You must have a bank account linked to your Aadhaar card for the APY scheme. SBI and other regional banks are opening accounts for the scheme.
Atal Pension Yojana (APY) is a successful scheme run by the government. Insurance regulator Pension Fund Regulatory and Development Authority (PFRDA) operates this scheme, which is meant specially for the unorganized sector. The government ensures all the benefits related to pension on the scheme.
If you want to reap the benefits from this scheme and get a monthly pension of Rs 5000, then you too can avail of this scheme. If you are in the age bracket of 18-40 years, then you are eligible for this scheme. Under this scheme, you must continue investment for a period of 20 years. It is mandatory to have a bank account linked to your Aadhaar card, for the APY scheme. State Bank of India (SBI) and even regional banks are opening a bank account for the APY scheme.
Get a pension of Rs 5000 per month
This scheme is meant for unorganized sectors whose income is meager; for their income to continue after 60 years, this scheme has come into action. People who are outside the income tax slab can reap the benefits of this scheme. Under the APY, the beneficiary gets a minimum of Rs1000 and a maximum of Rs 5000 per month. If you are 18 years or above, you can benefit from this scheme.
The amount of investment differs according to age. The earlier one starts investing, the lesser they have to invest. For example, if you have started investing at the age of 18, then to get a pension of
Rs 5000, monthly you have to invest an amount of Rs 210, which is Rs 7 per day. If you start investing at the age of 30 years, then you have to invest an amount of Rs 577 and if you are 39 years of age, then you have to invest an amount of Rs 1318 per month.
Investment if you start at the following age-
18 years of age
Monthly investment- Rs 210
Yearly investment - Rs 2,520
Investment during the 42nd year- Rs 1,05,840
Pension- Rs 5000/month
Nominee will get- Rs 8.5 lakhs
25 years of age
Monthly investment- Rs 376
Yearly investment- Rs 4512
Investment during the 35th year- Rs 1,57,920
Pension- Rs 5000/month
Nominee will get- Rs 8.5 lakh
30 years of age
Monthly investment- Rs 577
Yearly investment- Rs 6924
Investment during the 30th year- Rs 2,07,720
Pension after 60 years- Rs 5000 per month
Nominee will get- Rs 8.5lakh
39 years of age
Monthly investment- Rs 1,318
Yearly investment- Rs 1,5816
Investment during the 21styear- Rs 3,32,136
Pension after 60 years- Rs 8.5 lakh
If there is a sudden demise of a person who was benefitting from the APY scheme, the family will continue to reap the benefits of this scheme. During the lockdown, the trend of benefitting from this scheme has increased. According to PFRDA, the number of beneficiaries under the National Pension Scheme and Atal Pension Yojana during the financial year of 31 March 2021 has seen a rise of 23% and has reached 4.24 crores. Under the APY scheme, there is a rise of 33% out of which 77 lakhs are new beneficiaries.
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