Atal Pension Yojana: Everyone worries about old age. Questions like what will happen after retirement, how will I manage, and where will the money come from constantly run through people's minds. But there is a scheme by the Indian government that provides a pension of up to Rs. 5,000 every month after the age of 60. This scheme is called the Atal Pension Yojana (Atal Pension Scheme). This scheme is especially for those who do not fall under the tax bracket. Let's learn what the Atal Pension Yojana is, who can join it, how to get the benefits, and the complete process.
What is the Atal Pension Yojana?
The Atal Pension Yojana (APY) is a government pension scheme. After investing in it, you can receive a pension of Rs. 1,000 to Rs. 5,000 every month after the age of 60. The investment period must be at least 20 years. The investment amount depends on your age and the target pension. This means that with small investments, you can receive a monthly pension after the age of 60.
Who can benefit from APY?
Must be an Indian citizen.
Age should be between 18 and 40 years.
Those who do not fall under the tax bracket.
Those who have a bank account.
What is the premium for the Atal Pension Yojana?
In the Atal Pension Yojana, the premium is determined according to your age and the pension amount. An 18-year-old person will have to deposit Rs. 210 every month for a monthly pension of Rs. 5,000. For a 30-year-old person, this amount will be Rs. 577 every month. As your age increases, the investment amount, i.e., the premium, also increases.
How to apply for the Atal Pension Yojana?
1. First, go to your bank branch.
2. Get your KYC done by the concerned officer.
3. Get complete information about this scheme and pension plan.
4. Link your bank account to the scheme.
5. The monthly premium will start being deducted from your account.
6. Now you can be ready to receive your monthly pension.
Why is the Atal Pension Yojana the best?
It is operated by the government.
It offers a pension of up to Rs. 5000 with a low initial investment.
The pension scheme starts in old age without any extra risk.
It is considered a good option for all those who do not fall under any tax bracket.
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