If you are worried about old age then you can invest in this wonderful scheme of the Government of India. Especially people who do not have government jobs should invest in this scheme. Because in government job, there is a pension facility after retirement.
In fact, after spending his life in his own way, every man wants that his old age also depends on no one. In such a situation, the Atal Pension Yojana can be helpful for regular income after retirement. The Government of India guarantees you a minimum pension under this scheme. We will tell you in detail below how you can benefit under this scheme.
By investing small amount every month in Modi government’s Atal Pension Yojana (APY), you can take advantage of a fixed pension in old age. An account has to be opened to join this scheme.
What is Atal Pension Yojana?
The Modi government launched the Atal Pension Yojana in May 2015. Under this scheme, regular income is received for post-retirement expenses. People between 18 and 40 years can avail this scheme, to get pension under this scheme one has to invest for at least 20 years.
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If you are between 18 and 40 years old, then you can avail this scheme. You will have to invest a fixed amount every month till the age of 60 years. As soon as you are 60 years old, you will get a fixed amount of pension every month.
According to the scheme, a minimum pension of Rs 1,000 and a maximum of Rs 5,000 can be received. An 18-year-old youth joins the Atal Pension Yojana and if he wants a pension of Rs 5000 every month after 60 years, then he will have to invest Rs 210 per month.
A major feature of this scheme is that if the investor dies in between, then there is a provision to continue to benefit the participant. The deposit amount will be returned to the nominee after the death of the associate. It is clear that investment money will not be lost. On the other hand, if investors want to withdraw their amount before the age of 60, then it is possible in some circumstances.
How much pension will
you get? Under the Atal Pension Scheme, you will get a monthly pension ranging from Rs 1000 to Rs 5000. However, this pension amount depends on the amount of your investment. For example, if the investor is 20 years old, he needs a monthly pension of Rs 1000 after the age of 60, then for this he will have to invest a monthly investment of Rs 50 for 40 years from now
Decide the amount of pension for yourself.
Similarly, if the investor wants a pension of 5 thousand rupees, then from the age of 20 years, he will have to invest an amount of 248 rupees for the next 40 years. With age, the account holders who start the scheme have to pay more of the investment amount. Those above 40 years of age cannot join this scheme.
How to open
an account: To open an account under the Atal Pension Yojana, it is necessary to have an account in the bank or post office. You can join this scheme by going to your bank branch or even opening an account through net banking. Monthly quarterly and half-yearly facility is available for depositing money. For this scheme, the fixed amount is automatically deducted from the bank account every month.
By investing in this scheme, you can save tax up to Rs 1,50,000. This exemption is available under Section 80C of Income Tax. To know details about the scheme you can visit the link http://www.dif.mp.gov.in/FI_Plan_MP/APY/APYSchemeHindi.pdf.
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