PERSONAL FINANCE
The scheme was chosen by over 28 lakh of the 4.2 crore subscribers of NPS by the end of the financial year 2020-21.
Government schemes with monthly pension: Once you become an adult, it is never too early or too late to plan for the future. Securing adequate amount as pension is one measure necessary for a comfortable retirement. One of the most popular pension schemes from the Government of India is the Atal Pension Yojana. The scheme was chosen by over 28 lakh of the 4.2 crore subscribers of NPS by the end of the financial year 2020-21, the annual report of the National Pension System Trust (NPS TRUST) revealed. With this scheme guaranteed by the government, you can secure a pension of up to Rs 5,000 per month or Rs 60,000 per year for an individual. Let us know more about the scheme’s benefits and how to apply.
What you need to know about Atal Pension Yojana (APY)?
Launched in 2015 with the focus initially on those in the unorganized areas, the scheme was later extended to all citizens of India who fall under the age eligibility criterion. Investment amount in APY varies depending on the age of the individual at time of opening the account. A person can secure a monthly pension of anywhere between Rs 1,000 and Rs 5,000 (in multiples of 1,000) with five different options.
Benefits of APY
Persons opting for the pension scheme will be receiving guaranteed pension after attaining the age of 60. Furthermore, the Atal Pension Scheme also offers individual tax benefit of Rs 1.5 lakh under Income Tax Act 80C.
Eligibility for APY
All Indian citizens between the age of 18 and 40 years are eligible to start an APY account
The person must have a bank savings account, Aadhaar card and a mobile number. Aadhaar will be the primary KYC for APY registration.
APY pension scheme investment details
Under APY, the amount required to be invested every month depends on the age of the pensioner.
For Rs 5,000 monthly pension, a person starting at 18 years of age will need to contribute Rs 210 per month. At the age of 20, this amount will be Rs 248. Starting at 25 or 30, the monthly contribution will be Rs 376 or Rs 577, respectively. A 35-year-old person investing in APY for a Rs 5,000 pension will need to contribute Rs 902 monthly, while the amount will be Rs 1454 is entry is at 40 years of age.
How to apply?
Individuals can apply for APY by approaching their bank’s branch or post office branch in which they hold their savings account. Individuals can also join the pension scheme online through netbanking or the recently added Aadhaar e-KYC option.
It should be noted that defaulting on contributions to APY invite freezing, deactivation and eventual closure of the account. Individuals opting for the scheme should ensure their bank account has enough money for auto-debit of contribution amounts every month.
READ | 7th Pay Commission: Will central government employees get 18-month DA arrear? Know here
Two fall prey to Narayana Murthy and Mukesh Ambani's deepfake videos, lose Rs 80 lakh: Report
North Korea fires multiple ballistic missiles toward sea ahead of US election
Deepika Padukone romances Hrithik Roshan in Bikini, looks sizzling hot in UNSEEN viral video
Chhath Puja 2024: Top 50 wishes, What'sApp messages, quotes to share with your loved ones
Meet Caroline Emmons, Ratan Tata's 'first love' with whom he couldn't marry due to...
Who is Rohan Jaitley, frontrunner to replace Jay Shah as BCCI secretary?
World’s most expensive human tooth is valued over Rs 3000000, it belonged to…
Viral video: Little girl’s adorable dance to Lisa Haydon’s 'Manali Trance' impresses internet, watch
SC to deliver its verdict on pleas against Allahabad HC order scrapping UP madrasa law today
DNA TV Show: Why Election Commission changed Assembly by-elections' dates
Days after imposing fine on Anil Ambani, Sebi now issues Rs 130 crore demand notices to...
Thailand announces indefinite visa-free entry for Indian travellers
Meet daughter of billionaire, who studied in UK, now works in Rs 32770 crore Indian company as...
MUDA case: Lokayukta police summon Karnataka CM Siddaramaiah for questioning on...
This city is 4000 years old, belongs to bronze age where 500 people lived, it is located in...
