If you want to arrange pension for yourself after retirement, then Atal Pension Yojana (APY) can prove to be the right option for you. Under Atal Pension Yojana, on turning 60, you get a pension of Rs 1,000 to Rs 5,000 every month. By depositing Rs 210 every month in this scheme, you can arrange a pension of Rs 5,000 per month.
In such a situation, through this scheme, you can provide financial security to your old age. Today we are telling you about this scheme, so that you can also arrange pension for yourself by investing in it.
Investment Has to be Made for 20 Years
Under Atal Pension Yojana, on turning 60, you get a pension of Rs 1000 to Rs 5000 every month. A person between 18 years to 40 years can invest in it. If a person takes this scheme, he will have to invest for at least 20 years.
The Amount of Investment will be Decided According to Your Pension
How much will be deducted from your amount for investment in this scheme will depend on how much pension you want after retirement. To get a pension of 1 to 5 thousand rupees per month, the subscriber will have to pay from 42 to 210 rupees per month. This will happen if the scheme is taken at the age of 18 years.
On the other hand, if a subscriber takes the scheme at the age of 40 years, then he will have to contribute from 291 to 1,454 rupees per month. The more contribution the subscriber makes, the more pension he will get after retirement.
See here how much pension will be received on depositing how much money in Atal Pension Yojana
If a person of 18 years of age deposits every month…
- If he deposits 42 rupees, then he will get a pension of 1000 rupees every month after 60 years.
- If he deposits 84 rupees, then he will get a pension of 2000 rupees.
- If you deposit Rs 126, you will get a pension of Rs 3000.
- If you deposit Rs 168, you will get a pension of Rs 4000.
- If you deposit Rs 210, you will get a pension of Rs 5000.
If a 40 year old person spends every month…
- If he deposits Rs 291, he will get Rs 1000 pension every month after 60 years.
- If he deposits Rs 582, he will get Rs 2000 pension.
- If he deposits Rs 873, he will get Rs 3000 pension.
- If he deposits Rs 1164, he will get Rs 4000 pension.
- If he deposits Rs 1454, he will get Rs 5000 pension.
Different amounts have also been fixed for people between 19 and 39 years of age, you can find it out online or by going to the bank.
You can pay the installment according to your convenience
Under this scheme, investors can invest monthly, quarterly or semi-annually i.e. in a period of 6 months. The contribution will be auto-debited, that is, the fixed amount will be automatically deducted from your account and deposited in your pension account.
After the death of the subscriber, his spouse will get pension
After the death of the subscriber, his spouse will be paid the same pension and on the death of both the subscriber and the spouse, the pension amount deposited till the age of 60 years will be returned to the nominee. On the other hand, in case of the death of the subscriber before 60 years, his spouse can continue contributing to the APY account. The subscriber’s spouse will be entitled to receive the same pension amount which the subscriber was supposed to get. On the other hand, if he wants, he can withdraw the entire amount deposited in the APY account by not doing so.
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Taxpayers do not get the benefit of the scheme
Atal Pension Yojana is not for taxpayers. That is, if you pay income tax, then you will not be able to open an account in this scheme. The government has implemented this rule from October 1, 2022.
Questions and Answers Related to Atal Pension Yojana
Question: Can APY account be opened even without a savings account?
Answer: No, it is necessary to have a savings bank account for this scheme.
Question: How is the date of monthly contribution decided?
Answer: It is decided on the basis of the date of first investment.
Question: Is it necessary for subscribers to keep a nominee?
Answer: Yes, it is necessary to keep a nominee.
Question: How many accounts can be opened under Atal Pension Yojana?
Answer: Only one account of Atal Pension Yojana is allowed.
Question: What happens if there is no balance in the account for monthly contribution?
Answer: There will be a penalty if there is no balance in your account to make monthly contribution. Click here for more information about the scheme
