Arpit 87 Questions 25 Answers 17 Best Answers 219 Points View Profile Arpit Asked: January 5, 20212021-01-05T23:50:07+05:30 2021-01-05T23:50:07+05:30In: UPSC PRELIMS What is Atal Pension Yojana? Explain key points of Atal Pension Yojana. economicsgeneral knowledge Share Facebook 1 Answer Recent Sakshi 46 Questions 34 Answers 26 Best Answers 233 Points View Profile Best Answer Sakshi 2021-01-06T21:38:06+05:30Added an answer on January 6, 2021 at 9:38 pm In May 2015, the Government of India launched the Atal Pension Yojana (APY) with the goal of providing old-age income protection, particularly for workers in the unorganized sector. Key points of Atal Pension Yojana:- Any Indian citizen in the 18-40 age group with a bank account can subscribe to APY. It is open to all holders of bank accounts that are not members of any statutory social security scheme. It provides a guaranteed minimum pension ranging from Rs 1000 to Rs 5000 at the age of 60 years. The amount of the pension is guaranteed for the life of the spouse upon the subscriber’s death. The entire pension corpus shall be paid to the nominee in the event of the death of both the subscriber and the spouse. APY contributions are eligible for tax benefits similar to the National Pension System (NPS). It is administered by the Pension Fund Regulatory and Development Authority (PFRDA). PFRDA is the statutory authority set up by Parliament’s enactment to oversee, facilitate, and ensure the orderly development of the National Pension System (NPS) and the pension schemes protected by this Act. 1 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions Tell us about the Global Gender Gap Report 2021. Tell us about the Global Hunger Index 2020.