Atal Pension Yojana: This information wil help you if you want to get a fixed monthly income after retirement. The Atal pension Yojana (APY) is a central government scheme that guarantees an exact monthly annuity in old age. All the relevant scheme details are included in this article. This plan’s most noteworthy feature is that you can get a pension of up to ₹10,000 a month.
What is Atal Pension Yojana?
Atal Pension Yojana (APY) is a government-operated pension scheme primarily aimed at unorganized sector workers, but it is open to all Indian citizens. Under this scheme, individuals can receive a monthly pension ranging from ₹1,000 to ₹5,000. However, to receive a maximum pension of ₹10,000 per month, both husband and wife must invest in the scheme. This joint investment allows them to secure a total monthly pension of ₹10,000.
How to Open an Account Under Atal Pension Yojana
To open an account under the Atal Pension Yojana, follow these steps:
- Visit your local bank branch and fill out the APY registration form.
- Provide your bank account number, Aadhaar number, and mobile number.
- Your first contribution amount will be deducted from your linked bank account at the time of account opening.
- The bank will issue you a receipt number or PRAN (Permanent Retirement Account Number).
- Subsequent contributions will be automatically deducted from your bank account through auto-debit.
Eligibility Criteria for Investment
Indian citizens aged between 18 and 40 years can register for the Atal Pension Yojana to receive a pension after turning 60. Additionally, to avail of the benefits of this scheme, the applicant must contribute to the scheme for at least 20 years. It is important to note that this scheme is designed to provide financial security to workers in the unorganized sector, such as domestic helpers, gardeners, delivery personnel, and others.
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