Atal Pension Yojana; Features and benefits

Atal Pension Yojana: It has been 8 years since the Atal Pension Yojana was launched. Prime Minister Narendra Modi inaugurated this scheme in May 2015 during his first term.The Atal Pension Yojana can be availed by anyone who is between 18 and 40 years of age. The second important condition is that the beneficiary must have an active mobile number and a savings bank account.
Depending upon your investments, you can receive a pension of up to Rs. 5,000 on retirement. The retirement age is 60 years per the Atal Pension Yojana.

How does this scheme work?

A beneficiary who is 18 can deposit Rs. 42 per month and receive Rs. 1,000 per month on retirement. If he deposits Rs. 84 per month, the monthly pension would be Rs. 2,000. A monthly deposit of Rs. 210 per month means a pension of Rs. 5,000 per month.
However, a person who is 9 or older must deposit a higher amount to get Rs. 1,000 or more as a monthly pension. For example, a 40-year-old beneficiary must deposit Rs. 1454 per month to receive a monthly pension of Rs. 5,000.
Similarly, there are different slabs for depositors between 19 and 39 years.

Other features

This pension scheme targets people in the unorganized sector and encourages them to contribute voluntarily for their old age needs. Beneficiaries can open their APY (Atal Pension Yojana) accounts in banks where they have savings accounts.
The monthly contribution is payable by the auto debit facility from the subscriber’s savings bank account.
Quarterly and half-yearly contributions can also be made by subscribers.
It is noteworthy that the government’s contribution is 50% of the subscriber’s contribution or Rs. 1,000, whichever is lower for a period of 5 years.
The government’s contribution is applicable for non-income tax payers and those who are not covered by social security schemes.

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