Kamala Harris has been the President of US before? Here's when and how
Meet son-in-law of billionaire whose net worth is Rs 38690 crore, he co-founded...
What is elimination inflammation diet that helped Vidya Balan lose weight?
Shah Rukh Khan feels breathless after quitting smoking: Know withdrawal symptoms, how to manage them
Zomato CEO Deepinder Goyal takes action on vendor for mislabelling mushrooms at Hyperpure warehouse
Mukesh Ambani's Reliance shares fell by 3%, loses Rs 50205 crore in one day due to...
IAF's MiG-29 crashes near Agra in Uttar Pradesh, pilot ejects safely, court of inquiry ordered
Driving Growth and Monetization at Zendesk: A Conversation with Darshit Thakkar
Can air pollution make you fat? Know how high AQI impact your health
Locanto Addresses Challenges and Innovations in Indian Education System
Nita Ambani stuns in floral co-ord set while Anant, Mukesh Ambani go casual in Dubai
Indian Railway to launch this 'SUPER APP', passengers can now..., know details here
Who is Rashmi Shukla, IPS officer whom EC removed as Maharashtra DGP?
This village in India allows men to have two wives, living under one roof due to…
AUS vs PAK, 1st ODI: Australia beat Pakistan by 2 wickets to take 1-0 lead in series
Singham Again’s sole aim is to entertain, it’s not Hindutva propaganda
Delhi pollution: 'Why firecracker ban was not implemented during Diwali,' SC asks police, govt
IPL 2025 mega auction likely to be held in Riyadh on these dates
Big update on Reliance Jio IPO as Mukesh Ambani eyes THIS date
EC reschedules UP, Punjab, Kerala bypolls from Nov 13 to...
Coldplay's Chris Martin falls through stage trap door while performing live in Australia
Meet man, who is rising star in Tata Group after Ratan Tata's death, now tasked with...
'Nice handwriting': Internet reacts to Elon Musk's physics homework from his college days
AIIMS INI CET 2025 admit card releasing today at aiimsexams.ac.in; when and how to download
Sustainability Meets Innovation via uPVC: Industry expert shares experience
Promoting innovation in engineering education
AP TET 2024 exam result declared at aptet.apcfss.in; steps to check
AI-Powered Development: Insights from industry leaders on transforming software engineering
Another BIG move by BSNL, now set to provide tough competition to Jio, Airtel, Vi by...
Uttarakhand Bus Accident: 36 dead after bus falls into gorge in Almora; rescue operations underway
Bigg Boss 18: Vivian D'Sena accuses Chahat Pandey of pooping on floor, latter loses her cool
One of India's best wicketkeepers set to retire after this season, won't play IPL too, he is...
Research shows awe-inspiring details about Black Holes, they can...
US Presidential Election 2024: Harris vs Trump goes down to the wire, say polls
AP TET 2024 exam result to be declared today on aptet.apcfss.in, when and how to check
Shampoo, tea, biscuits, oil to get costlier soon? FMCG firms caution price hike as...
Swiggy fined Rs 35000 for duping Hyderabad customer by doing THIS
Delhi pollution: Air quality in Delhi-NCR further deteriorates, AQI hits 'severe' level
Indian mission condemns attack on Hindu devotees at Canada temple by ‘anti-India’ elements
'Upar se leke neeche tak...': Bigg Boss 18's Kashish Kapoor, Eisha Singh get into ugly spat
Man grows 500 kg pumpkin, uses it as boat to sail 70 km, SEE PIC
Devotees at Banke Bihari Temple drink AC water believing it to be 'Charan Amrit'; WATCH viral video
Bank Holidays in November: Banks to remain closed for four days in THESE states, full list here
Bhool Bhulaiyaa 3: Kartik Aaryan's mother struggles to get tickets, hilarious video goes viral
Mumbai Police arrest Maharashtra woman for hoax death threat to UP CM Yogi Adityanath