What is Atal Pension Yojana?

The Atal Pension Yojana is a government-backed pension scheme designed for individuals between 18 and 40 years of age. Under this scheme, participants can save small amounts monthly to receive a guaranteed pension ranging from ₹1,000 to ₹5,000 after the age of 60.

Key Features of APY

1. Affordable Contributions:
   • Deposit just ₹7 per day to secure a monthly pension of ₹5,000.
   • For a ₹1,000 pension, you need to contribute only ₹42 per month (based on starting at age 18).
2. Flexible Contributions Based on Age:
   • Contributions vary depending on the subscriber’s age and the desired pension amount.
   • For example, an 18-year-old must invest ₹210 per month for a ₹5,000 pension, while a 40-year-old may need to contribute higher amounts.
3. Guaranteed Pension:
   • The government assures a fixed pension amount post-retirement.
   • Contributions are invested securely, ensuring stable returns.
4. Dual Pension Benefit:
   • Both spouses can enroll, ensuring a combined pension of up to ₹10,000 monthly.
5. Nominee Benefit:
   • In the event of the subscriber’s death before 60, the spouse receives the pension. After both spouses pass away, the accumulated amount is transferred to the nominee.
6. Tax Savings:
   • Contributions under APY are eligible for tax benefits of up to ₹1.5 lakh under Section 80C.

Eligibility and Requirements

• Age Limit: 18 to 40 years.
• Minimum Investment Period: 20 years.
• Account Requirement: A savings bank account is mandatory to enroll.

How to Join APY?

1. Visit your bank or post office where APY is offered.
2. Fill out the registration form and provide necessary documents such as an Aadhaar card.
3. Link your savings account for auto-debit of monthly contributions.

Why Choose Atal Pension Yojana?

APY is a secure and government-backed option for individuals looking to ensure a stress-free retirement. By contributing a nominal amount regularly, you can build a financial safety net for yourself and your family.

Invest in your future today with Atal Pension Yojana and enjoy peace of mind in your golden years!

The post Secure Your Future with Atal Pension Yojana: Get ₹5000 Pension for Just ₹7 a Day appeared first on Vizag One.

In today’s society, the elderly face challenges in sustaining themselves, particularly those who lack the benefits of traditional employment. While employees often receive pensions post-retirement, individuals in the unorganized sector find themselves on the brink, relying heavily on others for even the most basic necessities.

To address this gap, the Central Government launched the Atal Pension Yojana in 2015. This pension scheme targets workers in the unorganized sector, offering them a path to financial security in their later years. Opening an Atal Pension Yojana account is a straightforward process, either online or by visiting a bank branch, with simple eligibility criteria in place.

Applicants aged between 18 to 40 years, holding a savings account in any Indian bank, can avail of this scheme, especially those not falling under the taxpayer category. A valid Aadhaar number linked to the bank account is a prerequisite, along with not being part of other social security schemes like EPF or ESI.

Key features of the Atal Pension Yojana include a guaranteed monthly pension ranging from Rs. 1,000 to Rs. 5,000 based on contributions, with the Government contributing 50% or Rs. 1,000 (whichever is lesser). Contributions are flexible, varying with the chosen pension amount and age of entry, automatically deducted from the savings account.

Additionally, the scheme allows for nominee selection, ensuring continuity of benefits in case of the subscriber’s demise. Premature retirement is only permitted in specific circumstances like death or terminal illness, with provisions for the spouse to continue or exit the scheme based on preference.

The benefits of the Atal Pension Yojana are manifold, offering a stable income post-retirement, ensuring financial autonomy in old age, and safeguarding against market fluctuations due to government-backed guarantees. Low-income groups stand to gain from government grants, making the scheme accessible even to those with modest earnings.

Moreover, contributions up to Rs. 50,000 are eligible for tax deductions under Section 80CCD (1B) of the Income Tax Act, further incentivizing participation in this crucial pension scheme.

The post Providing Financial Security: Atal Pension Yojana for Unorganized Sector Workers appeared first on Vizag One.