New Delhi: If you want to secure your old age, then there is no need to save a huge amount for that. Even if you save only 7 rupees a day, you can become entitled to get pension after 60. For this, you just have to register in a Pension Yojana and the bank will start paying your premium every month. The name of this scheme is Atal Pension Yojana.
Atal Pension Yojana was started by the central government in 2015. Its purpose was to secure the future of people in the age group of 18 to 40 years working in the unorganized sectors. To take advantage of the scheme, it is necessary to be an Indian citizen, to have an account in a bank or post office, to have Aadhaar card and mobile.
Calculation of premium
The amount of pension in APY ranges from Rs 1000 to Rs 5000 per month. If you deposit a premium of Rs 210 every month, then you will get a pension of Rs 5000 on this amount. Whereas if you deposit Rs 42 a month, then after 60 years you will get a pension of 1000 rupees. If you deposit Rs 84 a month, then after 60 years you will be entitled to a pension of Rs 3000.
Benefits of tax exemption
Tax exemption is available under Income Tax Act 80C in Atal Pension Yojana. According to personal finance expert and CA Arvind Dubey, money remains safe in Atal Pension Yojana. If a person registers himself in the Atal Pension Yojana and he dies suddenly, then his wife will become a nominee.
6 lakh crore AUM
The AUM under the National Pension System (NPS) and Atal Pension Yojana (APY) has crossed the Rs 6 lakh crore mark after 13 years. PFRDA said that with 74.10 lakh government employees and 28.37 lakh non-government employees, NPS subscribers have seen a significant increase in the last few years. The total subscriber base of PFRDA has increased to 4.28 crores.
