What is Atal Pension Yojana and what are the benefits of investing in it? Generally, most people know about it, but do you know that by investing only Rs 7 in this, you will get a monthly pension of Rs 5 thousand? Let us know how.

Atal Pension Yojana is a government scheme that lets you secure a monthly pension of Rs 5,000 just by saving the cost of a cup of tea every day. If you start your contributions at the age of 18 with daily savings of Rs 7, you can expect a comfortable pension of Rs 5,000 every month after you retire.

Are you thinking about a monthly investment? According to the Atal Pension Yojana contribution chart, if you start at the age of 18, you will have to deposit at least Rs 210 every month. You can contribute Rs 210 monthly by setting aside Rs 7 per day. When you reach the mature age of 60 years, you will start receiving a monthly pension of Rs 5,000.

Now, if you start a little later, say at the age of 25, your monthly investment increases to Rs 376. At age 30, it is Rs 577, and when you are 35, you will be contributing Rs 902 monthly.

What is Atal Pension Yojana?

Atal Pension Yojana (APY) is a pension scheme launched by the Government of India on May 9, 2015. This scheme is available to all Indian citizens between the age of 18 to 40 years. Under APY, the subscriber has to contribute a fixed amount per month. This amount can be between Rs 50 to Rs 5000 per month. The subscriber can choose the amount and period of his contribution.

On attaining the age of 60 years, the subscriber starts receiving a monthly pension. The amount of pension depends on the contribution made by the subscriber and the period.

Under APY, the government co-contributes 50% of the subscriber's contribution for up to 10 years. This co-contribution is available to subscribers in the age group of 18 to 30 years.

APY is a safe and profitable pension scheme. This scheme provides pension facilities to the people of the unorganized sector.

Some benefits of APY:

This is a safe and profitable pension scheme.

This scheme is available to all Indian citizens between the age of 18 to 40 years.

The government co-contributes 50% of the subscriber's contribution for up to 10 years.

The subscriber can choose the amount and period of his contribution.

On attaining the age of 60 years, the subscriber starts receiving a monthly pension.

Eligibility for APY:

The age of the applicant should be between 18 to 40 years.

The applicant must be an Indian citizen.

The applicant must have a bank account.

These documents are required to apply for APY:

Aadhar Card

PAN Card

Bank Passbook

Photo

Application for APY can be done both online and offline. To apply online, the applicant has to visit the website of NSDL. To apply offline, the applicant has to visit any bank or post office.

For more information about APY, applicants can visit the NSDL website or contact any bank or post office.