Everything To Know About The Atal Pension Yojana

By Author: ARIJIT
Total Articles: 21
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Retirement planning is a crucial factor of financial management. The Atal Pension Yojana is a scheme launched by the Government of India in 2015. The pension scheme provides a guaranteed pension to the subscribers after their retirement. The scheme is open to all Indian citizens, and the contributions depend on the entry age and the desired pension amount.
The APY offers a sustainable income to the subscribers during their old age, and the benefits are particularly beneficial to those working in the unorganised sector. Let us learn about APY, including its features, benefits, and how to enrol for the scheme:
What is APY?
Atal Pension Yojana is a social scheme providing subscribers with a defined pension. It is administered by the PFRDA and regulated by the Ministry of Finance. The scheme is available for all Indian citizens aged between 18 and 40.
How does APY work?
The scheme requires subscribers to make regular contributions towards their pension fund until they ...
... reach the age of 60. The pension amount received by the subscriber depends on the contribution amount, age at the time of joining, and the number of years contributed towards the scheme.
The minimum contribution amount starts from Rs. 42 per month and can go up to Rs. 1,454 per month, depending on the pension amount chosen. There are EMI calculators available to help the subscriber determine their amount.
Benefits of APY
The Atal Pension Yojana offers several benefits to its subscribers:

Guaranteed Pension: The scheme provides a fixed pension amount ranging from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution amount and tenure.
Death Benefit: In case of the subscriber's death, the pension benefits can be passed on to their spouse or nominee.
Tax Benefits: Contributions towards APY are eligible for tax benefits under Section 80CCD of the Income Tax Act.
Easy Enrolment: The scheme can be easily accessed through any Bank Account or post office account.
Portability: The scheme allows subscribers to transfer their pension account from one bank to another or from one post office to another.

How to enrol for APY?
The enrolment process for the Atal Pension Yojana is simple and can be done through any bank or post office. The subscriber should fill out the APY registration form and submit it with their Aadhaar, Bank Account details, and mobile number. The bank then deducts the contribution amount from the subscriber's account monthly.
The APY is an excellent retirement scheme for those in the unorganised sector. Consider the APY scheme if you want a secure and hassle-free retirement plan.