APY: Monthly pension will be Rs 5000 with daily savings of Rs 7, 2.8 crore people have been registered

Atal Pension Yojana: Atal Pension Yojana (APY) has become very popular in a short time. Its growing popularity can be gauged from the fact that its subscriber base has increased by 33 per cent in the last financial year. That is, during the lockdown, the confidence of the people has increased on this government pension scheme. By the financial year ended 31 March 2021, the number of subscribers joining the Atal Pension Yojana has increased to more than 28 million. The Pension Fund Regulatory and Development Authority of India (PFRDA) has given this information.

According to PFRDA, the number of account holders of major schemes like NPS (Atal Pension Yojana) has increased by 23 per cent to 4.24 crore during the financial year ended 31 March 2021. The number of account holders of the Atal Pension Yojana increased by about 33 percent and more than 77 lakh new customers were added to it. The number of account holders of APY was more than 28 million as on 31 March 2021. Total assets under management (AUM) increased by 38 percent to reach Rs 5.78 lakh crore in FY 2020-21.

What is Atal Pension Yojana

APY is a Guaranteed Pension Scheme from the Government of India, which is being operated by PFRDA. It is mainly for the unorganized sector employees. The Government of India guarantees the benefits related to the pension received under it. To take advantage of this pension scheme, you must be at least 18 and at least 40 years old. Under this scheme, one has to invest for at least 20 years. To avail the Atal Pension Yojana, you have to have an account in the bank which is linked to the Aadhaar card. Under Atal Pension Yojana you can be entitled to pension every month by depositing less money.

5000 maximum pension

There is a provision of 1000 to 5000 rupees pension every month in the Atal Pension Yojana. Let us know that people between the age of 18 to 40 years can join this scheme. The contribution to the scheme is also different for people of different ages. For example, if you are 18 years old, you will have to contribute Rs 210 for a pension of Rs 5000. That means daily savings of just 7 rupees. At the same time, if you are 30 years old, you contribute Rs 577 monthly, while if you are 39 years old, contribute Rs 1318. Only those who are outside the income tax slab can avail the benefit of this scheme. State Bank of India (SBI) and private sector banks are opening Atal Pension Yojana (APY) accounts, which are participating in new APY nomination.

Benefits of joining the scheme early

Age 18 years

Contribution every month: Rs 210
Annual contribution: Rs 2520
Contribution in 42 years: Rs 105840
Pension after 60 years: 5000 rupees a month

Age 30 years

Contribution every month: Rs 577
Annual Contribution: Rs 6924
Contribution in 30 years: Rs 207720
Pension after 60 years: 5000 rupees a month

Age 39 years

Contribution every month: Rs 1318
Annual Contribution: Rs 15816
Contribution in 21 years: Rs 332136
Pension after 60 years: 5000 rupees a month

*It is clear that on joining 18 years, 30 years and 39 years, your total contribution will be Rs 105840, Rs 207720 and Rs 332136. After which you will be entitled to a pension of Rs 5000 after the age of 60. But compared to those of the age of 18, the 39-year-old will have to deposit 3 times and the 30-year-old will have to deposit about 2 times.

Advantages of APY

After retiring from investing in the Atal Pension Yojana (APY), you can be entitled to a pension every month. The biggest feature of the APY scheme is that if you die prematurely, there is a provision to continue to benefit your family. In the event of death of the person investing in the Atal Pension Yojana (APY), there is a provision for getting pension to the children in the event of the death of his wife and wife.