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Central government’s Atal Pension Yojana (APY) is a social security scheme. Through this scheme, the Central government aimed at providing a monthly pension after the age of 60 to all citizens of India.
The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) that mainly works for unorganized sector workers. The scheme is based on the National Pension Scheme (NPS) framework and has provisions to provide monthly pension upto Rs 5000 to individuals with a deposit of Rs 7 per day.
Eligibility
Indian citizens between the age of 18 to 40 with a bank account, can fill the registration form of the scheme. To get the benefits of the scheme, the individual must have a savings bank account linked with the Aadhar card. Under the scheme, the bank consumers should continue to deposit the money for a period of 20 years.
Details of Atal Pension Yojana
The sooner you start investing in this government scheme, the more funds will be deposited in your account. If a person becomes a subscriber of APY at the age of 18 years, then he will have to deposit Rs 210 per month (or Rs 7 every day) to get a monthly pension of Rs 5,000 every month after the age of 60 years.
The individuals opting for the scheme have the choice to deposit their money and get different amounts of pensions every month. Under this scheme, only Rs 42 will have to be deposited per month to get a monthly pension of Rs 1000 every month. Similarly, to get a pension of Rs 2000 every month, the customers have to deposit Rs 84 per month, for Rs 3000 pensions every month at the age of 60, Rs 126 will have to be deposited and Rs 168 will have to be deposited every month for a monthly pension of Rs 4,000.
The nomination facility is also available under this scheme. The family members of the subscriber of the scheme will get the benefit after his/her death. The nominated member has to reach out to the respective bank to claim the deposited amount and pension benefits.
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