The Atal Pension Scheme was launched in 2015 by the Narendra Modi government with the goal of providing social security to the less fortunate segments of society. With 1.25 crore new registrations only in 2022, this scheme has already attracted more than 5 crore members. This represents a huge increase from the 92 lakh people who registered in 2021. The Pension Fund Regulatory and Development Authority is in charge of monitoring this programme (PFRDA).
The Atal Pension Yojana is available in 29 banks, including major important public sector institutions like State Bank of India, Indian Bank, and Bank of India.
According to PFRDA data, the ratio of women enrolling in the Atal Pension Scheme has increased noticeably, going from 38% in 2021 to 45% in 2022.
Anyone who does not pay taxes and is between the ages of 18 and 40 may invest in this scheme. You can open an Atal Pension Yojana account with the assistance of a bank or post office, and the amount of the monthly pension you receive is determined by the investments you make. The pension range, which is between Rs. 1,000 and Rs. 5,000, determines the monthly investment amount.
Participants must have contributed to the plan for at least 20 years in order to be eligible for the pension. For instance, someone investing at the age of 18 would only need to set aside Rs 210 per month for a Rs 5,000 pension.