Any Indian citizen between the age of 18 to 40 years can open Atal Pension Yojana. The scheme is administered by the Pension Fund Regulatory and Development Authority through NPS architecture. Under this scheme, there is guaranteed minimum pension for subscribers ranging between Rs. 1000 to Rs. 5000 per month.
The pension amount can be withdrawn after attaining the age of 60 years. Premature withdrawal is not possible except in the event of death or terminal illness. In the event of the death of the subscriber, the pension amount will be paid to the spouse or the nominee.
The account can be opened with the help of an Aadhaar card and a mobile number. The subscriber cannot exit the scheme in the middle of the tenure. The amount will not be paid if the tenure is not completed.
The discontinuation of payment will lead to the following
After 6 months, the account will be frozen
After 12 months, the account will be deactivated
After 24 months, the account will be closed
Henceforth, it is recommended that the subscriber completes the tenure in order to get the pension benefit.