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Atal Pension Yojana: This is a social security scheme of the Government of India. Under this scheme, after the customer completes 60 years of age, he will be guaranteed a minimum pension of Rs 1,000 to Rs 5,000 every month.
If you are not employed or work in the unorganized sector, then Atal Pension Yojana (APY) is a reliable retirement scheme for you.
This scheme provides guaranteed pension by the Central Government. Its purpose is to provide social security to those people.
Atal Pension Yojana was launched by the government on May 9, 2015. This scheme is run by the Pension Fund Regulatory and Development Authority (PFRDA).
The government has changed the rules from October 1, 2022. Now any income tax paying citizen cannot open a new APY account i.e. this scheme is now open only for non-taxpayer citizens.
People between 18 to 40 years of age can open Atal Pension Yojana account in bank or nearest post office. A person can open only one account.
Investment depends on age and pension amount chosen. Under the scheme, pension ranging from Rs 1,000 to Rs 5,000 is available every month.
You can get a pension of Rs 5000 by saving Rs 7 daily. If a person joins this scheme at the age of 18 years, he will have to contribute only Rs 210 every month i.e. Rs 7 per day. In return, after the age of 60 years, he will get a pension of Rs 5,000 every month.
You can contribute to Atal Pension Yojana every month, three months or every six months.
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