Atal Pension Yojana (APY) is a Government run pension scheme open to all citizens of India that mainly focuses on the unorganized sector. The number of members of the Atal Pension Yojana has increased to a great extent, which has now reached about 2.23 crores. It is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS). In view of the Corona pandemic spreading in the world, the Modi government has approved withdrawal of money from the National Pension System for its treatment and Pension fund regulator PFRDA has also given its permission. Under this small savings scheme, a minimum monthly pension between Rs 1,000 to Rs 5,000 is guaranteed for the beneficiaries. If you start investing from the age of 18 and can expect to get pension of Rs 5,000 after attaining 60 years of age. One can easily do partial withdrawals from Tier-1 account of NPS. You will be surprised to know that through this scheme run by the Modi government, you can get a pension of Rs 5,000 per month (which is Rs 60 thousand annually) after the age of 60 with an investment of 10 rupees per day.
What did Manikaran Singhal say about APY Scheme?
Manikaran Singhal, who is a SEBI-registered tax and investment expert, said that "In Atal Pension Yojana, an investor can open APY account at the age of 18 to 40 years and can continue investing in the APY account till the age of 60 years. After 60 years, the investor becomes eligible for the monthly pension that varies from Rs 1,000 to Rs 5,000. The monthly pension that an investor wants has to be fixed at the time of APY account opening and on the basis of monthly fixed pension, the monthly APY premium is fixed."
APY Chart for monthly premium
If you are 18 year old person and starts investing in Atal Pension Yojana, then the APY chart above suggests that he or she will get Rs 60,000 annual pension on his or her monthly investment of Rs 210 or you can say daily investment of Rs 7.
Most accounts are opened in which bank?
About 11.5 lakh Atal Pension accounts have been added the country's largest bank State Bank of India (SBI) in this scheme. Now Canara Bank and Bank of India have the number. Apart from this accounts have been opened in the regional rural banks, South Bihar Gramin Bank, Baroda Uttar Pradesh Gramin Bank, Andhra Pradesh Rural Development Bank etc. A statement said that PFRDA has set a target to connect around 2.25 crore people to this pension scheme by March 2020.
How to apply for Atal Pension Yojana
To apply for this, you have to contact the bank or post office where you have a savings bank account.
If you have a savings account, then you will have to open such an account to fill the APY registration form.
If you have great knowledge of online banking, then you can easily enroll for APY through your savings account using internet banking and choose the auto debit facility to contribute.
Premiums from the age of your enrollment to 60 years will be paid.
