Atal Pension Yojna was introduced by the Government of India in the budget year 2015-2016 for the purpose of pension or regular income after achieving the age of retirement. Under this scheme, the investor starts receiving a regular pension after attaining the age of 60. The scheme is administered and monitored by the Pension Fund Regulatory and Development Authority.
In order to promote the scheme, the Government of India also contributed Rs. 1000/- or 50% of the subscriber’s contribution, whichever is lower for those who were not income taxpayers and were not covered under any statutory social security scheme. The contribution was made for a period of 5 years for all such individuals who joined the scheme between 1st June 2015 and 31st December 2015.
The following criteria need to be fulfilled to invest in Atal Pension Yojna Scheme: