Atal Pension Yojana: Everyone saves something from their income and wants to invest it in a place where their money is safe as well as gets good returns. Apart from this, some people invest keeping their old age in mind and look for such 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.
The government’s Atal Pension Yojana is popular for spending old age in comfort without any financial problems after retirement and why not, after all the government itself guarantees guaranteed pension on investment in it. If you are young, then you can make your old age financially strong by depositing a small amount every month. According to a calculation, you can secure a pension of Rs 5000 every month 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 has been fixed from 18 to 40 years.
This is how you will get a pension of Rs 5000 every month:
To get a 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 a 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 a 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 a pension of up to Rs 10,000 per month. On the other hand, if the husband dies before 60 years, then the wife will get the facility of pension. On the death of both husband and wife, the nominee will get the 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.
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Tax exemption is also available:
By investing in the APY Scheme, you get not only a 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 and 40 years old can invest in this scheme. To open an account, he must have a valid bank account, which is linked to the Aadhar card. Apart from this, the applicant should have a mobile number. Should not already be a beneficiary of Atal Pension.