The Atal Pension Scheme enables individuals to save a small amount regularly and receive a pension in their retirement.
New Delhi: In honor of former Prime Minister Atal Bihari Vajpayee, the central government has initiated various schemes under his name, aiming to provide social security to citizens. Among these, the Atal Pension Scheme is a popular choice, allowing individuals to secure their old age with modest investments.
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Key Features Of Atal Pension Scheme
The Atal Pension Scheme enables individuals to save a small amount regularly and receive a pension in their retirement. By contributing as little as 7 rupees per day, participants can secure a pension ranging from Rs 1,000 to 5,000 rupees per month during their post-retirement years.
Atal Pension Yojana: Launch Date
Launched by the Modi government in 2015, this scheme has already benefited over 6 crore subscribers.
Atal Pension Yojana: Return Calculator For 5,000 Rupees Pension
According to the Pension Fund Regulatory and Development Authority, if you start investing at 18 with a daily contribution of just 7 rupees, you can receive a monthly pension of 5,000 rupees after turning 60.
This means a monthly investment of 210 rupees, accumulating over 42 years to provide financial security in your golden years.
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Atal Pension Yojana: Scheme Eligibility And Conditions
– Any Indian citizen falling within the age group of 18 to 40 years can participate.
– An amendment in October 2022 specifies that individuals paying income tax cannot avail of the benefits of the Atal Pension Scheme.
– Both spouses can benefit from the scheme, with the surviving spouse receiving the pension in case of the subscriber’s demise.
– Subscribers must continue their investments until they reach the age of 60.
– In the unfortunate event of a subscriber’s demise, the nominated individual will receive the pension amount.
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Atal Pension Yojana: How To Invest
For those with a bank account and Aadhaar card, investing in the Atal Pension Scheme is a straightforward process. Simply visit the bank, apply for the scheme, submit the necessary documents, and your pension account will be opened after Know Your Customer (KYC) verification.
