Atal Pension Yojana: Several government schemes are being run in the country, benefiting millions of people. If you also want to secure your future by investing in a safe scheme, then the Atal Pension Yojana can be a good option for you. This scheme is run by the Government of India.
The Atal Pension Yojana is a pension scheme under which, after investing, you receive a regular monthly pension upon reaching the age of 60. In this scheme, you have to deposit small amounts for the first few years, and in return, you get the benefit of a fixed pension in old age. Under this scheme, a maximum monthly pension of up to Rs. 5000 can be received.
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What is the Atal Pension Yojana?
This is a government pension scheme that provides a monthly pension after the age of 60. To join this scheme, you have to invest first. It is necessary to deposit premiums regularly for at least 20 years. The premium amount is deducted from your bank account every month.
Who can join the scheme?
Only Indian citizens can avail of this scheme. The applicant’s age should be between 18 and 40 years. This scheme is especially for those who do not fall under the income tax bracket. In addition, the applicant must have an active bank account.
How much investment is required?
The investment amount in the Atal Pension Yojana depends on your age. The younger you are when you join the scheme, the lower the monthly premium you have to pay. For example, if a person joins this scheme at the age of 18, they have to deposit approximately Rs. 210 every month, and after the age of 60, they receive a monthly pension of Rs. 5000. However, if a person joins at the age of 30, they have to deposit about Rs. 577 per month.
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How to apply?
To apply for the Atal Pension Yojana, you have to visit your nearest bank branch. There, a bank official completes your KYC (Know Your Customer) process and provides complete information about the scheme. You then select your preferred pension plan. The bank official informs you of the monthly premium amount and links your bank account to the scheme. After this, the premium is automatically deducted from your account every month, and you become a member of the scheme.