APY Scheme: Under this scheme, you can save just Rs 7 per day and get a pension of Rs 5000
APY Scheme: Everybody sets aside a portion of their income for savings, and they all want to put it somewhere that will both protect and increase the value of their money. In addition, some individuals invest with their retirement in mind and search for plans that guarantee a monthly pension or lump sum payment upon retirement. The government’s Atal Pension Yojana is quite well-liked in this instance. The fact that there are now 7 crore users is a good indicator of this.
Even with less money than a cup of tea, the task can be completed.
Since the government itself provides a guaranteed income on investments made into the Atal income Yojana, it is understandable why it is so popular for people to live their golden years financially secure after retirement. If you start saving early in life, you may build a solid financial future by setting aside a modest sum each month. A study shows that you may save less than the cost of a daily cup of tea each day to ensure a pension of Rs 5000 per month.
Pension guarantee on APY program investments
The government-run Atal Pension Yojana offers the opportunity to live a comfortable old life. This is a pension plan, and the pension is guaranteed by the government. You may contribute to this system on a daily basis by saving a little amount of money, and depending on your investment, you might get a pension of between Rs. 1,000 and Rs. 5,000. This scheme’s investing age range is set at 18 to 40 years old.
This is how your monthly pension of Rs 5,000 would be received.
It is required to invest for at least 20 years in order to get a pension under this system. That is to say, if you continue to invest in it at the age of forty, you will begin receiving a pension as soon as you reach sixty. To understand how the pension is calculated, let’s say you are eighteen years old. You may obtain a pension of Rs 5000 per month after sixty years of age by contributing Rs 210 every month, or only Rs 7 per day, to this system. However, at this age, you would just need to invest Rs 42 per month if you desire a pension of Rs 1,000.
Husband and wife may obtain a pension of up to Rs 10,000 each month by enrolling in the Atal Pension Yojana. In contrast, the woman will get the pension facility in the event that the husband passes away before turning 60. The nominee will get the whole amount of money back upon the deaths of both the husband and wife.
Over 7 crore individuals have signed up for this programme.
The Atal Pension Yojna is a well-liked retirement program. The number of people who joined this program, which was launched in 2015–16, may be used to determine how popular it is. Over 7 crore individuals have signed up for the APY Scheme so far. 56 lakh new participants have joined the Atal Pension Yojana in the first half of the fiscal year 2024–2025.
Additionally, tax exemption is offered.
In addition to a guaranteed pension, investment in the APY Scheme offers you a host of additional advantages. You may invest in it and save up to Rs 1.5 lakh on taxes. This tax advantage is provided under Income Tax Section 80C. Regarding who is eligible to create an account under this plan, any Indian citizen who is between the ages of 18 and 40 is eligible to make investments. He has to have an active bank account that is connected to his Aadhar card in order to create an account. The candidate should also have a cellphone number in addition to this. Not eligible to get an Atal Pension already.
