All Indian citizens between the age of 18 to 40 years having a savings account with a bank or post office are eligible for this program.
Similarly, the proportion of customers between the ages of 18 and 25 has increased from 32% in 2017 to 45% of total enrollment.
A press statement from the Pension Fund Regulatory and Development Authority (PFRDA) announced that the subscription base of Atal Pension Yojana has seen a growth. In the last one year, the number of subscribers of Atal Pension Yojana has seen an increase of about 28%. According to PFRDA data, the number of Atal Pension Yojana accounts grew by 28.46% from 3.52 crore in March 2022 to 4.53 crore in March 2023. In January 2023, more than 5 crore Indian citizens subscribed to the scheme.
Some encouraging patterns have been observed in subscriber demographics, as the proportion of female enrollees in the program increased from 38% in 2017 to 45% in 2018. Similarly, the proportion of clients between the ages of 18 and 25 has increased from 32% in 2017 to 45% of total enrollment. The total assets under management (AUM) at Atal Pension Yojana as of this writing has now crossed Rs 25,000 crore.
As per the plan, a subscriber will start getting a minimum guaranteed pension at the age of 60 years, which will range from Rs 1,000 to Rs 5,000 per month depending on their contribution, depending on the first time they join the Atal Pension Yojana Will change After the subscriber passes away, the subscriber’s spouse will receive the same pension, and in case both the subscriber and the spouse pass away, the nominee will receive the pension income of the subscriber till the age of 60 years.
All Indian citizens between the age of 18 to 40 years having a savings account with a bank or post office are eligible for this program.
The number of contributions will vary depending on the frequency of payment, pension slab chosen and the age of the subscriber at the time of creating the Atal Pension Yojana account. Contributions can be made on a monthly, quarterly or half-yearly basis by setting up automatic debit from the subscriber’s savings bank account or post office savings bank account.
On February 19, 2016, the government revealed income tax benefits for investments made under the Atal Pension Yojana. As of now, investors in the Atal Pension Yojana are eligible for income tax benefits similar to participants in other similar schemes like the National Pension System. The maximum amount that can be deducted under section 80CCD(1) and section 80C is Rs 1.5 lakh in each financial year.
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