Atal Pension Yojana (APY) is a very beneficial social security scheme for people working in the unorganized sector. By investing in APY, you get regular income to spend after retirement.
Atal Pension Yojana (APY), a pension scheme for citizens of India is focused on the unorganized sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. Any Citizen of India can join APY scheme. Following are the eligibility criteria:
The prospective applicant may provide Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on APY account. However, Aadhaar is not mandatory for enrollment.
The co-contribution of the Government of India is available for 5 years, i.e., from the Financial Year 2015-16 to 2019-20 for the subscribers, who join the scheme during the period from 1st June, 2015 to 31st March, 2016 and who are not covered by any Statutory Social Security Scheme and are not income tax payers.
Any Indian can start investing in the Atal Pension Yojana (APY). You must have a bank account to participate in the Atal Pension Yojana (APY).
It is also necessary to be linked to Aadhaar card to open an APY account. Atal Pension Yojana (APY) can be availed only to those people who are outside the income tax slab.
The people for the Atal Pension Yojana (APY) are divided into 6 parts. To take advantage of the Atal Pension Yojana (APY), you must be between 18 and 40 years old. To get pension under APY, you have to invest for at least 20 years.
The pension amount in APY depends on the investment you have made and your age. Under Atal Pension Yojana (APY), a minimum monthly pension of Rs 1,000 and maximum of Rs 5,000 can be got. From the age of 60, you will start getting pension under APY.
The sooner you join the Atal Pension Yojana (APY), the more benefit you will get. If a person joins the Atal Pension Yojana (APY) at the age of 18, then he will have to invest Rs 210 every month.
After retirement, from the age of 60, you will get a monthly pension of Rs 5000 every month.
Such people who come under the purview of Income Tax, are government employees or are already taking advantage of schemes like EPF, EPS, they cannot become part of Atal Pension Yojana (APY).