Stocks● Neutral
Atal Pension Yojana: Eligibility, Payout, Tax Benefits Explained
The government scheme offers a guaranteed monthly pension of up to ₹5,000 after 60. Open to Indian citizens aged 18-40. Tax deductions under Section 80CCD. Check eligibility.
Continue with
The Atal Pension Yojana is a government-backed pension scheme for Indian citizens aged 18 to 40. It is run by the Pension Fund Regulatory and Development Authority and targets workers in the unorganised sector, the poor, and the underprivileged. The scheme replaced the earlier Swavalamban Yojana, and previous beneficiaries moved automatically.
Any Indian citizen in that age bracket can join, regardless of employer or employment status. Existing NPS subscribers and central or state government employees are also eligible. Income tax payers have been barred since October 2022. Aadhaar and a linked savings account at a bank or post office are mandatory. Minors cannot open an account.
Subscribers choose a contribution level that determines their pension. After turning 60, they receive a guaranteed monthly payout of ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000. If the account is closed before age 60, only the subscriber's own contributions plus interest are returned. The government's co-contribution and the interest earned on it are forfeited.