (age 30)
- ₹5,000/month - Contribution starts from ₹210/month (age 30)
Frequently Asked Questions
What is Atal Pension Yojana (APY)?
Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015, primarily aimed at workers in the unorganized sector. It provides a guaranteed minimum pension of ₹1,000 to ₹5,000 per month after the age of 60, depending on the contribution amount. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Who is eligible for APY?
Any Indian citizen between 18 and 40 years of age can join APY. The subscriber must have a savings bank account. The scheme is particularly targeted at workers in the unorganized sector, but anyone within the age bracket can join. Aadhaar is required for enrollment.
What is the government contribution in APY?
The government co-contributes 50% of the subscriber's contribution or ₹1,000 per year, whichever is lower. This co-contribution is available for 5 years to those who join APY between June 1, 2015 and March 31, 2027, and who are not income tax payers. The government also guarantees the minimum pension amount.
What is the monthly pension amount under APY?
APY offers five pension slabs: ₹1,000, ₹2,000, ₹3,000, ₹4,000, and ₹5,000 per month after the age of 60. The pension amount depends on the contribution made during the accumulation phase. Higher contributions lead to higher pension. The pension is guaranteed by the government for the lifetime of the subscriber.
What happens to the APY corpus after the subscriber's death?
After the subscriber's death, the spouse is entitled to receive 50% of the pension as family pension. If both the subscriber and spouse pass away, the accumulated corpus is returned to the nominee. If there is no nominee, the corpus goes to the scheme.
Can I exit APY before 60 years?
Premature exit from APY is not allowed before the age of 60, except in the case of the subscriber's death or terminal illness. If a subscriber wishes to exit for other reasons, the scheme may be closed by returning only the accumulated corpus without any guaranteed pension benefits.
What is the contribution amount for APY?
The monthly contribution for APY varies by age and desired pension amount. For a ₹1,000 monthly pension, a 30-year-old needs to contribute approximately ₹42 per month. For a ₹5,000 monthly pension, the contribution is about ₹210 per month. Younger subscribers pay lower contributions for the same pension amount.
Is APY contribution tax deductible?
Yes, APY contributions qualify for tax deduction under Section 80CCD(1) of the Income Tax Act, within the overall limit of ₹1.5 lakh under Section 80CCE. The pension received is taxable as per the subscriber's income tax slab in the year of receipt.
Can NRIs join Atal Pension Yojana?
No, NRIs are not eligible to join APY. The scheme is only available to resident Indian citizens between 18 and 40 years of age. However, if an existing APY subscriber becomes an NRI, they can continue the scheme until maturity.
What is the difference between APY and NPS?
APY offers a guaranteed pension with fixed slabs (₹1,000-₹5,000/month) and government co-contribution, while NPS offers market-linked returns with no fixed pension guarantee. APY is simpler and designed for the unorganized sector, while NPS is suitable for all investors seeking higher returns. Both are administered by PFRDA and offer tax benefits.