Atal Pension Yojana: Almost everyone wants to have enough money to not only meet their current needs but also save for their old age. Whether employed or running a business, everyone wants to save. For this, some people keep money in a bank account, while others invest it elsewhere, so they don’t face financial difficulties in old age.
Similarly, if you’re struggling to save money, you can make small savings and receive a monthly pension of up to Rs 5,000 after the age of 60 through the Atal Pension Yojana. But do you know who those people are who can’t join this scheme? Probably not, so let’s explore the eligibility criteria for this scheme.
How to invest in the scheme?
If you want to join the Atal Pension Yojana, you will have to visit your bank branch.Go here and meet the concerned officer who gets your KYC doneAfter KYC, you have to choose a pension plan and you will also be informed about the premium.Your name and bank account are then linked to the scheme.After this you will be given a receipt and your application will be processed.
The Atal Pension Yojana is an investment plan in which you invest according to your age and pension plan, and after the age of 60, you will receive a monthly pension of up to Rs 5,000. You must invest for at least 20 years under this plan, as investments less than this will not provide pension benefits.For example, if you are 18 years old and join the Rs 5,000 pension plan under the Atal Pension Yojana, you will have to invest Rs 210 every month for the next 20 years.
Similarly, if a 30-year-old person chooses a pension plan of Rs 5,000 per month, his premium for the next 20 years will be Rs 577.
Who can join the scheme and who cannot?
There are eligibility criteria for applying for the Atal Pension Yojana (APY). For example, if you are an Indian citizen, have a bank account, and are between the ages of 18 and 40, you can apply for the Atal Pension Yojana (APY). If you fall in the tax category i.e. you are a taxpayer, then you cannot join this Atal Pension Yojana.