Atal Pension Yojana– If you are a Senior Citizen then there is good news for you. Atal Pension Yojana (APY) is a government-backed pension scheme launched by the government to provide financial security to common citizens, especially the unorganized sector, the poor and the underprivileged. Under this scheme, a monthly pension of Rs 1000 to Rs 5000 is available after the age of 60 years. Now if you are investing in APY and you have chosen the pension amount of Rs 2000 and now want to increase it to Rs 5,000? Is it possible to do this? If yes, then how? Let’s know.
What is Atal Pension Yojana ?
APY is a voluntary pension scheme open to all Indian citizens, especially workers in the unorganized sector, who do not have retirement plans. Under this scheme, investors contribute a fixed amount monthly, quarterly or half-yearly depending on their chosen pension amount and the time of joining. Under this scheme, there is an option to get pension of Rs 1,000 per month, Rs 2,000 per month, Rs 3,000 per month, Rs 4,000 per month and Rs 5,000 per month.
Can the pension amount be increased from Rs 2,000 to Rs 5,000?
Yes, you can increase your pension amount under APY. The scheme allows subscribers to increase or decrease their pension amount once every financial year during the accumulation phase. This flexibility ensures that subscribers can adjust their retirement goals based on their financial situation.
To increase the pension amount, you will have to go to the bank where you have opened your APY account and apply that you want to increase your pension amount. As soon as you request a pension upgrade, the bank or PFRDA will calculate your new contribution (monthly contribution) based on your current age. After this, the monthly deposit amount will increase which will be automatically deducted from your bank account every month. For this, you may have to fill a new auto debit form in the bank. By doing this, you can increase your pension amount.