APY– Atal Pension Yojana is a great scheme for those who have no other option for pension after retirement. The good thing is that now you can adjust the pension amount every year according to your future needs. Do you know that you can increase the pension amount in Atal Pension? If your income has increased and you want a secure retirement, you can upgrade to a pension range of up to Rs 5,000.

The government’s Atal Pension Yojana (APY) has become a strong means of secure old age for the poor, unorganized sector workers and low-income group citizens of the country. So far, a record 7.65 crore people have joined this scheme.

 

What is Atal Pension Yojana?

Atal Pension Yojana is a government guaranteed pension scheme in which you get a monthly pension of Rs 1,000 to Rs 5,000 after the age of 60 years. This amount depends on your contribution and age. Indian citizens between the ages of 18 and 40 can participate in it.

If you initially chose a monthly pension of Rs 2,000 and now want a pension of Rs 5,000, you can increase it. In the APY scheme, you can increase or decrease the pension amount once every financial year. This flexibility helps you to increase or decrease the pension amount according to your financial situation.

 

How can you get account and contribution information?

  • You will keep getting updates through SMS on the registered mobile number.
  • You can also check account information through APY mobile app.
  • Apart from this, a physical statement is sent to your address once a year.

 

What if there is no money in the account?

If there is not enough money in your account on the due date of deduction, it will be considered a default. In that case, you will have to make the next contribution with interest. Even if money is not deposited for a long time, the account does not get closed. You can reactivate it with the outstanding amount and interest.

 

Where is the investment made?

Your contributions are invested in government-recognised pension funds like SBI Pension Fund, LIC Pension Fund and UTI Retirement Solutions. The investment is monitored and rules are set by PFRDA.