Atal Pension Yojana was launched in the year 2015-16 and so far more than 7 crore people have joined the APY Scheme. In the first six months of FY2024-25, 56 lakh new subscribers have joined the Atal Pension Yojana.
Everyone saves some amount from their income and wants to invest it in a place where their money is safe and also gets good returns. Apart from this, some people invest keeping their old age in mind and look for such a scheme in which they get a lump sum amount or pension every month after retirement. In this case, the government’s Atal Pension Yojana is quite popular. This can be gauged from the fact that the number of its subscribers has reached 7 crores.
Even money less than the cost of a cup of tea will do the job To spend old age after retirement in enjoyment without any financial hassles, the government’s Atal Pension Yojana is quite popular and why not, after all the government itself guarantees guaranteed pension on investment in it. If you are young, then you can make your old age financially strong by saving a small amount every month. According to a calculation, you can ensure a pension of Rs 5000 every month for yourself by saving less than the cost of a cup of tea every day.
Guaranteed pension on investment in APY scheme
Atal Pension Yojana run by the government can fulfill the dream of spending old age in comfort. This is a pension scheme and the government itself guarantees pension in it. Every day you can invest in this scheme by saving a small amount and can get pension ranging from Rs 1,000 to Rs 5,000 according to your investment. The age limit for investment in this scheme has been fixed from 18 to 40 years.
This is how you will get a pension of Rs 5000 every month.
To get pension under this scheme, it is necessary to invest for at least 20 years. Meaning, if you are 40 years old and 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 in this scheme, i.e. just Rs 7 daily, you can get a pension of Rs 5000 per month after 60. On the other hand, if you want a pension of Rs 1,000, then you will have to deposit just Rs 42 every month at this age.
By joining Atal Pension Yojana, both husband and wife can avail pension up to Rs 10,000 per month. However, if the husband dies before the age of 60, then the wife will get the pension facility. On the death of both husband and wife, the nominee will get the entire money back.
Atal Pension Yojana is quite popular as a retirement plan with more than 7 crore people associated with this scheme.
The popularity of this scheme, which was started in the year 2015-16, can be gauged by looking at the number of members joining it. So far 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 the Atal Pension Yojana.
You also get the benefit of tax exemption
By investing in APY Scheme, you get not only guaranteed pension but also 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 can invest in this scheme. To open an account, he/she must have a valid bank account which is linked to Aadhar card. Apart from this, the applicant should have a mobile number. Should not already be a beneficiary of Atal Pension.
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