Atal Pension Yojana: Have you made financial preparations for your future? If not, it’s important to start thinking about it now. After retirement, there is no regular source of income, while expenses continue. In such a situation, being financially independent in old age becomes very important.
This is why many people start saving and investing small amounts from a young age. If you want to receive a monthly pension after the age of 60, the Atal Pension Yojana can be a good option for you. Under this scheme, you can avail a monthly pension ranging from Rs. 1000 to Rs. 5000. But before applying, it is important to know whether you are eligible for it or not.
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How to apply for the Atal Pension Yojana?
To join the Atal Pension Yojana, you first need to visit your bank branch. There, your KYC process will be completed. After that, the bank will provide you with information about the available pension options and the amount to be deposited every month. After choosing a plan, your bank account is linked to the Atal Pension Yojana. After this, the fixed amount is automatically deducted from your bank account every month.
How much investment is required?
The investment amount in this scheme depends on your age and the chosen pension plan. If a person chooses a plan with a monthly pension of Rs. 5000 at the age of 18, they have to deposit approximately Rs. 210 every month. However, if someone chooses the same pension plan at the age of 30, they have to invest approximately Rs. 577 every month.
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Benefits of the Atal Pension Yojana
Under this scheme, a fixed pension ranging from Rs. 1000 to Rs. 5000 is received after the age of 60. Regular investment for at least 20 years is necessary to receive the pension. The pension amount you choose at the beginning is the same amount you will receive every month after retirement.
Who is eligible for this scheme?
Only Indian citizens are eligible to benefit from the Atal Pension Yojana. Applicants must be between 18 and 40 years of age. Additionally, those who have a bank account and are not subject to income tax can join this scheme.
Adarsh P
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