Atal Pension Scheme: The Narendra Modi government began the Atal Pension Scheme in 2015 with the intention of giving social security to the less privileged groups in society. More than 5 crore people have signed up for this scheme so far, with 1.25 crore new registrations only in 2022. From the 92 lakh people who registered in 2021, this signifies a significant increase. This scheme is overseen by the Pension Fund Regulatory and Development Authority (PFRDA).
There are 29 banks where the Atal Pension Yojana can be opened, including several significant public sector banks like State Bank of India, Indian Bank, and Bank of India. As per PFRDA data, there has been a noticeable growth in the number of women enrolling in the Atal Pension Scheme, with their percentage rising from 38 per cent in 2021 to 45 per cent in 2022.
Anyone between the age of 18 and 40 who does not pay taxes can invest in this scheme. A bank or post office can help you register an Atal Pension Yojana account, and the amount of the monthly pension you receive is based on the investments you make. The monthly investment amount varies in line with the range of the pension, which is between Rs. 1,000 and Rs. 5,000.
To be eligible for the pension, participants must have invested in the plan for at least 20 years. For instance, if someone invests at the age of 18 for a Rs 5,000 pension, they will only need to put aside Rs 210 a month.
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