There are many Post Office schemes where you can earn good money by investing. Atal Pension Yojana is one such scheme. By investing in this scheme, you can get a pension of up to Rs 10,000 after your retirement. The central government is currently giving special attention to this scheme. It is designed so that the premium payment continues automatically until the customer chooses another option.
The central government first launched this scheme in 2015 for common people. Its popularity has grown a lot, and now more than 7 crore people in India have invested in it.
The Atal Pension Scheme allows you to open two types of accounts – single and joint. In a single account, you can invest a maximum of Rs 5,000 per month. In a joint account, you can invest up to Rs 10,000 per month.
Who Can Apply and How the Scheme Works
Everyone between 18 and 40 years old can apply for this scheme. You have to invest money every month. Once you start, you must invest for 20 years. The central government gives many benefits under this scheme. If you die while investing, the money will go to your nominee.
Pension Slabs and Monthly Contributions
Currently, the plan has five pension slabs: one can choose from Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month. Depending on the investment made, up to Rs 10,000 per month could be earned. Monthly contributions vary on based on the exact age of the investor. If one starts younger, the contributions are less. If he/she starts later, the contributions are greater.
For example:
- At age 18, you invest Rs 210 to Rs 5,000 per month.
- At age 25, you invest Rs 376 per month.
- At age 30, you invest Rs 577 per month.
- At age 35, you invest Rs 902 per month.
- At age 39, you invest Rs 1,318 per month.
You have the option to open either an individual or joint account with your spouse, and if you make a 20-year investment, your pension of will be Rs 10,000 per month. Your monthly investment will vary depending on your age at the time of investing.