Atal Pension Yojana: Govt transfers Rs 5000 to account every month; here’s how to avail benefits
Atal Pension Yojana allows investors to save little every month for their retirement, as it guarantees a monthly payment of Rs 5,000 to the beneficiary once they touch 60.
New Delhi: Atal Pension Yojana (APY) is one of the many state-run savings schemes that allow investors to save for their old age. The scheme allows investors to save little every month for their retirement, as it guarantees a monthly payment of Rs 5,000 to the beneficiary once they touch 60.
The social security scheme particularly focuses to benefit workers in the unorganised sector. Here’s all you need to know about Atal Pension Scheme:
Atal Pension Scheme Eligibility
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The Central government has made the Atal Pension Yojana's qualifying requirements pretty simple, in a bid to encourage more investors to secure their retirement. Here are the three basic eligibility criteria for making an investment in Atal Pension Scheme:
- Only Indian Citizens can invest in Atal Pension Yojana.
- Anyone between the age of 18 and 39 can put their money into the scheme.
- You need to have a bank account whose KYC norms are complete. Maintaining a minimum balance in the account will be the responsibility of the investor.
Atal Pension Yojana Premium
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The premiums under Atal Pension Yojana depend on the age of the investor. For instance, an investor aged 18 will have to pay a premium of just Rs 210 per month to receive Rs 5000 on monthly basis after turing 60.
On the other hand, an investor entering the scheme at the age of 39 will have to invest Rs 1318 per month for the remaining 21 years to receive Rs 5000 monthly pension under the scheme.
Atal Pension Yojana Pension Options
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Atal Pension Yojana Benefits
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