Atal Pension Scheme: The Atal Pension Scheme was established in 2015 by the Narendra Modi administration with the intention of providing social security to the underprivileged sections of society. This program has already attracted over 5 million participants, with only 1.25 million new registrations expected in 2022.
This represents a significant increase from the 92 lakh people who registered in 2021. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of this program.
The Atal Pension Yojana can be opened at 29 different financial institutions, some of which are significant public sector institutions like the State Bank of India, Indian Bank, and Bank of India. According to PFRDA data, the percentage of women enrolling in the Atal Pension Scheme has increased significantly, rising from 38% in 2021 to 45% in 2022.
This plan allows anyone who does not pay taxes between the ages of 18 and 40 to invest. You can get help registering an Atal Pension Yojana account at a bank or post office, and the amount of your monthly pension is determined by your investments. The amount invested each month varies according to the range of the pension, which ranges from Rs. 1,000 and Rs. 5,000.
Participants must have invested in the plan for at least 20 years in order to be eligible for the pension. For instance, if a person invests for a Rs 5,000 pension at the age of 18, they will only need to set aside Rs 210 per month.
