Atal Pension Yojana (APY) was launched by Prime Minister Narendra Modi on 9 May 2015. Through this one can get pension ranging from Rs 1000 to Rs 5000 every month. Earlier anyone could take advantage of this scheme but last year it was changed and now if you pay tax then you cannot invest in this scheme. More than 5 crore people have registered in this scheme.
To get a pension of Rs 5000 through this, you have to balance age and contribution. Today we will tell you how much money you can invest every month to get a pension of Rs 5000. Along with this, it will also be told for how long this contribution will have to be given.
money and age match
Suppose an 18 year old person starts investing in APY. If he wants a pension of Rs 5000 every month, then he will have to deposit Rs 210 every month till the age of 60 years. On depositing Rs 168, Rs 4000, Rs 84, Rs 2000, Rs 126, Rs 3000 and Rs 42, he will get a monthly pension of Rs 1000 after 60 years.
If a 40 years old person starts investing in it then he will have to deposit Rs 1454 every month to get a pension of Rs 5000. If he deposits Rs 291 every month, he will get a pension after the age of 60 years. 1000 monthly pension of Rs. Similarly, Rs 582 has to be deposited for Rs 2000 pension, Rs 873 for Rs 3000 pension and Rs 1164 for Rs 4000 pension. You can find out your age-specific contribution online.
what are the facilities
It is not necessary that you pay the installment every month. In Atal Pension Yojana, you also get the facility to repay your installment in 3 months and 6 months. If you wish, you can enable auto debit facility for the same from your bank account. It will automatically deduct that amount at the specified time.
If the subscriber dies, the pension will be given to his/her spouse. If both of them die then the amount deposited by contribution till the age of 60 years will be returned to the nominee. You can open an account in any bank for this scheme.
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