New Delhi: Nowadays, everyone desires a reliable source of monthly income. Most people are also concerned about their old age and want to ensure they do not face any financial hardship later in life. The Government of India runs several schemes that people can benefit from on a large scale.
If you are looking to secure a monthly pension, this information will prove very useful. You have likely heard of the Atal Pension Yojana. This scheme includes a provision for a monthly pension of up to ₹5,000. If you are planning for post-retirement income, you can register for the Atal Pension Yojana and start investing. The process is hassle-free, and you can join the scheme from the comfort of your home.
What is the Atal Pension Yojana?
The Central Government launched the Atal Pension Yojana. A large number of people are joining this government scheme, which offers a seamless experience. To invest in this scheme, individuals must be between 18 and 40 years of age. A key point to note is that individual taxpayers are not eligible to avail the benefits of this scheme.
If you are under 40, you can invest in the Atal Pension Yojana. Pension benefits will commence once you turn 60, relieving you of worries regarding daily expenses. Upon joining the scheme, you have the flexibility to make contributions on a monthly, quarterly, or half-yearly basis.
How much do you need to save?
If you join the Atal Pension Yojana at the age of 18, you can contribute ₹210 per month, effectively saving ₹7 per day. With this investment, you can avail a monthly pension of up to ₹5,000 after reaching the age of 60.
If your goal is to receive a monthly pension of ₹1,000, you will need to deposit a smaller amount each month. By opening an account under this scheme, you can avail of its benefits and receive a monthly pension of up to ₹10,000. Notably, both husband and wife can open separate accounts under the scheme.
Receive a monthly pension of ₹5,000 at age 60
Under the Atal Pension Yojana, you are required to make a monthly investment of ₹210. Upon reaching the age of 60, you become eligible for a monthly pension of ₹5,000. The process is hassle-free. If your goal is to receive a monthly pension of ₹1,000, the required investment amount would be lower. To avail of the benefits of the Atal Pension Yojana, one must invest for a period of 20 years.
Know the benefits of the Atal Pension Yojana
Joining the Atal Pension Yojana allows you to secure your retirement years. Upon attaining the age of 60, you receive a guaranteed monthly pension ranging from ₹1,000 to ₹5,000. A key feature of the scheme is that, following the demise of both the husband and wife, the accumulated corpus is returned to the nominee.
Documents required to open an account
Certain documents are mandatory to open an account under the Atal Pension Yojana. You will need to open an account at a bank or a post office. Required documents include an Aadhaar card, a mobile number, and a PAN card.
