In today’s times, people not only focus on meeting their daily expenses but are also serious about their financial security for the future. With this in mind, people save in banks, start SIPs in mutual funds, or choose secure schemes like fixed deposits. However, when it comes to a regular income after retirement, government schemes emerge as the most reliable option for people. One such important scheme is the Atal Pension Yojana, which is run by the central government.

Read More- Save Upto Rs 3000 on Motorola G57 Power 5G, Offer Gesture Control & AI Camera

What is the Atal Pension Yojana?

The Atal Pension Yojana is a social security scheme that aims to provide a fixed monthly pension to people after the age of 60. Under this scheme, an individual has to invest regularly during their working years so that they receive a fixed amount of pension every month in their old age. The investment period in the scheme is at least 20 years, and the pension amount depends on the option chosen by the individual, which can be up to a maximum of Rs 5000 per month.

Investment determined by age

The most special feature of the Atal Pension Yojana is that the premium is determined according to age. The younger a person is when they join the scheme, the lower the monthly contribution they have to make. For example, if a person applies for a monthly pension of Rs 5000 at the age of 30, they have to deposit approximately Rs 577 every month for about 20 years. However, if a person chooses the same pension option at the age of 18, their monthly premium is approximately Rs 210.

Who can join this scheme?

Certain eligibility conditions have been set for joining the Atal Pension Yojana. Only individuals between the ages of 18 and 40 can apply for this scheme. The applicant must be a citizen of India and must have an active bank account. It is also a condition that those who are income tax payers are not eligible for this scheme.

Read More- Opportunity for Income Without Farming – Government is Providing a 50% Subsidy for This Business – Apply Soon

What is the application process?

The process for joining the Atal Pension Yojana is very simple. Interested individuals need to visit their nearest bank branch and contact the relevant officer. During the application process at the bank, the applicant’s KYC (Know Your Customer) verification is completed, and then the pension option is selected. Once the scheme is linked to the bank account, the fixed amount is automatically deducted from the account every month. Upon completion of the application process, the bank provides an acknowledgment or slip, confirming that the individual has joined the scheme.