APY: Rs.5000 monthly pension will be available from daily savings of Rs.7

Atal Pension Yojana: In the financial year 2021, the subscriber base of Atal Pension Yojana (APY) has increased by 33 percent.

Atal Pension Yojana (APY) has become very popular in a short time. Its growing popularity can be gauged from the fact that its subscriber base has grown by 33 percent in the last financial year. By the financial year ending 31 March 2021, the number of subscribers joining the Atal Pension Yojana has exceeded 28 million. The Pension Fund Regulatory and Development Authority of India (PFRDA) has given this information.

According to PFRDA, the number of account holders of major schemes like NPS (National Pension Scheme) and API (Atal Pension Yojana) has increased by 23 percent to 4.24 crore during the financial year ended March 31, 2021. The number of Atal Pension Yojana account holders increased by about 33 percent and more than 77 lakh new subscribers were added to it. The number of account holders of APY was more than 28 million as of 31 March 2021. The total assets under management (AUM) increased by 38 per cent to Rs 5.78 lakh crore in the financial year 2020-21.

What is Atal Pension Yojana

APY is a guaranteed pension scheme from the Government of India, which is being operated by PFRDA. This is mainly for the employees of the unorganized sector. The Government of India guarantees the benefits related to the pension received under it. To take advantage of this pension scheme, your age should be at least 18 and maximum 40 years. Under this scheme, one has to invest for at least 20 years. To take advantage of Atal Pension Yojana, it is necessary to have an account in your bank which is linked with Aadhar card. Under Atal Pension Yojana, you can be entitled to pension every month by depositing less money.

Rs 5000 maximum pension

In Atal Pension Yojana, there is a provision of pension from Rs 1000 to Rs 5000 every month. Let us inform that people between the age of 18 years to 40 years can join this scheme. The contribution to the scheme is also different for people of different ages. For example, if you are 18 years old, then you will have to contribute Rs 210 monthly for a pension of Rs 5000. That is, a daily savings of just Rs 7. At the same time, if you are 30 years old, then the monthly contribution is Rs 577, while if you are 39 years old then the monthly contribution is Rs 1318. The benefit of this scheme can be availed only by those people, who are outside the income tax slab. Atal Pension Yojana (APY) accounts are being opened by State Bank of India (SBI) and private sector banks participating in fresh APY enrollment.

Benefits of joining the scheme early

age 18 years

Contribution per month: Rs 210
Annual contribution: Rs 2520
Contribution in 42 years: Rs 105840
Pension after 60 years: Rs 5000 per month

age 30 years

Contribution per month: Rs 577
Annual contribution: Rs 6924
Contribution in 30 years: Rs 207720
Pension after 60 years: Rs 5000 per month

age 39 years

Contribution per month: Rs 1318
Annual contribution: Rs 15816
Contribution in 21 years: Rs 332136
Pension after 60 years: Rs 5000 per month

* It is clear that after joining 18 years, 30 years and 39 years, your total contribution will be Rs 105840, Rs 207720 and Rs 332136. After which you will be entitled to a pension of Rs 5000 after the age of 60. But as compared to the age of 18, the 39-year-old will have to deposit 3 times and the 30-year-old will have to deposit almost 2 times.

Advantages of APY

After retiring by investing in Atal Pension Yojana (APY), you can be entitled to get pension every month. The biggest feature of the APY scheme is that in case of your untimely death, there is a provision to continue the benefit to your family. On the death of the person investing in Atal Pension Yojana (APY), there is a provision of getting pension to the children in the event of the death of his wife and also the wife.

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