Investment Tips: Atal Pension Yojana (APY) is a pension scheme focused on workers in the unorganized sector. Under this scheme, the subscriber has to deposit a fixed amount, in return for which he gets a regular pension on attaining the age of 60 years. Know about this scheme:-
Highlights of the plan
- The subscriber gets a monthly pension of a minimum of Rs 1,000 and a maximum of Rs 5,000.
- Pension starts at the age of 60 years and continues for life.
- The minimum pension benefit is guaranteed by the Government of India.
- Under APY, the government co-contributes 50 percent of your contribution or Rs 1,000 per year, whichever is less.
- However, this government help will be available to those people who are not covered under any statutory social security scheme and also do not pay income tax.
who can become a subscriber
- Any person whose age should be between 18 to 40 years.
- Applicant should have a Savings Bank Account / Post Office Savings Bank Account.
- Applicant should have Aadhar number and a mobile number.
- In case of death of the subscriber, the pension will be given to the spouse and on the death of both of them (the subscriber and the spouse), the pension amount will be given to his/her nominee.
- All banks provide facility to open APY account.
- Apart from online, registration forms are also available at bank branches.
- You will get pension according to the premium you pay.
- If a person of 18 years opens an account in this scheme and wants a monthly pension of Rs 1000 every month, then he will have to deposit only Rs 42 every month.
- If he wants a monthly pension of Rs 2000, then he has to deposit Rs 84 every month.
- For monthly pension of Rs 3000, Rs 126 will have to be deposited every month.
- For monthly pension of Rs 4000, Rs 168 will have to be deposited every month.
- For monthly pension of Rs 5000, Rs 210 will have to be deposited every month. Rs 210 means that 7 rupees have to be invested every day.
also keep this in mind
- If a subscriber misses to contribute under this scheme, then he will have to pay a penalty.
- Rs.1 on contribution up to Rs.100 per month.
- Rs.2 per month on contribution from Rs.101 to Rs.500 per month.
- Rs.5 per month on contribution from Rs.501 to Rs.1000 per month.
- 10 per month on contribution above Rs.1001.
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