Are you planning to save your hard earned money and enjoy life after your retirement? Want to avail the benefits launched by the government? If yes, then prime minister Mr. Narendra Modi’s government scheme – Atal Pension Yojana (APY), is a considerable option. With APY an individual can invest Rs. 210 per month for 42 years and in return get Rs. 60,000; Or invest Rs. 1,454 per month for 20 years.
The scheme is administered by Pension Fund Regulatory and Development Authority (PFRDA) and thoroughly implemented nationwide via all the banks. This government-run scheme focuses mainly on the employees of unorganized sector. This pension plan is designed for Indian citizens who are aged between 18 to 40 years. They can begin with the investment to yield a fixed minimum monthly pension ranging from Rs. 1000 – Rs.5000. This process is generally dependent on the age of the individual who is investing and the contribution made by them. The subscribers will acquire the amount of Rs. 60,000 in total, by investing just Rs. 210/month. Just open a savings account either with the post office or the bank, as preferred.
This scheme is preferable for those who either come in the lower income group or who don’t have a fixed employment.
An individual’s age while acquiring this scheme decides the monthly contribution and duration. Based on the scheme, if an individual begins to make the investment at the age of 18 years with Rs. 210 every month, for the next 42 years, they invest Rs. 1,05,840. If a 40-year old makes the investment with Rs. 1,454 per month, for the next 20 years, the total investment is of Rs. 3,48,960. An individual can start earning at an early age by saving the total amount of Rs. 2,03,120.
How can an individual apply online for Atal Pension Yojana (APY)?
With the advent of digital era, most of the governmental processes have turned online. For applying into APY, all one needs to do is, download the subscriber’s form that is available on all the banking websites and fill in the respective details as asked in the form thereby, submitting it to their banks with the necessary documents where the subscriber’s account is opened. With this process, one can open their Atal Pension Yojana account easily and safely.