India News Get -BusinessRetirement Plan; Benefits of Atal Pension Yojana explained | Features and details
If you want to plan your retirement after retirement, Atal Pension Yojana (APY) may prove to be the right option for you. Under Atal Pension Yojana, after 60 years, one gets a pension of Rs 1,000 to Rs 5,000 per month. In this scheme, by depositing Rs 210 every month, you can get a pension of Rs 5,000 per month.
In such a situation, through this scheme you can ensure financial security in your old age. Today, we are talking to you about this system, so that you too can organize your retirement by investing in it.
You have to invest over 20 years Under Atal Pension Yojana, after 60 years, one gets a pension of Rs 1,000 to Rs 5,000 every month. A person between 18 and 40 years old can invest in it. If a person opts for this program, he will have to invest for at least 20 years.
The investment amount will be decided based on your pension. The amount that will be deducted from your amount to invest in this scheme will depend on the amount of pension you want after retirement. To obtain a pension of Rs 1 to 5 thousand per month, the subscriber will have to pay Rs 42 to Rs 210 per month. This will happen as soon as you join the program, at the age of 18.
On the other hand, if a subscriber subscribes to the scheme at the age of 40, he will have to contribute between Rs 291 and Rs 1,454 per month. The more the subscriber contributes, the more pension he will receive after retirement.
See here how much money you will receive if you deposit how much money in Atal Pension Yojana.
If an 18 year old…
If he deposits Rs 42, he will get a pension of Rs 1,000 every month after 60 years. If he deposits Rs 84, he will get a pension of Rs 2,000. If he deposits Rs 126, he will get a pension of Rs 3,000. If he deposits Rs 168, he will get a pension of Rs 4,000. If you deposit Rs 210, you will get a pension of Rs 5,000.
If a 40 year old…
If he deposits Rs 291, he will get a pension of Rs 1,000 every month after 60 years. If he deposits Rs 582, he will get a pension of Rs 2000. If he deposits Rs 873, he will get a pension of Rs 3000. If he deposits Rs 1164, he will get a pension of Rs 4000. If you deposit Rs 1454, you will receive a pension of Rs 5000.
Different amounts have also been set for people between 19 and 39 years old, you can find it online or by going to the bank.
You can pay installments as per your convenience Under this scheme, investors can invest monthly, quarterly or semi-annually, i.e. over a period of 6 months. The contribution will be automatically debited, i.e. the fixed amount will be automatically deducted from your account and deposited into your pension account.
After the death of the subscriber, his or her spouse will receive an annuity. After the death of the subscriber, an equal pension will be paid to his/her spouse and on the death of both the subscriber and his/her spouse, the pension amount accrued up to the age of 60 years will be returned to the candidate. Whereas in the event of the subscriber’s death before age 60, his or her spouse can continue to contribute to the APY account. The subscriber’s spouse will be entitled to receive the same amount of pension as that to which the subscriber was entitled. However, if he wishes, he can choose not to do so and withdraw the entire amount deposited into his APY account.
The taxpayer does not benefit from the scheme Atal Pension Yojana is not for taxpayers. This means that if you pay income tax, you will not be able to open an account in this scheme. The government implemented these rules from October 1, 2022.
Questions and Answers regarding Atal Pension Yojana
Question: Can I open an APY account even without a savings account?
Answer: No, it is necessary to have a savings bank account for this scheme.
Question: How is the monthly contribution date decided?
Answer: It is decided based on the date of the first investment.
Question: Is it necessary for subscribers to have a pseudonym?
Answer: Yes, it is necessary to have a candidate.
Question: How many accounts can be opened under Atal Pension Yojana?
Answer: Opening of only one Atal Pension Yojana account is permitted.
Question: What happens if there is no balance in the account for the monthly contribution?
Answer: There will be a penalty if you do not have a balance in your account to make a monthly contribution. Click here for more information about the program