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APY Scheme: Everyone wants to save some amount from their earnings and invest it in a place where their money is safe and they also get good returns. Apart from this, some people invest keeping their old age in mind and look for a scheme in which they get a lump sum amount or pension every month after retirement. In such a situation, the government’s Atal Pension Scheme is quite popular. This can be gauged from the fact that the number of its subscribers has reached 7 crores.
The work can be done for less than a cup of tea
After retirement, the government’s Atal Pension Yojana is very popular to spend the old age happily without any financial problems and why not, after all the government itself guarantees guaranteed pension if you invest in it. If you are young, you can make your old age financially strong by depositing a small amount every month. According to a calculation, you can secure a pension of Rs 5000 every month for yourself by saving less than the price of a cup of tea every day.
Guaranteed pension on investment in APY scheme
The dream of spending old age comfortably can be fulfilled with the Atal Pension Scheme run by the government. This is a pension scheme and the pension is guaranteed by the government itself. You can invest in this scheme by saving a small amount every day and depending on your investment, you can get a pension ranging from Rs 1,000 to Rs 5,000. The age limit for investment in this scheme has been fixed at 18 to 40 years.
This way you will get pension of Rs 5000 every month
To get pension under this scheme, it is necessary to invest for at least 20 years. Meaning, if your age is 40 years and you still start investing in it, then you will start getting pension as soon as you turn 60. To understand the calculation of pension, suppose your age is 18 years, then by depositing Rs 210 every month i.e. just Rs 7 per day in this scheme, you can get a pension of Rs 5000 every month after 60. Whereas if you want a pension of Rs 1,000, then at this age you will have to deposit only Rs 42 every month.
By joining Atal Pension Yojana, both husband and wife can get pension up to Rs 10 thousand per month. Whereas if the husband dies before 60 years of age then the wife will get the facility of pension. In case of death of both husband and wife, the nominee will get the entire money back.
More than 7 crore people joined this scheme
Atal Pension Yojana is very popular as a retirement plan. The popularity of this scheme, launched in the year 2015-16, can be gauged by the number of members joining it. Till now more than 7 crore people have joined the APY scheme. In the first six months of the financial year 2024-25, 56 lakh new subscribers have joined Atal Pension Yojana.
You also get the benefit of tax exemption
By investing in APY scheme, you not only get guaranteed pension but also get many other benefits. By investing in this you can save tax up to Rs 1.5 lakh. This tax benefit is given under Section 80C of Income Tax. Talking about the eligibility to open an account in this scheme, any Indian citizen between 18 to 40 years of age can invest in this scheme. To open an account, he must have a valid bank account, which is linked to the Aadhaar card. Apart from this the applicant must have a mobile number. Should not already be a beneficiary of Atal Pension.
