New Delhi. It is important to save in advance to meet financial needs in old age. For this purpose, Atal Pension Yojana (APY) of the Central Government is being run. People eligible under this scheme can get a guaranteed minimum pension of ₹1,000 to ₹5,000 every month after the age of 60 years by making regular contributions as per their age and the pension chosen.
How much will have to be deposited for ₹5000 pension?
The amount of contribution to the scheme depends on the age of the applicant and the pension option. For example, opting for a monthly pension of ₹5,000 at the age of 18 requires depositing ₹210 every month. At the same time, the monthly contribution for this pension at the age of 30 is ₹ 577. Generally, one has to contribute for at least 20 years.
Who can avail the benefits of the scheme?
There are some necessary conditions to join Atal Pension Yojana:
The applicant must be an Indian citizen.
Age should be between 18 to 40 years.
Have a savings account in a bank or post office.
The applicant should not be an income tax payer. Individuals who are income tax payers cannot open a new account under this scheme from October 1, 2022.
Will get financial help in old age
The objective of this scheme is to support people with regular income in old age. The earlier the contribution is started, the lower can be the monthly amount for the pension chosen. Before applying, please confirm the contribution amount, eligibility and terms of the scheme from the bank or post office.