look news india
Atal Pension Yojana Scheme: If a fixed income is received every month after retirement, the financial burden is reduced and retirement can also be spent peacefully. The government launched the Atal Pension Yojana promising a safe and fixed amount every month for senior citizens. In which a minimum pension is guaranteed after the age of 60 years.
Those who want to avail the benefits of this scheme can transfer their NPS account to APY.
Features of Atal Pension Yojana (APY).
If you are 60 years of age, you can opt for this scheme to get a guaranteed minimum pension of Rs. 1000, 2000, 3000, 4000 or 5000 per month. Any Indian citizen aged between 18 and 40 years who has a savings account in a bank can participate in this scheme.
How much can be invested?
In Atal Pension Yojana, you can invest based on your age and the amount chosen for pension. To get a minimum pension of Rs. 1000 per month, an investment of Rs. 42 has to be made from the age of 18, while to get a pension of Rs. 5000, an investment of Rs. 1454 has to be made. In which the government also contributes 50 percent of the total investment from its side. After the death of the subscriber, the spouse gets the same pension. After the death of both the subscriber and the spouse, the total amount is returned to the nominee. Anyone can apply for Atal Pension Yojana through commercial or rural banks.
Benefits of Atal Pension Yojana
• Secure retirement – Assured return of guaranteed income after retirement.
• Government supported – Provides security and trust.
• resilience- You can choose the pension amount as per your wish.
• tax benefits- Tax deduction can be availed on contributions to this scheme.
Transfer NPS account to APY
Subscribers in the age group of 18-40 years were given the option to transfer their NPS account to Atal Pension Yojana. This transfer process allows them to continue their pension savings while availing the guaranteed pension facility of APY.
