Atal Pension Yojana (APY) is a pension scheme initiated by government of India. This pension scheme is previously know as Swavalamban Yojana (SY). Atal Pension Scheme is generally to provide social security to all citizens of India after the age of 60 years. It is primarily target the unorganized sectors. APY was introduced in 2015 by Narendra Modi government on national level. Modification of Swavalamban Yojana is the Atal Pension scheme . Atal Pension Yojana Benefits and Atal Pension Yojana calculator details are given below.
Pension Fund Regulatory and Development Authority (PFRDA) regulates the Atal Pension Yoajana (APY). This scheme will be implemented through all the public and private sector banks along with post offices.
All the Indian citizens in between the age of 18 to 40 years are eligible for Atal Pension . To open pension scheme account the candidate must have a saving account with the bank or with post office of India. The person having any statutory social security scheme or income tax payee are not eligible.
Atal Pension Yojana Benefits are given below;
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To use Atal pension Yojana Calculator, the subscriber age will be in between 18 to 40 years age. The minimum investment time for APY is 20 years. As per the above details the pension amount will be in between Rs.1000 to Rs. 5000.
The lowest monthly payment at the age of 18 years for the pension amount Rs. 1000 is only Rs.42. And for the pension amount Rs. 5000 the monthly premium amount is only Rs. 210.
This monthly premium amount increases with increasing of age.
At the age of 40 years, the monthly premium amount for pension of Rs. 1000 is increased to Rs. 291. While for pension of Rs. 5000 the premium amount will be Rs. 1454.
You can use Atal Pension Calculator online, click here
To avail better Atal Pension Yojana benefits, try to open APY account at an early age i.e just after the 18 years. Choose the pension amount according to your budget that helps you avoid overdue fine. You may opt auto debit option for smooth running of this scheme.
If any query regarding Atal Pension Scheme, don’t hesitate to comment.
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