All Indian citizens between the ages of 18 and 40 who have savings accounts in a bank or post office are eligible for this program.
In a similar vein, the proportion of subscribers between the ages of 18 and 25 has increased from 32% in 2017 to 45% of overall enrolments.
A press statement from the Pension Fund Regulatory and Development Authority (PFRDA) announced that the subscription base of Atal Pension Yojana has seen a rise. The Atal Pension Yojana has witnessed an increase of around 28% in terms of subscribers over the past year. As per the PFRDA data, the number of Atal Pension Yojana accounts rose 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.
A few encouraging patterns have been observed in the demographics of the subscribers, as the proportion of female enrollees in the program increased from 38% in 2017 to 45% in 2018. Similarly, the proportion of subscribers between the ages of 18 and 25 has increased from 32% in 2017 to 45% of overall enrolments. Total assets under management (AUM) as of this writing in Atal Pension Yojana has now exceeded Rs 25,000 crore.
According to the scheme, a subscriber would start receiving a minimum guaranteed pension at age 60 that would range from Rs 1,000 to Rs 5,000 per month, depending on their contributions, which would change depending on when they first joined the Atal Pension Yojana. After the subscriber passes away, the subscriber’s spouse would receive the same pension, and if both the subscriber and spouse pass away, the nominee would receive the subscriber’s pension income up to the age of 60.
All Indian citizens between the ages of 18 and 40 who have savings accounts in a bank or post office are eligible for this program.
The number of contributions will vary depending on the frequency of payments, the pension slab chosen and the subscriber’s age at the time the Atal Pension Yojana account was created. Contributions can be made on a monthly, quarterly or half-yearly basis by setting up automated debits from the subscriber’s savings bank account or post office savings bank account.
On February 19, 2016, the government revealed the income-tax benefit for the investments made under the Atal Pension Yojana. As of now, investors in Atal Pension Yojana are eligible for the same income-tax benefits as participants in any other similar plans like the National Pension System. Every fiscal year, only Rs 1.5 lakh can be deducted at most under Section 80 CCD (1) and Section 80C.
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