Atal Pension Yojana: Every person wishes to secure their future and ensure financial stability. We are going to tell you about a safe scheme where you can invest and reap benefits. You must have heard of the Atal Pension Yojana (APY). Under the Atal Pension Yojana, there is a provision to receive a pension of up to Rs. 5000 every month.
Husband and wife can also invest jointly in this scheme. The pension benefits will start after the age of 60. A certain amount needs to be invested every month. You will need to keep some important things in mind while investing; otherwise, you may suffer losses.
Who is this scheme best suited for?
The Central Government’s Atal Pension Yojana is quite special. By joining it, you can fulfil your dream of a secure future. This scheme is only available to Indian citizens. To join the scheme, your age should be between 18 and 40 years. Having a bank account is also essential.
The monthly premium is deducted from this account. This scheme is designed for people who want to ensure a regular income after retirement. If you are 18 years old, the investment amount is lower, and the benefits you receive are the highest. Therefore, the sooner you join the scheme, the better.
Who cannot apply for the scheme?
The Atal Pension Yojana does not applyto everyone. If a person is under 18 or over 40 years of age, they cannot avail themselves of the benefits of this scheme. The government implemented a major change in this regard on October 1, 2022. If a person files an ITR (Income Tax Return) every year, this scheme is not for them.
This scheme is for people who belong to the lower or middle-income group and need additional financial security after retirement. Those who already have a pension or taxable income are also excluded from this scheme.