Atal Pension Yojana

(pension of Rs.1,000 per month to Rs.5,000 per month will be available)
Atal Pension Yojana (APY) was launched to provide life-long pension to more laborers working in the unorganized sector. If you join this scheme, the central government guarantees you and your spouse a minimum pension for life.
If you invest in Atal Pension Yojana, you will get a pension of Rs 1,000 per month to Rs 5,000 per month from the age of 60 till death.
The pension will be Rs 1,000, 2,000, 3,000, 4,000 or 5,000 per month.
Now how much pension you will get, it will depend on your contribution in your plan before 60 years.
The government has given a guarantee on this pension. So you will get that much pension. But if you get better returns on your contribution, then you can also get more pension.
After the death of the investor, the spouse will also continue to get this pension. After the death of the wife (or husband) at the age of 60, whatever amount was in your pension fund, will be given to your nominee.
The benefits of Atal Pension Yojana can be summarized as follows:->
1. The investor (subscriber) gets pension. (from the age of 60 to death)
2. After the death of the investor, the pension continues to the spouse.
3. After the death of the spouse, the amount deposited (whichever was accumulated till the age of 60 years) is passed on to your nominee (Omini).
4. If the investor’s spouse dies earlier than the investor, then the deposit amount (whichever was deposited till the age of 60 years will be passed on to the nominee on the death of the investor).
Who can open Atal Pension Yojana? ->
1. You must be an Indian citizen.
2. Minimum Entry Age : 18 Years
3. Maximum Entry Age: 40 Years
4. You should have a savings account with the bank
5. You can open only 1 Atal Pension Yojana account.
How to open Atal Pension Yojana Account? ->
You can visit your nearest bank branch and apply for the scheme. You can open this account by visiting all government banks (such as SBI, PNB etc.).
If you want to open Atal Pension Yojana online, then you can open Atal Pension Account online through ENPS portal.
How will you contribute to Atal Pension Yojana? ->
You can contribute in monthly, quarterly or half-yearly installments. Installments will be auto-debited from your bank account.
If you do not have enough money in your bank account, you will get the money deducted from your account along with the next month’s installment. Along with this, you will also have to pay a small fine. Penalty will be Rs 1 per 100 for non-payment of installment.