APY atal pension yojana is a government-sponsored pension scheme in India that was launched in 2015. It is a defined benefit pension scheme, which means that the pension amount is guaranteed and does not depend on market returns.
atal pension yojana is open to all Indian citizens between the ages of 18 and 40 who have a bank account. The subscriber can choose to receive a monthly pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or maximum Rs. 5000 at the age of 60. The monthly contribution amount depends on the subscriber’s age at the time of joining and the chosen pension amount.
The government contributes 50% of the subscriber’s monthly contribution, up to a maximum of Rs. 120 per month, for subscribers under the age of 40. This means that a subscriber who chooses a pension amount of Rs. 1000 and is under the age of 40 will only need to contribute Rs. 40 per month.
Atal pension yojana Brochure
The subscriber can make contributions to atal pension yojana through their bank account or through authorized post offices. The contributions are automatically deducted from the subscriber’s bank account or post office account on a monthly basis.
If the subscriber dies before the age of 60, their spouse can continue to contribute to atal pension yojana until the subscriber would have attained the age of 60. On reaching the age of 60, the spouse will receive the pension amount that the subscriber would have received. If the spouse dies before the age of 60, the pension corpus will be returned to the subscriber’s nominee.
Benefits of atal pension yojana
APY atal pension yojana is a good option for people who want to save for retirement and get a guaranteed monthly pension after retirement. It is especially beneficial for people in the unorganized sector who do not have access to other pension schemes.
Here are some of the benefits of atal pension yojana :
- It is a government-sponsored scheme with a guaranteed pension amount.
- The contributions are affordable and the government contributes 50% of the subscriber’s contribution for subscribers under the age of 40.
- The subscriber can make contributions through their bank account or through authorized post offices.
- The contributions are automatically deducted from the subscriber’s account on a monthly basis.
- If the subscriber dies before the age of 60, their spouse can continue to contribute to atal pension yojana and receive the pension amount on reaching the age of 60.
- The scheme is portable, which means that the subscriber can continue to contribute to atal pension yojana even if they change their job or city.
- APY atal pension yojana is tax-efficient. The subscriber can claim a tax deduction on their contributions to atal pension yojana under Section 80CCD of the Income Tax Act, 1961.
How to join (APY) atal pension yojana ?
To join APY, you can visit your bank or authorized post office and fill out an application form. You will need to provide your basic personal information, such as your name, date of birth, and bank account number. You will also need to choose the pension amount that you want to receive and the monthly contribution amount that you are willing to pay.
Once you have submitted the application form, you will need to start making your monthly contributions to APY. The contributions can be made through your bank account or through authorized post offices.
Eligibility for (APY)
To be eligible for APY, you must be an Indian citizen between the ages of 18 to 40. You must also have a bank account.
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Conclusion
Atal pension yojana is a good option for people who want to save for retirement and get a guaranteed monthly pension after retirement. It is especially beneficial for people in the unorganized sector who do not have access to other pension schemes.
If you are interested in joining APY, you can contact your bank or authorized post office for more information.
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