Atal Pension Yojana was started in the year 2015-16 and till now more than 7 crore people have joined the APY Scheme. In the first six months of FY2024-25, 56 lakh new subscribers have joined the Atal Pension Scheme.
Atal Pension Yojana: Everyone saves some amount from his earnings and wants to invest it in a place where his money is safe as well as gets good returns. Apart from this, some people invest keeping their old age in mind and look for a scheme in which a lump sum amount or pension is received every month after retirement from the investment. In this case, the government’s Atal Pension Yojana is quite popular. This can be gauged from the fact that the number of its subscribers has reached 7 crores.
Even less than the price of a cup of tea will do the job
The government’s Atal Pension Yojana is quite popular for spending old age in comfort without any financial hassles after retirement, and why not, after all the government itself guarantees guaranteed pension on investment in it. If you are young, you can make your old age financially strong by saving a small amount every month. According to a calculation, you can secure a pension of Rs 5000 every month for yourself by saving less than the price of a cup of tea every day.
Guaranteed pension on investment in APY scheme
The dream of spending old age in comfort can be fulfilled by the Atal Pension Yojana run by the government. This is a pension scheme and the government itself guarantees pension in it. Every day you can invest in this scheme by saving a small amount and can get a pension ranging from Rs 1,000 to Rs 5,000 according to your investment. The age limit for investment in this scheme is fixed from 18 to 40 years.
This is how you will get pension of Rs 5000 every month
To get pension under this scheme, it is necessary to invest for at least 20 years. Meaning if you are 40 years old and still start investing in it, then you will start getting pension as soon as you turn 60. To understand the calculation of pension, suppose your age is 18 years, then by depositing Rs 210 every month i.e. just Rs 7 daily in this scheme, you can get pension of Rs 5000 per month after 60. On the other hand, if you want a pension of Rs 1,000, then you will have to deposit only Rs 42 every month at this age.
By joining Atal Pension Yojana, both husband and wife can get pension up to Rs 10,000 per month. On the other hand, if the husband dies before the age of 60, then the wife will get the facility of pension. On the death of both husband and wife, the nominee will get the entire money back.
More than 7 crore people are associated with this scheme
Atal Pension Yojna is quite popular as a retirement plan. The popularity of this scheme, launched in the year 2015-16, can be gauged by looking at the number of members joining it. So far, more than 7 crore people have joined the APY Scheme. In the first six months of the financial year 2024-25, 56 lakh new subscribers have joined the Atal Pension Yojana.
Tax exemption is also available
By investing in APY Scheme, you get not only guaranteed pension but many other benefits. By investing in it, you can save tax up to Rs 1.5 lakh. This tax benefit is given under section 80C of Income Tax. Talking about the eligibility to open an account in this scheme, any Indian citizen between 18 to 40 years can invest in this scheme. To open an account, one must have a valid bank account which is linked to the Aadhar card. Apart from this, the applicant must have a mobile number. He should not already be a beneficiary of Atal Pension.
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