This govt scheme offers up to Rs 5,000 pension per month; know eligibility
Guaranteed pension scheme
Introduced in 2015, the Atal Pension Yojana is a government-backed social security scheme that offers a guaranteed pension after retirement.
Who can enrol in Atal Pension Yojana?
Starting from October 1, 2022, the central government barred taxpayers to invest in this scheme.
Eligibility criteria:
- The age of the subscriber should be between 18 to 40 years.
- A subscriber should have a savings bank account or post office account to enroll in the scheme.
Anyone who fulfills the above prerequisites can approach a bank branch or a post office to register for Atal Pension scheme. This can be done online as well. The person should apply for a PRAN card, which is a registration under the NPS, and fill up the APY registration form.
How much pension will a subscriber get?
A subscriber needs to pay a premium — monthly, quarterly, or half-yearly — till he or she turns 60. After that, he or she will get a fixed monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4000, or Rs 5,000, depending on his or her contributions.
What amount does the subscriber need to contribute towards APY?
An individual will get an option to select the monthly pension amount from Rs.1000, Rs.2000, Rs.4000, or Rs.5000 at the time of joining. His or her contribution will depend on his age at the time of starting the scheme, frequency of contribution, and how much return he wants post-retirement.
For example, a subscriber opening an Atal Pension Yojana account at the age of 18 and opting for a Rs.5,000 pension per month, will have to contribute Rs.210 monthly for 42 years.
Income tax benefits of Atal Pension Yojana
Do note that contributions made into the Atal Pension Yojana scheme are eligible for tax deduction under Section 80CCD of the Income Tax Act, 1961.
Aimed at unorganised sector workers
Atal Pension Yojana is aimed at providing financial security to people in the unorganised sector workers during their retirement life.
Source: https://economictimes.indiatimes.com/wealth/invest/this-pension-scheme-offers-a-fixed-pension-of-rs-1000-rs-2000-rs-3000-rs-4000-and-rs-5000-per-month-know-eligibility-how-to-enroll/income-tax-benefits-of-atal-pension-yojana/slideshow/95227104.cms
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