For opening an APY account, you need to be a citizen of India. You can join the APY scheme if you fulfil the following criteria:
- You need to be at least 18 years of age, and not older than 40 years of age.
- You need to have a savings bank account with any bank or a post office .
If you are or have ever been an income tax payer from 1st October 2022 onwards, then you will not be eligible to join the APY scheme.
In case you join the APY scheme on or after 1st October 2022, and it is later found out that you have been an income tax payer on or before the date of application, then your APY account will be closed. You will receive all the wealth accumulated in your account until the date of closure.
Important FAQs
Can I open an APY account if I am an NPS subscriber?
Yes, you can open an APY account even if you are an NPS subscriber provided you meet the eligibility criteria.
I have a post office savings bank account. Can I join APY?
Yes, you can open an APY account if you have a post office savings bank account.
Is Aadhaar mandatory for opening an APY account?
If you are opening an APY account online, Aadhaar number is required.