The objective of the central government is to bring every section under the purview of Atal Pension Yojana (APY). The government has set a target of connecting about one crore people to the Atal Pension Yojana during the financial year 2021-22.
The purpose of the central government is to bring every section under the purview of Atal Pension Yojana (APY). The government has set a target of connecting about one crore people to the Atal Pension Yojana during the financial year 2021-22.
According to the data of the Pension Fund Regulatory and Development Authority (PFRDA), 39.80 lakh people have joined this scheme in the first 6 months of the current financial year. Whereas in the last financial year, a total of 79.10 lakh people were associated with this government pension scheme. The number of subscribers under the Atal Pension Yojana grew by 32.13 percent on a yearly basis and increased to 31.3 million.
If you are less than 40 years old and you are worried about your old age, then ‘Atal Pension Yojana’ can become your financial support in old age. So far 3 crore people have joined this government pension scheme across the country.
Schemes being liked by women
In Atal Pension Yojana, about 78% people have chosen the maximum pension scheme of Rs 1,000. 44% of the beneficiaries of the scheme are women. This scheme is most popular among the youth, 44 percent of the members are in the age group of 18 to 25 years.
Actually, the Central Government’s Atal Pension Yojana guarantees a fixed amount of pension every month in old age. Atal Pension Yojana was launched by the Modi government in May-2015. To get a pension of 1 to 5 thousand rupees per month, the subscriber will have to pay from 42 to 210 rupees per month.
What is Atal Pension Yojana?
Under this scheme, regular income is available for post-retirement expenses. To get pension under the scheme, one has to invest for at least 20 years. If your age is between 18 to 40 years, then you can take advantage of this scheme. A fixed amount has to be invested every month till the age of 60 years. As soon as you attain 60 years of age, you will get a fixed amount every month as pension.
According to the scheme, a minimum monthly pension of Rs 1,000 and a maximum of Rs 5,000 can be received. If an 18-year-old youth joins the Atal Pension Yojana and wants a pension of Rs 5000 after 60 years, then he will have to invest Rs 210 every month.
A great feature of this scheme is that if the investor dies midway, there is a provision to continue the benefits to the participant. After the death of the associate, the deposited amount will be returned to the nominee. It is clear that the investment money will not sink. On the other hand, if investors want to withdraw their amount before the age of 60, then it is possible under certain circumstances.
How to open account
To open an account in Atal Pension Yojana, it is necessary to have an account in the bank or post office, Aadhaar and active mobile number. You can join this scheme by visiting your bank branch or by opening an account through net banking. Monthly quarter and half yearly facility is available for depositing money. For this scheme, the fixed amount is automatically deducted from the bank account every month.
By opening an account in Atal Pension Yojana, you can get pension in old age, by investing in this scheme, you can save tax up to Rs 1,50,000. This exemption is available under section 80C of Income Tax. You can visit the link
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