It is a festive time in the country — Diwali and Chhath are just around the corner, and there has been a lot of shopping going on for the festival season. One very important festival will be Bhaiphonta, a festival that emphasizes the bond between siblings — especially between brothers and sisters. Bhaiphonta falls on October 23 this year, when sisters put bhaiphonta on their brothers and wish for their success, brightness, and peace in life. Brothers then reciprocate with gifts for their sisters.
If you want to gift your sister, you can enroll her in the Atal Pension Yojana (APY). With this scheme, she can get a monthly pension of up to Rs 5,000 in the future.
Atal Pension Yojana (APY) is an investment scheme. You invest money in your sister’s name. After she turns 60, she can get the pension. A small monthly premium will be taken from your bank account.
How the Investment Plan Works
If your sister is 18 years old, you pay Rs 210 every month. After she turns 60, she will get Rs 5,000 every month. The premium depends on her age.
Can You Add Your Sister’s Name?
Yes, you can add your sister’s name to the Atal Pension Yojana. Only Indian citizens can join. Non-taxpayers can also join. Your sister must be between 18 and 40 years old. If she meets these rules, you can add her name.
How to Add Your Sister’s Name
- Go to the bank with your sister.
- Complete her KYC at the bank.
- Link her bank account to the scheme. The bank will take the premium every month.
- Pick a pension plan (Rs 1,000 – Rs 5,000 per month).
- The bank will add your sister’s name to the scheme.