Atal Pension Yojana( APY): Anyone aged 18-40 can invest in Atal Pension Yojana. It gets pension after 60 years
The Atal Pension Yojana (Atal Pension Yojana – APY) was launched for people working in the unorganized sector. Anybody between 18-40 can invest in this scheme. Pension starts after 60 years in this scheme. The amount of pension in the Atal scheme depends on the investment you make and your age. Under this scheme, you can get a monthly pension of at least Rs 1,000, Rs 2000, Rs 3000, Rs 4000 and maximum Rs 5,000. You can also track your contribution after making the payment. The scheme was launched by the Central Government in May 2015.
Also Read: Why EPF Shouldn’t Be The Only Option To Secure Your Retirement?
Know the benefits of this scheme
The sooner you join the Atal Pension Yojana, the more benefit you will get. If a person joins the Atal Pension Yojana at the age of 18, then he will have to invest 210 rupees every month. You will get a monthly pension of Rs 5000 every month from the age of 60 after retiring.
Can use mobile application
APY customers can use the APY mobile application. No fees are charged for checking the recent 5 transactions for APY users. You can also download your transaction statement and e-PRAN without any charge.
To see the statement of your APY transaction, you have to visit the APY NSDL CRA website. To login here you will need the details of your PRAN and saving account. If your PRAN is not easily present then you will have to use your name, account number, and date of birth.
You can get exemption in income tax
Contribution to APY is exempt under section 80CCD (1) of the Income Tax Act 1961.
The government had banned the auto-debit facility, but it has been resumed from 1 July 2020. Many penalties will not be levied if you have submitted the contribution from April 2020 to August 2020 till September 2020. You can download it for better viewing of APY transactions.
