APY is available to all Indian citizens with savings bank account in banks or Department of Posts.
The minimum age of joining APY is 18 years and maximum age is 40 years.
Provided that from 1st October,2022, any citizen who is or has been an income-tax payer, is not eligible to join APY.
APY is being administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS),. The scheme is being implemented through Public Sector Banks, Private Banks, Regional Rural Banks, Small Finance Banks, Payments Banks, Co-operative Banks and Department of Posts.
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.