Atal Pension Yojana: Have you planned for your old age If not, don’t worry, the government has made a great scheme for you Atal Pension Yojana (APY).
Under this scheme, you can get a pension of thousands of rupees in old age by investing at least Rs 100 every month.
What is Atal Pension Yojana
Atal Pension Yojana is a government-backed pension scheme, which aims to provide financial security to the people of the unorganized sector in old age.
In this scheme, you invest a fixed amount every month and after the age of 60, you start getting the chosen pension amount.
Benefits of Atal Pension Yojana
Safe investment: This scheme is backed by the government, so your money remains safe.
Regular pension: You can get a fixed pension every month after the age of 60.
Low investment: You can avail of this scheme even with a small amount.
Tax benefits: Investments made in this scheme can get tax benefits in some cases.
Eligibility for Atal Pension Yojana
Must be an Indian citizen
Must have a bank account
Age have to be between 18 to 40 years
Aadhar card is mandatory
How much investment will have to be made in Atal Pension Yojana
Your monthly contribution will be decided based on your age and the pension amount chosen. For example, if you choose a monthly pension of Rs 1000 at the age of 18, you will have to contribute less every month.
But if you choose the same pension at the age of 35, you will have to contribute more every month.
Other benefits of the Atal Pension Yojana
Nominee facility: You can give the name of your nominee so that the pension amount can be received by them.
Portability: If your bank changes, you can transfer your APY to the new bank.
How to join Atal Pension Yojana
You can apply for Atal Pension Yojana by visiting your nearest bank or post office. You will need some necessary documents, such as an Aadhar card, passport-size photo, bank account details, etc.
Can money be withdrawn from the Atal Pension Yojana
In Atal Pension Yojana, you cannot withdraw money in between. This is a long-term plan, the benefits of which you will get after the age of 60 years.
Atal Pension Yojana is a wise step to lay the foundation of a secure future for your old age. By saving a little bit, you can make your golden years financially strong.