POLITICS

Atal Pension Yojana: Earn Rs 60,000 every year by saving just Rs 7 per day

Only Indian citizens are eligible to subscribe to Atal Pension Yojana. All bank account holders can join APY.

Atal Pension Yojana: Earn Rs 60,000 every year by saving just Rs 7 per day

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Edited By

Riddhima Kanetkar

Updated: Jul 8, 2021, 11:06 PM IST

You can start investing from today if you are worried about post-retirement financial stability. To receive a pension later, you need to invest a fixed amount per month.

Atal Pension Yojana (APY) is a popular social security scheme. Under this scheme, a monthly pension for the subscribers ranging between Rs 1,000 and Rs 5,000 per month is guaranteed. The benefit of minimum pension is guaranteed by the central government. The government also co-contributes 50 percent of the subscriber’s contribution or Rs 1000 per annum, whichever is lower.

However, the co-contribution is only for the people who are not covered by any Statutory Social Security Schemes and are not the income taxpayer. The scheme is available for people who are between the ages of 18-40 years. Any person under this age group can open their account in this scheme and can get the benefits. 

Only Indian citizens are eligible to subscribe to Atal Pension Yojana. All bank account holders can join APY.

The individual needs to pay Rs 42 per month to get a monthly pension of Rs 1000, if the age of entry is 18 years. Its Rs 84 per month for Rs 2000 monthly pension, Rs 126 per month for Rs 3,000 monthly pension, Rs 168 per month for Rs 4,000 monthly pension, and Rs 210 per month for Rs 5,000 monthly pension.

In simple words, you need to invest Rs 7 per day (Rs 210 every month) to get a pension of Rs 5,000 per month or Rs 60,000 per annum.

Also, the discontinuation of payments of contribution amount will lead to following 

1) Atal Pension Yojana account will be frozen, after 6 months 

2) Account will be deactivated, after 12 months of APY.

3) Atal Pension Yojana account will be closed, after 24 months.

Therefore, Atal Pension Yojana subscribers need to ensure that the Bank account to be funded enough for auto-debit of contribution amount.

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