The scheme, administered by the Pension Fund Regulatory and Development Authority (PFRDA), also recorded its highest-ever yearly addition in 2025–26, with more than 13.5 million new subscribers joining during the financial year.
Launched in May 2015, APY is a voluntary, contributory pension scheme aimed largely at workers in the unorganised sector and lower-income groups. It seeks to provide a basic retirement income to individuals who may not have access to formal pension coverage.
What the scheme offers
Under APY, subscribers receive a guaranteed monthly pension ranging from ₹1,000 to ₹5,000 after attaining 60 years of age, depending on their contribution. The scheme also includes a spousal benefit, where the same pension continues to the spouse after the subscriber’s death. In the event of the death of both the subscriber and spouse, the accumulated corpus is returned to the nominee.
The scheme is open to Indian citizens between 18 and 40 years of age, subject to eligibility conditions, including non-payment of income tax at the time of enrolment.
How to apply
Individuals can enrol in APY through banks or post offices where they hold a savings account. The process typically involves filling out a registration form, choosing the desired pension amount, and setting up auto-debit of monthly contributions from the bank account.
Enrolment is supported by public and private sector banks, regional rural banks, cooperative institutions, and the Department of Posts, which act as points of service for the scheme.
