On 10th August 2022, the Ministry of Finance, Department of Financial Services notified that effective from 1st October 2022, taxpayers are not eligible to be part of the Atal Pension Yojana. However, there is confusion about what existing subscribers of Atal Pension Yojana have to do. Let us see the details about the notification.
Atal Pension Yojana or APY was primarily meant for the unorganized sector. It was launched with the intention to provide a retirement benefit to the such sectors. However, many individuals without bothering what should be the value of the benefit of this scheme, just blindly enrolled. Mainly because it is a Government scheme and the GUARANTEED tagline was there with this product. I tweeted the same few hours back.