In Atal Pension Yojana, a person who is 30 years old will have to deposit Rs 116 for a monthly pension of Rs 1,000. One has to invest in it only till the age of 40 years. From the age from which one joins this scheme, money has to be deposited every month till the age of 40 years.
Atal Pension Yojana is a pension scheme run by the government. In this scheme, the applicant has to deposit money for the retirement fund. When the applicant reaches 60 years of age, he is given the benefit of guaranteed returns. This scheme is operated by the Pension Fund Regulatory and Development Authority (PFRDA). This scheme is open to all the citizens of the country who are in the age group of 18-40 years. In order to make this scheme more attractive among the people of the unorganized sector, it has been proposed to change the rules of premature exit.
Under this scheme, workers in the unorganized sector save money for their retirement. This saving is completely optional. This scheme was started by Prime Minister Narendra Modi on 9 May 2015. Its main target is the unorganized sector. Any citizen of 18 to 40 years who has a savings account in a bank or post office can join this scheme. Under this government-guaranteed scheme, the depositor gets a pension of Rs 1,000 to Rs 5,000 depending on the amount deposited by him from the age of 60. There is a special rule to get out of this plan ahead of time. In this scheme, from Rs 42 to Rs 210 has to be deposited per month.
- The depositor has to go to the branch of the bank in which the account is held
- To close the scheme, the depositor has to fill the closure form and submit it to the bank
- After the submission of the form, the applicant has to wait for the completion of all the process
- When the bank completes the closure process, the money deposited in the scheme is returned.
- Under the scheme, the principal deposited in the bank and the interest attached thereon is transferred to the applicant’s account.
- After the money is transferred to the bank account, a message comes on the applicant’s phone.
When the applicant is 60 years old
When the applicant turns 60, he has to give a request letter to the bank. In this, he has to mention whether he wants a monthly pension at a higher rate or a guaranteed minimum monthly pension. Monthly pension at a higher rate will be available only if the return of the scheme is more than the guaranteed return. If the depositor dies, then the nominee will get the same monthly pension as the depositor used to get. The other nominee of the family will get the pension only when both the depositor and his wife (if the depositor is a female then her husband will be the nominee) have died.
Premature exit rule
Under Atal Pension Yojana, the depositor gets the facility to close the account prematurely at his will. This rule is applicable when money is deposited on behalf of the government with the subscriber or subscriber of the scheme. The subscriber has to give information about the exit while taking the scheme. The subscriber gets the money deposited at the time of exit. However, the maintenance charge is deducted. The contribution made by the government along with the net actual income earned on the deposit is not refunded.
How much money can be deposited
In Atal Pension Yojana, a person who is 30 years old will have to deposit Rs 116 for a monthly pension of Rs 1,000. One has to invest in it only till the age of 40 years. From the age from which one joins this scheme, money has to be deposited every month till the age of 40 years. If the age of the depositor is 18 years, then he will get a monthly pension of Rs 1,000 if he deposits Rs 42 every month for 40 years. If he deposits Rs 84, he will get a pension of Rs 2,000. Similarly, if he deposits Rs 126, he will get Rs 3,000 pension, if he deposits Rs 168, he will get Rs 4,000 pension and if he deposits Rs 210 every month, then he will get Rs 5,000 pension.
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