Atal Pension Yojana Benefits: In today’s world, everyone invests for their future. The central and state governments are also running excellent schemes for this purpose. Some people deposit money in bank accounts, some invest in SIPs or mutual funds, and some opt for Fixed Deposits (FDs). Along with these, there is a very useful scheme – the Atal Pension Yojana (APY), which is run by the central government.
The main objective of the Atal Pension Yojana is to enable people to receive a fixed pension after the age of 60. In this scheme, you have to invest regularly, and after the age of 60, you can receive a pension of up to ₹5,000 every month.
What is the Atal Pension Yojana?
The Atal Pension Yojana is a government scheme that provides financial security to people in their old age. Under this scheme, the member has to contribute regularly for at least 20 years. The contribution amount is determined according to the member’s age and the chosen pension amount.
For example, if you are 30 years old and want a pension of ₹5,000 per month, you will have to deposit approximately ₹577 every month for the next 20 years. On the other hand, an 18-year-old person would only need to deposit ₹210 per month for the same pension. The contribution to this scheme is quite affordable compared to other policies.
Who can join the Atal Pension Yojana?
There are certain conditions for joining this scheme. Only Indian citizens between the ages of 18 and 40 can apply for this scheme. If you pay taxes (are a taxpayer), you cannot join this scheme. Also, it is mandatory to have a bank account, as the pension will be deposited directly into your account.
How to apply for the Atal Pension Yojana?
First, visit your bank branch.
Contact the bank official and inform them that you want to join the Atal Pension Yojana.
Your KYC process will be completed at the bank.
After that, you will have to choose your pension plan. Your bank account will be linked to the scheme.
Upon completion of the process, you will be given a registration slip, and your name will be added to the scheme.